Life Insurance

#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 :)
 

BiscuitsAB

LE
Moderator
#2
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 :)


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... :)
 

BiscuitsAB

LE
Moderator
#5
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... :)
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.
 

BiscuitsAB

LE
Moderator
#6
P.s are you suggesting you can get pax AND SLI?

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.
 
#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
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.
Marvellous stuff, I will get on the blower next week :)
 

The_Duke

LE
Moderator
#10
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.
 
#11
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.

What he said! page two of the T&Cs here http://www.servicelifeinsurance.co.uk/Documents/KeyFacts.pdf
 
#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
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.
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.

Regards,
 
#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?
 

Ravers

LE
Kit Reviewer
Book Reviewer
#15
I used a price comparison site when looking for mine and Tesco came out with the best deal.

Worth checking out.
 
#16
Thanks Ravers, I'll do that now. Still in a bit of information overload. A lot to do before deployment...
 

The_Duke

LE
Moderator
#17
Thanks Ravers, I'll do that now. Still in a bit of information overload. A lot to do before deployment...
Kit insurance is fine, but please take the time to read back over the threads on life insurance.

If you don't have dependants (wife, kids, parents that rely on your income) do you really need a load of money if you die? What you will definately need is money if you are seriously injured. Personal accident cover (such as PAX) provides this.

Life insurance is for death any cause (ie includes death by illness whereas personal accident cover would cover an accident, but not death by illness). For a healthy 22 year old about to deploy to Helmand, I would take the risk on dropping dead from cancer over the next 6 months, but wouldn't want to take a risk on the accident bit.

Whatever you do, read the wordings carefully. The cheapest cover is worthless if it excludes losses occuring during military service on operations!
 
#18
Kit insurance is fine, but please take the time to read back over the threads on life insurance.

If you don't have dependants (wife, kids, parents that rely on your income) do you really need a load of money if you die? What you will definately need is money if you are seriously injured. Personal accident cover (such as PAX) provides this.

Life insurance is for death any cause (ie includes death by illness whereas personal accident cover would cover an accident, but not death by illness). For a healthy 22 year old about to deploy to Helmand, I would take the risk on dropping dead from cancer over the next 6 months, but wouldn't want to take a risk on the accident bit.

Whatever you do, read the wordings carefully. The cheapest cover is worthless if it excludes losses occuring during military service on operations!
Bump'd purely so people can read it the above twice. Yes it really is that important.
 
#19
Thanks guys, this is the kind of confirmation and advice I was looking for. I'll ensure to read over all the T&C's in detail before signing up to anything. Pre-Deployment begins on 27th May so at least a couple of months to square some stuff away.
 

The_Duke

LE
Moderator
#20
Thanks guys, this is the kind of confirmation and advice I was looking for. I'll ensure to read over all the T&C's in detail before signing up to anything. Pre-Deployment begins on 27th May so at least a couple of months to square some stuff away.
Good stuff.

It is worth bearing in mind that full PAX or similar will cost you a day or two of your Op bonus per month. It may look pricey from that position, but if you end up missing large bits of yourself it will suddenly seem worth every penny.
 

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