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Life Insurance for Soldiers

Military Life Insurance

Pete Mugleston, mortgage & insurance advisor
Pete is one of the experienced insurance specialists

FORCES LIFE COVER: An overview

If you’re in the armed forces, whether you’re in the UK or stationed overseas, it may be difficult to obtain life insurance for various reasons. A lot of insurers will either decline or heavily increase the monthly costs for such applications because the risk and probability of pay-out is deemed to be greater.

Thankfully there are some companies who are happy to consider life insurance for soldiers and members of the armed forces:

 

  • Military life insurance
  • Life insurance for soldiers in the army
  • Life insurance for the RAF
  • Life insurance for the Royal Navy
  • Life insurance for the Royal Marines
  • Life insurance for the SAS
  • Life insurance for the SBS
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What if I’m stationed abroad?

Most insurers place restrictions on anyone that plans to leave the UK for longer than just holidays, so anyone planning on travelling / working / living abroad for longer than a month or two (varies insurer to insurer) would technically be ineligible for cover. When it comes to the forces however, the specialist companies offering mainstream insurance are more flexible, and can accept those who are overseas or who plan to move overseas for work.

 

Can I get armed forces life insurance if I’m away on tour?

If you are away on tour, or are due to go away in the next 6 months, then you will still be able to get insurance. Many insurers will decline your application, but those that specialise in armed forces cover are happy to accept you regardless – you are likely to also be covered whilst you’re away on duty. It may just be that for the first couple of years the premiums are increased to offset the higher insurable risk. For certain high-risk MoD occupations there may be additional restrictions however, see below:

 

How to get forces life insurance if you do a high risk job

Generally most people in the armed forces are eligible for mainstream life and critical illness cover, however even with the specialist insurers there are certain higher risk roles that can impact the level of cover you are eligible for. To establish this, most insurers will want to know:

  • Are you a high speed jet pilot / in the red arrows?
  • Do you work in bomb disposal?
  • Do you work with or use explosives?
  • Are you a member of a helicopter crew?
  • Do you regularly do parachuting?
  • Are you due to go on tour in next 6 months?

With the right insurer if you are deemed higher risk you will still be able to get mainstream cover and will usually be covered for war-death whilst at work either in the UK or overseas. If you are high risk however, your monthly premiums are likely to increase (depending on the circumstances).

For instance, anyone on tour now, or due to go on tour in the next 6 months will still be covered, but will usually pay a higher premium for 2 years. Some of the riskier occupations may exclude critical illness cover in these situations, especially if there are other associated risky activities such as high speed aviation or diving.

DID YOU KNOW : MINISTRY OF DEFENCE LIFE INSURANCE SCHEME
There is a Ministry of Defence scheme for anyone buying life / critical illness insurance that covers any additional costs charged because of a specific forces role – so anyone that has their monthly premiums increased because they are deemed higher risk, may be eligible to claim a refund of up to 90% of the extra cost up on insurances of up to £130k.

 

Get a quote for life insurance if you’re in the armed forces

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To get a quote for forces life insurance, and to find out who the best insurer for you may be, make an enquiry below and we will pass you to one of the specialists…

 

 

About Pete Mugleston

Pete is our top financial expert, involved in writing, training and speaking all things mortgages. His presence in the industry as the 'go-to' for specialist finance continues to grow, and he is regularly cited in and writes for publications both locally and nationally. Pete's range of experience covers all manner of areas, in particular mortgages for people with adverse credit, the self-employed, and buy to let investors, as well as specialist types of insurance such as business protection cover for those with pre-existing medical conditions.

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