Does being in the armed forces mean that you can't get a normal life insurance or critical illness policy?

If you're in the armed forces you'd probably assume that you wouldn't be able to get a straight forward life insurance policy, right?

Wrong! It is often possible to get cover on a standard rate (normal price). Obviously there are conditions which must be met in order to achieve this. But this is something we don't think many members of the armed forces are aware of.

Most servicemen and women that we speak to, have cover associated with specialist insurers. However this can mean greatly increased premiums (non standard rate), which can ultimately lead to people taking out less cover than they actually need!

Being under - insured could have serious consequences- We don't know what the future holds, but we think it's very important that families are insured to the correct level.

We know from experience that your job within the forces has an impact on whether or not you would be accepted for a normal life insurance or critical illness policy - rightly so. As some occupations are far more dangerous than others. But this does not mean you cannot apply for cover and find out what the insurer says - the worst that will happen is that they will increase your quoted premium or decline to accept your application. Even if they do increase the premium, it could still be cheaper than taking out cover with a specialist insurer!

If you are currently paying to much through your chosen insurer, this could end up running into thousands of pounds during the term of a life insurance or critical illness policy. The sooner you shop around, the sooner you could be saving money!

The below link from Legal and General - One of the largest insurers in Europe, has some excellent information on the conditions and criteria they use when considering an application from someone in the armed forces.

http://www.legalandgeneral.com/advisercentre/protection/underwriting/tools/occupation-residency-and-residency/armed-forces/

You may also be interested to know that The MoD also has a scheme for refunding additional life insurance premiums charged because of the forces occupation. The details are not straightforward and have various exceptions, but in general terms the MoD will refund 90% of any additional premiums for sums assured up to £130,000.

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