Life Insurance

Discussion in 'Finance, Property, Law' started by slimjim, Mar 2, 2012.

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  1. Hope this is in the right forum?

    Need some help regarding Life Insurance, when going on tour do you start a fresh insurance policy just to cover you for the duration of the tour or do you get yourself a policy which covers you all year round and when youre on tour?

    Also can you recommend where to go for life insurance?

    Sorry for the noob question, Thanks in advance :)
  2. BiscuitsAB

    BiscuitsAB LE Moderator

    Ah a nice easy question.

    The answer is its your choice. If you want to get cover and cancel it after you get back on tour its your choice, if you want to keep it running thats also your choice.

    The question is why do I want this life insurance? If you have dependants wife, kids, boy friend girlfriend etc you may want to provide for them. If your single with no dependents there's not really much need.

    PAX or something similar is a must.

    if you want life cover then go here Service Life Insurance Armed Forces the policy was developed in conjunction with the MOD. Max cover is £200k
  3. Thanks biscuits!

    I stepped of the property ladder a couple of years ago so I dont have a mortgage at the minute, I do have a girlfriend and a daughter so was just looking for something to help them along if things go tits up :)

    I cancelled my life insurance when the mortgage went and never got round to getting some other cover so no time like the present... :)
  4. P.s are you suggesting you can get pax AND SLI?
  5. BiscuitsAB

    BiscuitsAB LE Moderator

    No problem mate. The Sterling life policy is competitively and without a shit load of the hassle you will get if you apply with pretty much anyone else.

    PAX is a must if your off on tour and I'd take out as many units as you can afford. Whilst I'd probably argue that it would be best to keep it going post tour there's no requirement on you to do so.

    also don't want to teach you to suck eggs, since your mrs ain't a Mrs then make sure you've done all the relevant paper work to inform anyone who needs to know that she's your next of kin and that should you Kop it benefits should go to her. ( a will wouldn't do any harm either ) other wise payment will go to you Next of Kin who could well be you parents or other family member.
  6. BiscuitsAB

    BiscuitsAB LE Moderator

    Yes mate two completely different types of contract. SLI is Life Insurance where as PAX is Accident Insurance.

    Pax also do a bolt on for life and critical illness you may want to get them to quote you for the extra and compare it against the combined price of having SLI and PAX.

    I can't vouch for the terms and conditions on the PAX life cover or their crit as I haven't read them, if you get a set I can run through them and let you know if I find anything tucked away in the small print.

    Edit. just reading the terms and conditions on the additional life and critical illness cover with PAX. I think they were either drawn up by a snake oil salesman or a politician. couple of things in them I wouldn't be happy with.
    • Like Like x 1
  7. No eggs being sucked here! Top advice thanks again!

    Just a Miss at the minute :eek:)

    A will is next on my list of things to do :)
  8. Marvellous stuff, I will get on the blower next week :)
  9. BiscuitsAB

    BiscuitsAB LE Moderator

    We've got an estate planning company, we'll do your will for free mate as your off on tour.

    I've just agreed with the other guys that we'll do wills free of charge for anyone serving.
  10. The_Duke

    The_Duke LE Moderator

    Bear in mind that with SLI if you cancel it post tour you have a 3 year moratorium on rejoining from the date of cancellation..

    Fine if you are only planning on going away once, but could cause problems if you need to deploy again and can't find anyone to pick up the life insurance during that 3 year window.

    You have an unlimited insurable interest in your own life, so you can in theory buy from PAX, SLI and any other provider who will offer you cover.
    • Like Like x 1
  11. BiscuitsAB

    BiscuitsAB LE Moderator

    What he said! page two of the T&Cs here
  12. IF you are 'under orders' or in a high risk trade like SF, EOD, DIVER or PILOT then SLI or PAX optional life will be your only realistic option.

    SLI for anyone else however can be expensive - especially smokers rates anywhere up to 50% more than other companies.

    Biscuits there are a few companies who will offer normal rates for soldiers not in the bracket above.

    Bear in mind also SLI will no longer offer cover after you leave if you are intentionally in a combat/wa zone so for any guys looking to to private security/CP/maritime security and the like be careful.

    Dont get me wrong SLI is a great product with some big advantages over others but it is increasingly described as the only product or the best product and it is neither.
  13. We're always keen to avoid ambiguity as we want the policy to be as clear and as straightforward as possible - if you could be specific then we can review the wording.

  14. Im heading out on my first tour, Herrick 17. Just been told I need Kit and Life insurance. Was having a look at these policies mentioned above, both from PAX and SLI. I dont know if my quote from SLI was any good, never had to deal with this sort of stuff before at 22 years of age. Do you know any other policies available to servicemen?
  15. Ravers

    Ravers LE Reviewer Book Reviewer

    I used a price comparison site when looking for mine and Tesco came out with the best deal.

    Worth checking out.