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Reclaim "military loading" on lifecover
Wh05apk
Posts: 2,938 Forumite
Just come across this board, and have seen one or two posts about lifecover/critical illness, in case you are not aware, where the premiums are loaded due to posting/military occupation, 90% of this additional loading can be reclaimed through your payroll, this can be a substantial amount, having done one recently where the premium went from something like £23pm, to £90+ the net premium then came back to about £26pm.
Hopefully this will make the difference between taking cover or not (or reclaiming the loading if you are not doing so already!)
Hopefully this will make the difference between taking cover or not (or reclaiming the loading if you are not doing so already!)
I am a mortgage adviser.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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Comments
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The Service Rebate of Insurance Premium Scheme only covers those whose premium is loaded due to participation of a high risk occupation - EOD, Pilots, Divers, SF.
It only covers a limited amount of cover ( approx £180,000 ) and repays 90% of the loading but has to be claimed in arrears annually.
To be honest if you are not one of these trades there should be little reason to pay a loading as standard rates are available.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0
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