Life assurance on operations

#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....
 
#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...
 
#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?
 

The_Duke

LE
Moderator
#9
Letterwritingman said:
AIG/PAX they're the ones who dont pay out?
lwm,

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?
 

The_Duke

LE
Moderator
#11
FNUSNU,

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.

Duke
 
#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.
 
#14
For free impartial and qualified advice PM me
 
#16
Standby your phone :D
 
#17
The big difference you should consider is between General Insuarnce (GI) contracts and Regulated term Assurance.The Main difference is wether you want a quick fix or a more robust job doing.

Someone has already mentioned PAX which is run by forces financial who are obviously all over this forum as they sponser it. Forces Financial also offer a selected range of Life assurance contracts through their panel of providors.

My advice is find an Independant Finacial Adviser who is geared up to deal with HM armed forces. They will be able to discuss the whole of the market with you as oppossed to a panel of companies.


Some one has all ready mentioned Bright Grey, they are an office which will not accept direct business so you will need to find an adviser.Bright Grey may be able to help, I have just had them discuss terms for a chap doing CP work but they are going to be asking for extra premium based on their risk assesment.

Another providor who will provide cover is Scottish Provident. They have in the past provided cover for mortgage protection life assurance to guys who have recieved part 1's to deploy. If you aren't under orders they will be prepared to look at level term assurance.

Although the list of companies that will offer life cover on a FSA (Financial Services Authority) regulated contract is quite short there is still a significant difference in pricing and terms and conditions. Be Aware life assurance companies are in the business of making money, therefore read the small print or get your adviser to read the small print very carefully, as a previous poster said the finacial services industry in the UK is tightly regulated so you will not be misslead however if you don' read the small print in the contract and you family put in a claim that is thrown out as unacceptable they are going to be in a mess.

If you've left it really late to get cover then look at PAX or a similar style contract, but once again READ the small print! Don't expect an insurer to pay out just because they've been taking your premiums.

Other than that if you want a chat IM me.
 
#18
The_Duke said:
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:


Duke
Bright Grey have a good proposition, although not the cheapest on the market, Since Norwich Onion and Illegal and General have been engaged in their price war. However they do offer free of any charge a counselling service for the bereaved which is extremely good. Aslo counselling and advice for claimants on their critical illness contract. If you give them a bell they will send you a pack and a cd-rom / dvd through that will fully explain how they can help.

Personally I feel this a significant step forward for a product provider and is a move towards better client servicing and TCF.
 
#19
BiscuitsAB,

Someone has already mentioned PAX which is run by forces financial who are obviously all over this forum as they sponser it. Forces Financial also offer a selected range of Life assurance contracts through their panel of providors.
Just to clarify, Forces Financial is not linked to PAX but have their own Personal Accident plan.

Regards,

PAXBloke
 
#20
PAXBloke said:
BiscuitsAB,

Someone has already mentioned PAX which is run by forces financial who are obviously all over this forum as they sponser it. Forces Financial also offer a selected range of Life assurance contracts through their panel of providors.
Just to clarify, Forces Financial is not linked to PAX but have their own Personal Accident plan.

Regards,

PAXBloke
I stand corrected. If its nothing to do with FF, whats the chances that you'll give my firm an agency? that way it will save me a shit load of time going to a Lloyds underwriter and getting them to write me a contract, Also means you will get to keep your existing and increase your market share.

My firm is planning on expanding our operations into the GI market and it would be easier to white label a product than to design a new one from sratch. It would also increase your distribution channels and most importantly more of the guys and girls in the field would be protected. It is my belief that a PAX type product should be a part of every service man and womens protection portfolio.
 

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