Teachers Income Protection

Helping you protect all the things you work hard for...

Drewberry™ provide pensions, investment and insurance advice for Money to the Masses readers throughout the UK.

 

Why Teachers Income Protection?

 

Teachers Income Protection provides you with a tax-free monthly income you can rely on should you suffer an accident, sickness and potentially forced unemployment..

 

Income Protection for teachers is designed to cover your core monthly financial commitments such as your mortgage/rent, bills and food.

 

Income Protection is the one protection policy every working adult should consider. Which? Money

What is it for?
 

What Does Teacher Income Protection Cover?

Accident & Sickness

When the ‘Own Occupation’ definition of incapacity is used the policy can pay out for any medical condition that prevents you from working in your own specific job role.

Sick Pay Entitlement

Given you are likely to receive significant sick pay entitlement, we are able to stretch out your initial deferred period. This means the benefit won’t kick in after your sick pay entitlement ends, which can significantly reduce your monthly premiums.

Unemployment

Some plans also have the option where the policy can payout should you suffer forced redundancy. The payout length for unemployment cover is usually 12 months long, although these short-term policies aren’t suitable for everyone.

What does it cover?
 

How Teachers Income Protection Works

Stage 1:

You cease working and earning and income due to accident or sickness

Stage 2:

You make a claim with the your insurer, which may require completing a claims form and providing medical evidence such as a GP note.

Stage 3:

The insurer will start to pay a monthly tax-free benefit after you have been unable to work for the length of your deferred period.

Stage 4:

The policy pays out until either you return to work or reach the maximum payout length, which could range from 1 year to retirement.

How does it work?
 

Do Teachers Need Income Protection?

When deciding if Income Protection insurance is worthwhile it makes sense to weigh up the risk of something happening and the potential consequences:

The Incapacity Risk:

1 in 10 people have been unable to work due to illness or injury for +6 months (The Guardian/Unum Survey.)

The Question:

If you lost your income how would you continue to meet your essential monthly outgoings if you didn’t have any Income Protection?

Do I need cover?
 

Your Key Options

Choose your level of cover

Depending on the insurer, it is possible to cover anywhere from 50% to 70% of your gross (pre-tax) income.

Choose your deferred period

This is the time period you would need to be off work before the policy pays out. Given your sick pay entitlement your deferred period could well stretch out to 12 months.

Choose your payout length

Short-term plans can pay out for a maximum of 24 months and long-term plans can continue paying out right up to the end of the policy term, which is usually set in line with your expected retirement age.

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In This Guide…

Alicia Hempsted - Drewberry
Written by:
Alicia Hempsted
Content Manager at Drewberry
⏰  10 min read
 

What is Teachers Income Protection?

Teachers Income Protection is a protection insurance to help you deal with some of life’s misfortunes that might prevent you from earning your normal income.

If you are unable to work due to any illness or injury, your insurance provider will pay you a monthly income until such time as you are fit to return to work or you have reached the end of your policy term.

Some teachers in the UK receive significant sick pay, which can be as much as 6 months of full sick pay and a further 6 months of half sick pay. However, sick pay for teachers in the UK can differ greatly between the private and public sectors and some teachers’ sick pay will work on a tiered system following years in service.

Before committing to an Income Protection policy and choosing your cover options, it is vital that you are aware of how much sick pay you are entitled to.

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Teacher Income Protection

Do Teachers Need Income Protection?

It’s impossible to predict a bout of poor health, but should you ever face a serious illness or injury an Income Protection Insurance policy will cover a proportion of your income while you seek treatment and recover.

Given Employment and Support Allowance can start as low as £73.10 assuming you’re over 25 and 2 in 5 people have £1,000 or less in savings, not everyone would be able to support themselves if they couldn’t work.

In the financial year ending 2017, average UK spending per household increased to £554.20 per week, which would be impossible to afford on benefits or savings alone. However, a Teacher’s Income Protection policy can pay out up to 70% of your income to help you cover your essential costs while you aren’t fit to work.

 

Why Teachers Sick Pay Cover?

Education is amongst the top three industries that experience considerably higher rates of stress, depression and anxiety compared to the UK average. Stress in particular is a pervasive problem amongst teachers. In the 2016/17 academic year, there were 3,750 teachers in England on long-term stress leave.

While some providers may exclude stress-related illnesses, others can cover teachers for any mental health problems provided they are not pre-existing. This means that if your mental health takes a turn during your career, your income may be protected by a Teacher Income Insurance policy while you seek the help you need.

Stress is covered by teachers income protection insurance

Cancer, in addition, is becoming more of a common diagnosis, with Macmillan Cancer Support research suggesting that almost one in two people (47%) will be given a cancer diagnosis during their lifetime.

Treatment for cancer lasts for months or even years – far longer than a teacher’s sick pay entitlement may last – but a long-term Income Protection policy for teachers will ensure that they have a secure source of income during their recovery.

Mike Barrow Independent Protection Expert at Drewberry

It’s worth considering an Income Protection policy when you consider how many different reasons there may be to take a break from your work.

Mike Barrow
Independent Protection Expert at Drewberry

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How teachers sick pay insurance works

How Does Teachers Sick Pay Insurance Work?

Applying for Teacher Income Protection Insurance policies is fairly simple once you know which policy options you want. You will need to select a level of cover, usually between 50% and 70% of your gross salary, and a length of cover that aligns closely to your financial needs.

Before this, however, you will need to compare Income Protection quotes to ensure that you are getting the best possible value for your policy. In order to accurately compare quotes from insurers, you will need to provide the following information:

  • Date of birth
  • Occupation
  • Current salary
  • Basic information about your medical history
  • Any dangerous hobbies or activities you take part in.

When comparing policies, the cost of Income Protection for teachers will depend on a range of factors, including the applicant’s age, health and smoker status as well as the policy options you choose.

Egle Blusiute, Independent Protection Expert at Drewberry

To see for yourself how much you might be paying for your policy you can compare Teacher Income Protection quotes online, or speak to our advisers on 01273646484.

Egle Blusiute
Independent Protection Expert at Drewberry

 

How to Claim Teacher Income Protection

  • Step 1: You sustain an injury or develop an illness that is severe enough to prevent you from working.
  • Step 2: You receive a diagnosis of your condition from your GP or a specialist.
  • Step 4: As soon as possible, you contact your insurer’s claims team and provide the information and documentation required to make a claim. This may include a completed claims form, a note from your GP, and evidence of your current salary prior to taking leave from work.
  • Step 5: Provided your claim is approved, after the end of your deferred period you will begin receiving Income Protection payouts.
  • Step: You can continue receiving insurance benefits until either: you reach the maximum claim duration, you are well enough to return to work, or until you reach retirement age. This will depend on your policy’s terms.

Income Protection for teachers provides monthly benefits to cover a proportion of your pre-tax income. The length of time a policy will pay out for per claim depends on whether you choose a short-term or long-term policy.

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get own occupation sick pay insurance for teachers

Own Occupation Income Protection for Teachers

Insurers have several different definitions of incapacity that they use to determine whether or not your health condition is severe enough for you to be considered ‘incapacitated’ and be entitled to benefits.

The most common definitions of incapacity found are Own OccupationSuited Occupation, and Any Occupation.

Own occupation

The own occupation definition of incapacity means that your insurer will consider you sufficiently incapacitated and incapable of working as long as your injury or illness prevents you specifically from working in your own occupation.

own occupation income protection is the best definition

For example, as a teacher it is vital that you are able to use your voice to effectively communicate with your students. Because of this, your insurer may approve your claim if you develop an injury or illness that prevents you from using your voice.

Suited occupation

The suited occupation definition, on the other hand, will not pay out if you are capable of working in a similar occupation that you are qualified for. For example, while an esophageal complication may prevent you from teaching, it may not prevent you from working as a classroom assistant, therefore your claim for incapacity would not be approved.

The main issue with a suited occupation definition of incapacity is that judging the severity of your incapacity and what defines a suitable occupation can be subjective, potentially making it difficult to claim.

Any occupation

The worst definition of all to have on your policy is any occupation, which prevents you from claiming on your policy unless you are completely incapable of working in any occupation at all. This doesn’t have to be even remotely suited to your skillset as a teacher.

We always recommend that you choose an own occupation definition of incapacity. It ensures that you do not need to change occupations if you are not well enough to work.

Jake Mills
Independent Protection Expert at Drewberry

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Occupation Definition Calculator

Make sure your Income Protection covers you in your 'Own Occupation'!

Too often individuals take out income protection without being fully aware of the incapacity definition on which their plan would pay out.

Will the plan pay out if I am unable to do my current job role? Or will it only pay out if I am unable to do any occupation?

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If you do not already have income protection this tool should provide you with guidance as to what to look out for and to ensure you do not fall foul of a lesser occupation definition.

Robert Harvey
Independent Protection Expert at Drewberry Insurance

Your Occupation
 
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tailor your teachers income protection to suit your needs

Policy Options

No two Income Protection policies are the same and not all teachers will require the same cover. As such, you have the ability to tailor your cover specifically to your needs with a range of options.

Premium Type

Length of Cover

Level of Cover

Length of Your Deferred Period

Index Linked Cover

Oliver Wigdor, Independent Protection Expert at Drewberry

To ensure that your policy matches as closely as possible to your budget and your cover requirements, speak to our advisers today. We will help you find the best options and compare policies to show you the most cost effective policies on the market.

Oliver Wigdor
Independent Protection Expert at Drewberry

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Compare Best Teacher Income Protection Providers

Aviva

Aviva

  • Maximum cover: 55% earnings up to £20,000 per month
  • Available deferred period: 4 / 8 / 13 / 26 / 52 / 104 weeks
  • Maximum entry age: 59

Aviva offers a range of benefits and additional services with Income Protection policies. If you need to leave work in order to care for a loved one, Aviva offers a Family Carer Benefit that pays out an additional benefit to cover the person needing care if they cannot perform activities of daily living for more than 3 months.

British Friendly

British Friendly

  • Maximum cover: 70% earnings up to £45,000 per year
  • Available deferred period: Day 1 or 1 / 4 / 8 / 13 / 26 / 52 weeks
  • Maximum entry age: 64

While you will be covered under an own occupation definition of incapacity, British Friendly only offers age banded premiums. If you are not entitled to sick pay, you can claim your benefits sooner thanks to British Friendly’s Day 1 deferred period.

Cirencester Friendly

Cirencester Friendly

  • Maximum cover: 60% earnings up to £42,640 per year
  • Available deferred period: Day 1 or 4 / 8/ 13/ 26/ 52 weeks
  • Maximum entry age: 54

You can choose between level premiums and age banded premiums and a waiver of premiums is included with your policy automatically.

The Exeter

The Exeter

The Exeter offer two policies: Pure Protection Plus and Income One Plus.

Pure Protection Plus:

  • Maximum cover: 60% of the first £100,000 of your taxable income and 40% of your income above £100,000 up to a maximum of £120,000 per year
  • Available deferred period: Day 1 or 1 / 4 / 8 / 13 / 26 / 52 weeks
  • Maximum entry age: 59
Legal and General

Legal & General

  • Maximum cover: 60% of your earnings up the the first £60,000 and 50% of the rest of your salary
  • Available deferred period: 4 / 13 / 26 / 52 weeks
  • Maximum entry age: 60

Standard policies use an own occupation incapacity definition with guaranteed premium. You can choose between long-term cover or short-term cover (short-term cover is limited to a maximum claim duration of 2 years).

Liverpool Victoria

Liverpool Victoria

  • Maximum cover: 60% of your earnings up the the first £60,000 and 50% of the rest of your salary
  • Available deferred period: 1 / 2 / 3 / 6 / 12 months
  • Maximum entry age: 59

Liverpool Victoria uses the own occupation definition of incapacity and offers fracture cover with its policies, paying out an additional lump sum on top of your benefits if you sustain any specific fractures. You can claim this lump sum even if you aren’t claiming for incapacity.

Vitality

Vitality

  • Maximum cover: 60% of your earnings up to £2,500 per month and 50% of any earnings above to a maximum of £16,666 per month
  • Available deferred period: 1 week or 1 / 3 / 6 / 12 months
  • Maximum entry age: 59

Vitality offers several different definitions of incapacity, including own occupation, and include a waiver of premiums while you are claiming your policy.

 

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Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.

Matthew Draper
11/07/2018
Speak to Drewberry financial advisers about teachers' Income Protection

Get Advice on Teachers Income Protection

Although the UK insurance industry has made huge strides over recent years in simplifying its language and processes of applying for Income Protection, it has to be admitted that selecting an appropriate policy can still sometimes be a little complex.

Given the value and importance of this type of sick pay insurance for teachers, it is best to take precautions when applying for policies and avoid confusing your options by speaking to an expert.

Robert Harvey, Independent Protection Expert at Drewberry

As qualified independent insurance intermediaries, we would welcome the opportunity to discuss your options further with you and to clarify anything in the above which is less than clear. Give us a call on 📞 01273646484. We look forward to hearing from you

Robert Harvey
Independent Protection Expert at Drewberry

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Compare Top 10 UK
 Protection
Insurers
 
Takes approx. 60 seconds
Type of Policy
Income Required
per
month
Date of Birth
Loading your options...
Thank you for using our Quote Tool
If you need some help, just call us!
T: 02084327333
Our in-house Experts are here to provide FREE impartial advice!
Our Experts can answer all your questions
Our Experts can send you more appropriate options based on your personal circumstances

Very important if you are either Self-Employed or a Company Director.

Our online quote tool is good but our Experts are better

Oue Experts have access to far more insurers and can often find a better deal offline.

Saves you time, let our Experts do what they are best at

Frequently Asked Income Protection Insurance Questions

 
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