Forces life insurance?

8pnoodles

I am clueless and don't really want to use an IFA as that just sounds more complicated! Any ideas about non-extortionate life insurance for forces personnel.

dacouch

Do you want normal life insurance or accidental death cover

Underwriter

There are some specialist IFAs (Forces Financial and Abacus) who will help you, they won't bite and if you are "clueless" then they will help you.

They will also find the providers who are currently offering the lowest premiums, I did hear a rumour that PruProtect had drastically reduced their armed forces ratings, but I can't verify that, otherwise I think Scottish Provident's ratings for life cover are low. You can only buy PruProtect's policy through an IFA, not sure about Scot Prov.

The rating will depend on which branch of the armed forces you are in and whether you are being deployed to a conflict zone, when most insurers won't offer cover unless it's in connection with a mortgage (which you will have to prove).

Ratings are anything up to £10pm which in non insurance speak means that for a £100,000 sum assured you could be paying an extra £83 a month if you are just off to Afghanistan. Pru may be charging as little as £4 extra a month so you see why it's worth getting an IFA to shop around for you. I'm not sure whether this extra is recoverable under SRIPS but I believe it is.

stephenni1971

Underwriter wrote: »

There are some specialist IFAs (Forces Financial and Abacus) who will help you, they won't bite and if you are "clueless" then they will help you.

Neither of these are IFAs.


They will also find the providers who are currently offering the lowest premiums, I did hear a rumour that PruProtect had drastically reduced their armed forces ratings, but I can't verify that, otherwise I think Scottish Provident's ratings for life cover are low. You can only buy PruProtect's policy through an IFA, not sure about Scot Prov.

Scot Prov only available through intermediaries, however the Pru contract is generally better in most circumstances.

The rating will depend on which branch of the armed forces you are in and whether you are being deployed to a conflict zone, when most insurers won't offer cover unless it's in connection with a mortgage (which you will have to prove).

Generally Navy and RAF standard rates unless involved in diving/bomb disposal/attack aircraft. All army will be loaded with SP and Pru.

Ratings are anything up to £10pm which in non insurance speak means that for a £100,000 sum assured you could be paying an extra £83 a month if you are just off to Afghanistan. Pru may be charging as little as £4 extra a month so you see why it's worth getting an IFA to shop around for you. I'm not sure whether this extra is recoverable under SRIPS but I believe it is.

Pru & Scot Prov rating £1 per mille for normal duties/not under orders. NOT reclaimable through SRIPS unless the loading is as a result of high risk occupation divers/bomb disposal/special forces/heli pilot

A couple of extra points you should consider

inforeq

We have been insured with Legal and General for around 10 years.

We are paying as a joint couple £35.10 for death and critical illness.

At the time of taking the policy it was made clear to them that both Mr and Mrs were a serving soldiers and it never appeared to be a problem.

The only down side is everytime you deploy/go on exercise you need to inform them of the whereabouts.

Hope this helps

Underwriter

inforeq wrote: »

The only down side is everytime you deploy/go on exercise you need to inform them of the whereabouts.

err no you don't (not for life or critical illness)

Acceptance terms have changed since 10 years ago when all AF personnel were accepted at standard rates, that is not the case now.

inforeq

Underwriter wrote: »

err no you don't (not for life or critical illness)

Acceptance terms have changed since 10 years ago when all AF personnel were accepted at standard rates, that is not the case now.

errrr WE DO! No need for sarcasm!

Underwriter

inforeq wrote: »

errrr WE DO! No need for sarcasm!

I wasn't being sarcastic, but as an ex L & G underwriter I know you don't! Once a policy is accepted on the terms you applied that's it, you don't need to tell them anything after the start date.

There was a time you needed to tell them about a change in occupation if you had disability benefits but this had changed. Next time you ring to let them know, just ask them if you still need to advise them when you are deployed, the answer should be no. Have they ever advised you the terms of their policy had changed when you told them you were being deployed? Or do they just say "Thanks for telling us" and nothing else happens? Lots of people are under the wrong impression they have to tell their life insurance co about changes that happen in the course of the policy, but they don't.

Just trying to help

inforeq

Underwriter wrote: »

I wasn't being sarcastic, but as an ex L & G underwriter I know you don't! Once a policy is accepted on the terms you applied that's it, you don't need to tell them anything after the start date.

There was a time you needed to tell them about a change in occupation if you had disability benefits but this had changed. Next time you ring to let them know, just ask them if you still need to advise them when you are deployed, the answer should be no. Have they ever advised you the terms of their policy had changed when you told them you were being deployed? Or do they just say "Thanks for telling us" and nothing else happens? Lots of people are under the wrong impression they have to tell their life insurance co about changes that happen in the course of the policy, but they don't.

Just trying to help

I have rang them twice to advise that I was deploying and the Mr has rang several times, as far as I can remember it was as case of a note has been made ....

Underwriter

inforeq wrote: »

I have rang them twice to advise that I was deploying and the Mr has rang several times, as far as I can remember it was as case of a note has been made ....

OK I don't really want to belabour the point if you are happy to ring them for piece of mind then it's not my business and I really am sorry if you thought I was being sarcastic.