Insurances 10 March 2012 at 11:41AM in UK armed forces MoneySaving 6 replies 1.3K views

Carly84

Hi could anybody tell me what insurance companies they use for life/kit insurance etc & roughly how much you pay per month?
Also do you all put your insurances up before deployment or leave the same?

We're trying to make serious cutbacks & my hubby seems to be paying an awful lot in insurances per month.
I understand that its bound to be a lot higher with him being a soldier but with nothing to compare it to, Im not sure if its too high.

Thank you.

Alias_Omega

Hi Carly,

It would help by posting up what insurance you have, then how much you pay for it. This will give people something to compare against.

Esoog

Carly84 wrote: »

Hi could anybody tell me what insurance companies they use for life/kit insurance etc & roughly how much you pay per month?
Also do you all put your insurances up before deployment or leave the same?

We're trying to make serious cutbacks & my hubby seems to be paying an awful lot in insurances per month.
I understand that its bound to be a lot higher with him being a soldier but with nothing to compare it to, Im not sure if its too high.

Thank you.

Added to what A_O said; what trade is he? Does he deploy a lot? PAX keep on putting the prices up and up, a lot of people have a basic few units monthly at a small cost and then whack it up to full for deployment. He may have just signed up to PAX (etc) when he was in phase one because that's what they were told to do. I remember when I was out having a drink with the instructor on a course I was doing (very exciting), some of the crows clocked him as an SPS WO1 and grilled him over insurance. they had all be "recommended" to take out the full 15 units and really had no idea what benefits etc they would be getting. Also, although I can't remember the name of the cover, a friend had signed up for it back when he joined in the 80s and had been paying for it each month, when I looked into the T&Cs it would only pay out about £4000! And he;'d been paying for it for nearly 20 years :rotfl:

Carly84

Thanks for your replies.

He's in Artillery & he deploys every 18 months.

He pays £50 a month for Life & Critical Illness to Prudential through Abacus (£240,000 life & upto £120,000 for critical illness, covered for 35 years, he's been with this for about a year or so...he pays £50 monthly for 5 years but then the remaining 30 years is £30 a month) & he pays £35 a month for kit ins & personal accident to Abacus but this has different units.

I have no idea what is the ''norm'' is & he's pretty useless when it comes to financial stuff, bless him lol.

I just want to know if this is standard/good or could he get it cheaper for same or better cover?

Thank you :-)

Gonzo33

The Life & CI doesn't sound too badly priced to be honest. When my husband got a quote for £200k it was almost 3 times what your husband pays, although we have now found a life policy that is on a par with your husbands now. We pay about £14 Kit and Contents and about £19 PAX so that doesn't sound too bad either.

If you want comparisons try Forces Financial, Sterling Insurance, Tower Gate Wilsons or JBI.

BigLee_24

Always shop around for kit insurance the main ones are mentioned above I do every year and have managed to keep mine under a tenner a month for 5 years now lol and it covers pretty much everything....

JannerXI

Abacus personal accident is more expensive than PAX and provides less cover/has more exclusions - same deal for Towergates and Trinity. That's because PAX is subsidized by the MoD and the others are not.

On the life and critical illness front, check Friends Life (Abacus also do this one), given your husband's trade, it may be cheaper for the same cover. Remember on life insurance, the commission the agent will receive usually starts as equal to the first year's premium, but can be reduced at the discretion of the agent if they want to make the sale. So don't be afraid to haggle with the Abacus rep ;-)

Regards,