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The Ultimate guide to NHS Life Insurance – All You need to know!
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There is not a discounted monthly payment for Life insurance for the NHS unfortunately. However, we do not charge any fees to NHS to set up the correct policy for an NHS employee.
This might not save you money on your monthly Life insurance bill, but it will save you advice fees that you could be charged by other brokers.
Although this NHS life assurance scheme may provide some much-needed assistance to the families of healthcare workers who tragically died as a result of COVID-19, it does not provide long-term financial assistance.
The BMA continues to advocate for the removal of some restrictions on death in service benefits within the NHS pensions scheme to ensure that all scheme members’ families are entitled to a long-term dependent’s pension.
NHS Employees don’t automatically get Life insurance. There is a Covid Life assurance policy for NHS Staff, but this only applies if you die from Covid-19.
However, there may be policies that are better suited for NHS Life insurance. Most commonly Income Protection policies tailored to how early start NHS employees getting on the career ladder and starting with less sick pay. Some Income Protection policies will give you lower premiums to reflect the increases to your Sick pay over time.
NHS Employees do not automatically get Life insurance. Some people may tell you that there is an element of your pension that is Life insurance. This is usually not the case. Your pension may be transferable but that is not the same as Life insurance.
NHS Employees do not usually have Life insurance as standard unfortunately. They sometimes may have access to the NHS Covid-19 Life Assurance fund. Providing an NHS employee dies as a result of COVID-19, their estate will be paid a tax-free lump sum of £60,000, or a cheque will be delivered to the claimant if they meet the scheme’s qualifying work-related conditions.
The NHS Pension tends to be transferrable to another upon death. You will need to check this with your HR department. However, this is not the same as NHS Life insurance. Members of the NHS do not normally get Life insurance as part of the NHS Pension scheme.
This will vary depending on a number of factors. Life insurance cover costs take into account a few different aspects in order to give you a monthly cost, such as:
Getting an NHS Life insurance policy is quite straightforward. You should first speak to a specialist Protection advisor (Such as those at NHS Mortgages) to discuss your options.
Some Insurance advisors may charge you a fee for their time, however, at NHS Mortgage Advice we have no fees for Protection advice at all.
You would need to check with your NHS HR Department in order to find out about any potential death in service benefits or life assurance scheme that they offer. However, generally there is no NHS Pension Life insurance policy.
By speaking to a specialist NHS Protection advisor such as those at NHS Mortgages you can get yourself a quote for NHS Life insurance.
These policies either provide a lump sum payment or perhaps a monthly fund to protect your family. You can also potentially include Critical illness cover to add additional protection in the event of being diagnosed with a specified critical illness such as Cancer, Heart attack or Stroke.
NHS CAN get Life insurance, however, it usually does not come as standard with the job. Sometimes you may get a Death In Service benefit, but again, that is not certain.
You can however, arrange your own Life insurance policy either direct with a provider or by speaking to a specialist Protection Advisor such as NHS Mortgages.
NHS Scotland usually has the same rules around Life insurance as the rest of the UK. Therefore you likely do not get any Life insurance as part of your employment. You are still eligible for the same benefits as the rest of the UK which can be arranged by a specialist Protection advisor for you.
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For Estate Planning we recommend Albion Forest Wills. For Mortgages for Teachers we recommend Teacher Mortgages. For Joint Borrower Sole Proprietor (JBSP) Mortgages contact our dedicated team at JBSP Mortgages.
Registered in England & Wales number: 12714552 Teacher Mortgages is a trading style of Albion Forest. Albion Forest Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Advantage Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority. Our standard fee is up to 1 % however our typical fee starts at £199.
Discount on NHS Mortgages based on an average of 1% fee of a £150,000 mortgage.
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