Life Insurance For The Armed Forces - Essential Reading By Premium Hunter

Does being in the armed forces mean that you can't get a normal life insurance or critical illness policy?

If you're in the armed forces you'd probably assume that you wouldn't be able to get a straight forward life insurance policy, right?

Well actually...Wrong! It is often possible to get cover on a standard rate (normal price). Obviously there are conditions which must be met in order to achieve this. But this is something we don't think many members of the armed forces are aware of.

Most servicemen and women that we speak to, have cover associated with specialist insurers. However this can mean greatly increased premiums (non standard rate), which can ultimately lead to people taking out less cover than they actually need! Being under - insured could have serious consequences.

We know from experience that your job within the forces has an impact on whether or not you would be accepted for a normal life insurance or critical illness policy - rightly so. As some occupations are far more dangerous than others. But this does not mean you cannot apply for cover and find out what the insurer says - the worst that will happen is that they will increase your quoted premium or decline to accept your application. Even if they do increase the premium, it could still be cheaper than taking out cover with a specialist insurer!

The below link from Legal and General - One of the largest insurers in Europe, has some excellent information on the conditions and criteria they use when considering an application from someone in the armed forces.

http://www.legalandgeneral.com/advisercentre/protection/underwriting/tools/occupation-residency-and-residency/armed-forces/

You may also be interested to know that The MoD also has a scheme for refunding additional life insurance premiums charged because of the forces occupation. The details are not straightforward and have various exceptions, but in general terms the MoD will refund 90% of any additional premiums for sums assured up to £130,000.

Premium Hunter constantly look for ways you can save money on your life insurance.

Premium Hunter, like having a superhero in your wallet!

 

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Thursday, 15 November 2018
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