How much life insurance do you need?
Use this handy calculator to discover much life insurance you may need as a teacher. Simply enter the costs you would like your policy to cover. Don't forget to input your death in service benefit as this could reduce your sum assured.
The amount of life insurance you need depends on your financial obligations and what you want to provide for your loved ones. A common rule of thumb is to have cover worth 10 times your annual salary, though your individual circumstances may require more or less.
Consider the following when calculating your life insurance needs:
- Outstanding mortgage balance
- Other debts and loans
- Income replacement for your family (typically 5-10 years of salary)
- Children's education costs
- Funeral expenses (typically £4,000-£10,000)
- Any specific financial goals for your dependents
For example, if you have a £200,000 mortgage, earn £40,000 per year, and want to provide 10 years of income replacement, you might need around £600,000 of cover (£200,000 + (£40,000 × 10)).
Use our free comparison tool to get personalised quotes from 50+ UK insurers, including Teachers Life Insurance, and find the right level of cover for your needs at the best available price.
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Why should teachers purchase life insurance through LifePro?
- Whole-of-market comparison from 50+ UK insurers
- Expert advice from FCA-regulated advisors
- No extra cost - insurers pay our commission
- Fast quotes in 60 seconds
- Support throughout your policy lifetime
What's the best life insurance for teachers?
There are many life insurance options available, the best one for teachers will depend on individual needs and circumstances.
The options available to you include:
