Your Board of Education only pays for coverage that is 1.5 times your salary.
If you contribute to the:
- Teachers Pension and Annuity Fund, coverage is 3.5 times your salary
- Public Employee Retirement System coverage is 3 times your salary
Why NEA Life Insurance?
- Families have become increasingly dependent on two salaries
- Affordable group rates for member and spouse or qualified domestic partner
- Simplified underwriting
- In New Jersey, your district coverages typically represent 3 to 3 1/2 times your annual salary - but 5 to 7 times your salary is recommended by some financial advisors, if you want to adequately protect your family.
Bortz Daniel, "When Should You Purchase life insurance?" money/usnews.com, July 2012