Hello all Im looking for a life insurance policy.
Can anyone recommend an insurance company that deals with the armed forces Im currently a recruit in the TA about to start phase 1.
Any advice appreciated.
Perhaps a little bit of an oversimplification, assuming that the original poster is 100% accurate with his understanding of life insurance and its variations.
True life insurance pays out for death arising from accident or illness, subject to the terms and conditions of the contract. If you have no dependants, or do not wish to provide a lump sum to someone in the event of your death, then there may well be no need for it. If however you want to make sure that your parents have enough money to see them through their old age and deteriorating pensions, you might still want to consider it - after all, you will not be around to help them out as you would otherwise have done.
In addition to this, many life products offer a critical illness benefit, which pays a fixed sum in the event that you are diagnosed with one of a specified number of critical illnesses - usually cancer, kidney disease, heart conditions etc.
Your last option is personal accident which will pay pre agreed sums in the event of defined bodily injuries or death arising out of an accident. These typically include loss of eyes, limbs, paralysis etc. It will not pay out for death by natural causes, so dropping dead from a heart attack will not result in a payout. For this reason, it is becomes less suitable on a stand alone basis as you get older.
Different companies including Service Life, PAX, Forces Financial etc offer combinations of all of these products - as do some non forces specific insurers.
Take the time to read their policies and ask questions before you buy, and also seek the advice of a suitable independant financial advisor. You need to make sure that the policy you buy actually covers what you need, rather that you assuming that it does.