Basic Guide to Teacher's Life Insurance
As a teacher, you make a reliable, steady stream of income, and you probably have a pretty good grasp of your family's yearly expenses. Though you're not rich, by any means, you probably make somewhere near the average of $51,000 (according to the 2007 American Federation of Teachers estimates).
Calculating Your Level of Coverage
Life insurance experts recommend that you purchase coverage that pays out anywhere from 5 to 7 times your annual income. If you're the average teacher, then you'll probably want to consider a $250,000 or $500,000 term life policy.
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Choosing a Plan: Whole vs. Term
Some teachers may choose to opt for a Whole Life Insurance policy. A Whole Life policy allows you to receive both a base benefit and a potentially large Cash Value Account. However, you shouldn't depend solely on the Cash Value Account. Many cash values accrue dividends and interest, but end up being depleted towards the end of your life to pay the premium (these are known as reduced paid-up life policies).
The bottom line is: Most teachers will probably best benefit from a term life insurance policy simply because of the low premiums. Whole Life Insurance is generally best fit for people who are wealthy or wish to use life insurance as an estate planning tool.
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Benefits of Teachers' Life Insurance
One benefit of life insurance for teachers is that it protects the family members with a supplemental income should anything happen to their loved one. When one is teaching they are bringing in a regular salary which family members depend on and this is especially the case with one-income households. Therefore, by having a teacher life insurance policy in effect the individual has a safeguard in place for the beneficiaries thereof.
Another benefit of obtaining a teachers' life insurance policy is that there are often favorable rates associated with this type of policy. Those life insurance policies which specifically target teachers are reasonable in price and quite inclusive as well.
Where to Find Teacher Life Insurance Policies
Some specialty teacher life insurance providers include National Teachers Associates Life Insurance Company and Teachers Protective Mutual Life Insurance Company. Many teachers find teacher's life insurance through their trade union or teaching association, but not all employers will provide life insurance - or if they do, they may not provide the level of coverage that you want.
Here at Teachers-Life-Insurance.com, we can help you find the perfect plan that protects your family's future. Our unique technology allows you to compare plans and speak to leading life insurance providers directly over the phone. In order to get started, you can request more information by clicking here.