Teachers play a very important role in the life of many children. Contrary to the belief of many their day doesn’t end when the school day ends. They are often required to put in many more hours. Those that have chosen this profession have done so for a variety of different reasons. They are often required to contribute financially to their family. They get depended on for this, and this places a great responsibility on them. For this reason, many of them get concerned about life insurance. Every school board has its policies and benefits. Some of these may offer group insurance. But many teachers get concerned that this may not be enough for them. They want to know if there are other options available for them to take advantage of.
Do Canadian Teachers Need Special Life Insurance?
There are many insurance companies that offer what they call specialty insurance. Or insurance that they offer to specific professionals. For teachers, there are some companies that offer insurance strictly for this industry. Sometimes this is done through various provinces. For example, Ontario has an association that they can turn to for life insurance. Through the Ontario teachers insurance plan. This particular business entity has set up a selection of insurance products. That the teachers can choose from. This is about their life plans. That comes with different levels of protection for different lengths of time. These particular products are outside of the group coverage. Many times teachers find their group plan terminates. Then they need something to fill the gap and continue the protection that they may have had.
Why Do Teachers Need Life Insurance?
Teachers are like anyone else. They have responsibilities that they need to meet financially. They have family and loved ones that they are committed to for their financial needs. By having life insurance, they know that they have protection in place. For their loved ones. In most cases, the profession of being a teacher is not likely considered to be a risky one. At least not in Canada. Therefore there are no mitigating circumstances. That put them at an increased need for life insurance. Which is also beneficial. It does not put them in a high-risk category for their insurance needs.
Are There Special Rates for Life Insurance for Teachers?
Every insurance company is different. They are all going to use their tactics for drawing in new clients. They will sometimes do this by offering discounts or special rates. Teachers need to ask specific questions to their insurance provider. For one to determine if an insurance company has special rates for teachers.
Those dealing with insurance specific companies may find that they are getting better rates. However, that doesn’t negate the factor that they should still do insurance comparisons. There may be some slight changes. Ones that are important outside of the actual cost of the premiums themselves.
Choices in Life Insurance
Teachers have the same opportunity to have choices in their life insurance. Some deal with an insurance provider that provides group plans. They may not have these options. Some teachers want to go with a more immediate type of life insurance that is going to meet their present needs. Meaning that they may want to focus on term life insurance. Quite often this is the most affordable type of insurance. It may fit in better with the income that teachers can generate. There are teachers that want more extensive life insurance. More for looking towards the future by way of investment. Then they are going to want to look at the other types of insurance that allow for this. Teachers require flexibility in their life insurance needs. This may encourage them to look beyond the boundaries that they set for themselves. When it comes to insurance within their industry.
Should Teachers Shop for Life Insurance?
It is always a wise idea for anyone looking for life insurance to shop around. With school teachers, they often have many options within their industry to choose from. It will depend on what school district they are in. And it may also depend on what level they are at in the school system. Most often they will find that they have group benefits that they can take advantage of. What they need to do is look closely at what these benefits are. A group insurance plan is usually a one type insurance plan that fits all. Even though it is made up of many different individuals. Many may find that this type of plan does not meet all of their needs.
The Cost of Life Insurance
Another big issue with teachers is the cost of life insurance. This is not cheap for anyone. To save money on life insurance, it can mean being diligent at shopping and making comparisons. If teachers stayed within the realm of specific insurance, they might not get this opportunity. There is nothing wrong with looking at what the designated insurance providers offer. Then taking these and getting some quotes from traditional life insurance providers. Then these can be compared against one another. By doing this one gets the chance to compare the premiums. Also, what is being offered for what they are paying for. Quite often this can make a big difference. What it comes down to is that life insurance is a personalized product. The in-house insurance plans may not be able to meet the individual’s needs.
Quite often the husbands of teachers have life insurance as well. The teacher may want to be on par with the same type of coverage. This may not be possible in their group plan or that offered by the specialized insurance providers.