Military Services & Armed Forces Life Insurance
Individuals who work in the Army, Navy, RAF or other branches of military service have a higher occupational risk than those who sit behind a desk. Travelling to conflict zones, working with hazardous materials and operating dangerous machinery is not comparable to an office worker operating from the safety of an office.
Since the day to day risk is so much higher for military personnel, it is essential to seek proper life insurance coverage to ensure your family is protected and cared for financially if you unexpectedly pass away. While the military does offer some death benefits, taking up an additional policy for added coverage may be a sensible consideration.
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What is Life Insurance?
Life insurance is a policy provided by an insurance company that offers beneficiaries financial support if the policyholder dies. The policyholder pays monthly payments, called “premiums,” into the policy over a fixed duration in return for a lump sum payout paid to family or dependents upon passing away.
Why Do you Need Life Insurance?
Life insurance provides financial peace of mind for you and your family. The payment of a lump sum amount available through life insurance means if you die funds are available to pay final expenses, settle remaining debts, and continue to finance an acceptable lifestyle for your dependents.
Funeral costs can be a real worry financially for families of deceased servicemen. By having secure life insurance in place, your loved ones will get the financial peace of mind to put you to rest in a dignified funeral.
Doesn’t the Military Offer Life Insurance Benefits?
Military branches will offer a form of life insurance known as “death in service.” Should an army or navy member pass away while enlisted in the armed forces, the military benefit will provide dependents with a benefits package.
It is crucial, however, to research what benefits are in the package and determine whether or not they will be enough to support your partner and children. Should the “death in service” benefits fall short, you may consider taking up an additional policy as a supplement.
If the “death in service” benefits are enough to support your loved ones, you may still wish to take up an additional life insurance coverage. The navy or army insurance offered will only cover you and loved ones while you are in service – should you leave or retire those benefits will not go with you.
Military Life Insurance: Policy Options
There are different types of life insurance cover levels available for forces personnel. Policy seekers will be able to choose from plans that offer terms ranging from a whole of life to a duration of under five years.
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You will also be able to choose from military insurance products that offer large cover amounts and increasing or decreasing premium levels depending on your preferences and needs. It is always essential to evaluate what you need and want in a life insurance policy and compare different options to find the best deal.
Other bolt-on extras to a plan can include but are not limited to the following:
- Critical illness cover, to financially protect you should you be unable to work in the armed forces. A qualifying critical illness or injury is agreed at the start of a plan and lists under the policy definitions
- Can include war risks
- Terminal illness cover
- Policies starting as soon as your application is approved to cover any up and coming deployment
Cost of Cover Considerations
Having a personal plan that overlaps your life insurance for military “death in service” benefit and extends past your armed forces term will help to ensure your family will be financially secure in any given situation.
When applying for life insurance cover, you should be aware of the following factors that affect the cost of cover:
- Your age: The younger you start your policy the higher the likelihood of acceptance by providers and the lower the prospective life insurance premiums
- Your health: If you are a non-smoker and have no underlying illnesses, disease or health conditions like cancer the prospects of being accepted for life cover at lower premiums are enhanced
- The length of coverage: The longer the policy, the increased chance that your loved ones will get a payout. Conversely, the longer the plan and the older you get, it increases the cost of cover.
- How much policy cover do you need: You need to be aware that the larger the payout, the higher the premiums will be.
Comparing Life Insurance Policies
There are many considerations for choosing the best life insurance military policy. Firstly, and most important, is determining the amount of life insurance your dependants will need to cover expenses when you pass away. Make sure to take account that the family will no longer be receiving your income should you die in service.
Questions you will need to consider will include the number of financial commitments that remain should you die suddenly.
These will include:
Do you have outstanding finances or debt, and when are they due? Debt includes:
Many policyholders, for example, may choose to match their life insurance against the repayment of a mortgage which is why it is essential to consider all your personal and professional circumstances. Once you know how much financial support is required, you can more easily compare policies to find the best fit and the best deal.
Insurance Hero The Army Life Insurance Specialist
Insurance Hero is an independent broker. It means we do not tie to any one provider allowing us to offer an impartial service to our clients. We are experienced in providing life insurance quotes to the armed forces and have relationships with a strong network of specialist underwriters.
We are well versed in helping UK armed forces personnel, including the royal marines. We carefully blend their ‘death in service benefits’ policy with a stand-alone military life insurance policy to cover off any gaps and provide watertight protection for you and your family.
FAQs for Military Life Insurance
What does life insurance cost?
Premiums or price are affected by many factors. These include your age, your medical history, the length of the cover and the sum assured. Life insurance for the military can cost from as little as £6 per month.
Does armed forces life insurance guarantee to payout?
For life insurance to pay out, cause of death must be covered under the policy terms. The terms must be set out at the start of the policy.
Can I have both armed forces insurance and death in service benefit?
Yes, they can overlap. A private insurance policy will cover gaps in military service benefit to provide an overall secure level of financial cover should you die in service.
Do you need any life insurance in the military?
If you have an occupation in the military, you should be entitled to death in service benefit if you die doing your armed forces job. The amount you are due ties into factors such as your cause of death and total time in service
I work in the military how can I get a quote for life insurance?
Insurance Hero has experience in providing life insurance for forces personnel in varying occupations. You need to complete our secure online form