PAX set to increase by 10%

Discussion in 'Current Affairs, News and Analysis' started by DesktopCommando, Jan 28, 2010.

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  1. Changes to PAX Scheme from 1 March 2010, and changes to the Service Risks Insurance Refunds (SRIPs) scheme effective from 1 Feb 2010

    After a thorough review by the scheme’s providers, it is considered necessary to increase premiums for the PAX insurance scheme. From 1 March 2010 there will be a 10% increase in premiums for personal accident.

    Defence Internal Brief SERIAL: 2010DIB/03 DATE: 27 January 2010

    :(
     
  2. The_Duke

    The_Duke LE Moderator

    I am amazed that they have managed to keep it as low as 10%.
     
  3. With the ridiculous rise in payouts over the last 6 years I hardly think we can fire up the outrage bus over this one.
     
  4. Does Pax still represent good value for money ? Whist I am guilty of being lazy and not checking into other insurance provider, has anyone else looked at other providers and compared them ?
     
  5. The_Duke

    The_Duke LE Moderator

    In my opinion yes (and no, I don't work for them or have anything to do with them), but you should always compare the various products for yourself or get an independant financial advisors to do it for you if you are not sure.

    Each product has its own peculiarities, exclusions, conditions etc so the fact that it is cheaper usually means that there is less coverage. You need to find the one that meets your demands and needs.

    For example, the Forces Financial product is considerably cheaper, but offers significantly reduced sums insured in the event of an on duty accident (ie on tour, on exercise, at your usual place of work etc). If you are happy that the Armed Forces Compensation Scheme payout is going to be sufficient to meet your needs, then this is a cost effective way of covering the gaps that the AFCS leaves.

    If you want to ensure that in the event of a serious incident occuring on duty you get a large amount of money to help you for the rest of your life in addition to the AFCS payment and pension, it is probably not the one for you.
     
  6. Compare a 10% rise with the massive rise in payouts in the last few years, and it doesn't sound quite as bad!