BiscuitsAB
Our website is still under review at the moment which I agree is not helping the situation, and the changes we wish to make to the Life insurance and Personal Accident insurance pages will clarify the points originally raised on this thread and repeated here.
We are not an IFA but a company which specialises in finding and delivering the most appropriate products for our military customers from major insurers. As such we have panels of insurers to call on to design products for us that meet your specific requirements.
With reference to your comments regarding mortgage protection cover we do have an insurer who will provide Life term insurance cover to those under orders if they have a mortgage. Cover can be arranged to a maximum value of £200,000. However, on top of the monthly premium a further cost is charged at the rate of £4 per £1000.
Lets take an example: if you had a mortgage of £150,000 the monthly mortgage protection premium would be say £30 for the sake of argument, and on top of this a further £4 x 15 = £60 would be applied, making the total monthly premium £90. This policy would pay out in the unfortunate event of a death in theatre once proof of mortgage had been supplied.
So anyone who has a mortgage but has not made any provision for life cover before being deployed can take this policy. Alternatively, you can bolt Optional Life cover onto a Personal Accident policy, which is open to those with or without a mortgage, and will provide up to £150,000 in the event of death at a total premium of £35.26 single standard cover.
However, if you can get ahead and take out Life insurance before you are under orders then you have a wider range of products and insurers to call on, as mentioned in earlier postings here.
All of this highlights the complexities of Life cover, and personal circumstances have to be fully explored to ensure individuals have the right policy. Anyone with queries about their requirements could send a pm and one of our advisors will call you.
We use and recommend the 15 times income calculation for clients with dependents looking for Life insurance cover for the following reasons:
Example calculation -
Annual salary of £25,000 x 15 = £375,000
Less
Death in service benefit (say 4 x income) of £100,000
Less
other Life policies sum assured of £50,000
In these circumstances we would recommend cover of £225,000 to support dependents in maintaining their standard of living ie accommodation, loans, bills, school fees etc
Finally, at the launch of Forces Financial in November 2006 the MD Al Voice said:
âI believe Forces Financial will provide the military insurance market with a much needed shot in the arm, as it is my fundamental belief that the Forces have not yet had solutions presented to them which fully recognise their uniqueness. Forces Financial has the expertise, distribution channels and influence to deliver this â in abundance. I am proud of the operationally focused protection we have always provided, but I believe I share with commanding officers a greater aspirational goal to enable those under their command to fulfil their financial dreams. My team and I will be consulting with service personnel at all levels to determine exactly how best we may achieve this together.â
Let us show you in the coming months just what we can do as a result of your feedback.
Forces Financial is a trading name of Stuart Harvey Insurance Brokers Limited who is authorised and regulated by the Financial Services Authority. Registration number 301858. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk, IP4 1DL