Teachers have their hands full all throughout the school year, with having to discuss lessons, prepare exams, grade students, and more. Being able to have such a focus and impact on the lives of the youth is such an important responsibility. However, that shouldn’t ever stop you from placing priority on your own personal matters.
Life insurance and getting that financial protection in case of any sudden medical costs or job loss will be important. Even if the education sector isn’t the most dangerous field globally, it can still be a highly stressful environment. Be sure to call up an insurance agent to explore your options.
Before knowing what to do when buying life insurance, let’s have a rundown of what you probably shouldn’t do. Here are four mistakes that teachers should avoid making:
1) Getting Less Coverage
It’s best to buy life insurance coverage that’s large enough to replace your income rather than coming up short. Less coverage may not be enough for your loved ones to go of on if you pass, so recognize that you should get better insurance policies.
Most agents would recommend buying at least ten times’s the regular annual salary of a teacher, which is roughly around $45,000 for beginners and $60,000 for senior educators. Your school may vary, but this investment would ensure that your family is alright.
2) Avoiding Long Term Coverage
Aside from getting less coverage when buying life insurance, some teachers may also opt to get short-term coverage. Although there may be some perks to this, like initially saving money, this may backfire on you in the future.
A 10-year policy for your life insurance coverage will not be able to cover your whole career and lifetime, and this means that you’d have to buy twice or thrice the coverage. You’d get a lower price overall by just getting a 20-year or 30-year plan right off the bat.
3) Putting Off Applications
One mistake that teachers might make when buying life insurance coverage is just stalling. You might have planned to screen some insurers, purchase some policies, and pick out riders, but you might not find the motivation to get to it or push through with it.
Life insurance is better and more securing when you finally have it instilled as soon as possible. No one wants something unexpected to happen to them and make their loved ones struggle both emotionally and financially. Apply for insurance as reassurance.
4) Forgetting to Do Reviews
Although you may have life insurance coverage in place, it’s important to run regular reviews on whether you’re under the right plan. Your financial circumstances and needs are always shifting throughout your teaching career and personal life.
If you’ve signed up for a plan back in your 20s but you’re nearing retirement age, your insurance should be able to accommodate the life events and situations you’re going through. Be sure to get the insight of an experienced insurance agent.
Conclusion
Identifying the potential mistakes that you can make can help you avoid errors. Stay right on track while applying for insurance coverage, ensuring you’re prepared for your future as you help other kids with theirs.
My State Pension’s network of retirement planning for teachers, along with education, state, and municipal government employees. We can help you maximize your benefits so that you can retire with a bit of peace of mind. Get in touch with us today!