Life assurance on operations

Discussion in 'Finance, Property, Law' started by Ariver, Feb 23, 2007.

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  1. Bought a house with my girlfriend, and about to go on Ops, so I think it may well be time to investigate life assurance. Does anyone have any recommendations? From a preliminary look around, "war" seems to be a bit of a policy killer....
  2. Try Pax insurance or Forces Financial(Naafi)

    £200,000 of joint cover, me and the missus,smokers for £54 a month covers you on op tours and for terrorist attacks in the uk also.
  4. Thanks a lot. I'll investigate and get one of them.
  5. Some tips on buying Life Insurance:

    § Don’t wait until you receive orders to deploy - you can still find cover but your options will be limited
    § Don’t wait until you’re older – it will cost more
    § Don’t think just about yourself – think of the impact on your spouse/partner/other dependants
    § Don’t think Life Insurance only – think about what would happen if you contracted a critical illness
    § Don’t delay – act now – call 00800 7676 7777 for no obligation advice and an illustration of costs

    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
  6. Funny - I'm sure that there was a post on PAX on this thread a couple of hours ago.

    Do Forces Financial have a monopoly here?

    Are moderators afraid we might find out about other products?

    I guess the more things change, the more they stay the same...
  7. AIG/PAX they're the ones who dont pay out?
  8. Letterwritingman,

    Take a stroll around Selly Oak some day and you might find out how far that is from the truth - or do you only believe what you read in newspapers?
  9. The_Duke

    The_Duke LE Moderator


    AIG/PAX do pay out, strictly in accordance with the terms and conditions of the policy. Problems arise when peoples expectations are different from the reality. The insurance industry is one of the most tightly regulated financial service industries in the UK. You will not get sharp practice from a reputable firm like AIG, but they are not a charity and will only pay out for valid, covered, claims.

    The recent complaints on here have been from people whose claims were not covered events....PTSD, suicide within the 12 month "cooling off period", and a case of non disclosure. These cases are all being investigated by the relevant people, so further discussion is inappropriate.

    The bottom line is to read the policy carefully. If it does not say that it is covered, then it will not pay out if that event occurs. PAX excludes PTSD, so it will not pay you if you are unfortunate enough to end up with that condition. Whether you think that it should be covered or not is irrelevant - it is not, it is clealy stated that it is not, so you will not have any claim paid.

    Read and understand what the policy covers and does not cover, and take the time to compare products from different suppliers. You will find that most of them will have the same exclusions.

    Duke (insurance bloke, but not employed by PAX/AIG/NAAFI or Forces Financial)
  10. I get a little confused, what's the difference with life assurance and insurance? Is brightgrey ok as I want life insurance for Iraq but don't own my own house? Are there any better polocies that anyone can recomend?
  11. The_Duke

    The_Duke LE Moderator


    Do not get too caught up on the terms - one definition is

    "Assurance - Also known as insurance but generally used for life assurance. Insurance covers an uncertain event whereas life assurance covers a certain event (ie death) only where the date is unknown."

    A personal accident policy is a policy of insurance - The event (death or injury by accident) may not happen, but the policy will pay out if it happens during the policy period. This type of policy will not cover if you die of natural causes (ie a heart attack)

    A Life assurance policy covers a known event - death is a certainty (like nurses and taxes), it is just a matter of when. This type of policy pays out in the event of death, whether by heart attack or being run over by a bus.

    Both policies will have exclusions, so make sure you read and understand them before you buy.

    I do not know the brightgray product, but will try and look into it. You do not need to own a house to buy life insurance, but consider some factors:

    1. If you are single with no dependants (children or elderly parents) who would benefit from the money paid out in the event of death? If you have dependants, consider buying as much life/accidental death insurance as you can afford. Bereavement is hard enough without financial hardship added on.

    2. Consider what would happen if you were to be seriously injured. A life policy that only pays out for death will not help if you are left paralysed. For that you would need a personal accident policy which will pay out for loss of eyes/limbs or permanent total disablement.

  12. Cheers Duke, thanks for the quick reply, that's a big help. I'm off to Iraq in May and have a wife and kid to think of. I currently have some cover with trinity (Pax weren't insuring when I joined because of 9/11) but I'm going to look at getting Pax now as most people say they are a much better company, then top up with life cover.
  13. The_Duke

    The_Duke LE Moderator

    No problems - feel free to PM if you have any specific questions.
  14. For free impartial and qualified advice PM me
  15. The_Duke

    The_Duke LE Moderator

    We setting up shop then? :biggrin: