Armed Forces life insurance

Working in the Armed Forces comes with its risks.

Therefore, having adequate life insurance in place to protect your loved ones is essential.

At Reassured, we can compare multiple quotes and arrange military life insurance.

Our FCA-regulated brokerage service is completely fee-free; we compare quotes, free of charge, to find you the best deal.

Simply get in touch with our award-winning team.

Read on to find out how best to secure affordable life insurance for the Armed Forces...

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Does the military have life insurance?

As a member of the Armed Forces, you'll benefit from death in service as standard.

This is a pay out amounted to a multiple of your salary which is paid to your loved ones to help with the financial impact of your passing.

The amount received by your loved ones is determined by your time in service, rank and the cause of death.

However, even with this benefit, you may still benefit from additional life cover.

If you were to leave the Armed Forces, your death in service benefit would no longer be applicable, making the need for life insurance even greater.

Whilst it’s likely you’ll pay more on a monthly basis for life insurance, the Ministry of Defence (MoD) does provide a scheme where it’ll provide up to 90% of any additional premiums charged for being in the military for a sum assured up to £179,000[1].

To ensure your loved ones are protected, regardless of what the future holds, contact our team for your free quotes.

Please note: the MoD scheme may not be available for all policies, is subject to eligibility and terms and conditions apply. Please refer to your HR department for further information

What is military life insurance?

Military life insurance is essentially life insurance cover obtained by someone in the Armed Forces.

Whilst sometimes a specialist policy is required, usually cover can be provided by the same insurers and the buying process is the same as a civilian applicant, and in many instances, the cost won't differ either depending on the nature of your role.

Military life insurance will provide your loved ones with a pay out to secure their financial future if the worst were to happen to you whether that be at war or home, by accident or natural causes.

Using an award-winning broker, like Reassured, allows you to compare quotes and secure the best deal.

How much is life insurance in the military?

At Reassured, we can arrange life insurance for anyone in the Armed Forces.

The cost of your life insurance premium will be based on the level of risk you pose to the insurer, taking into account key factors:

  • Type of cover
  • Length of term (if applicable)
  • Amount of cover (sum assured)

Due to the increased risk of working in the military, your occupation will also be taken into account, including your specific role and likelihood of being deployed.

To obtain your free quotes for military life insurance, contact our team today.

Life insurance for active duty military

Obtaining life insurance as a serving member of the Armed Forces can be affected by your upcoming deployment status, role within the military as well as various personal factors.

As an active member of the Armed Forces obtaining life cover can prove slightly more difficult than the average civilian.

When applying for a policy, all of the standard elements will be taken into account.

However, depending on your upcoming deployment status your premiums could be increased (or loaded).

For example, if you’re currently deployed or are due to be deployed within the next 6 months, it’s highly likely you’ll be charged increased premiums for the first 2 years of your policy.

You may also incur loaded premiums depending on your role within the Armed Forces.

For example, premiums for those working in bomb disposal, diving and aviation-related roles tend to be higher due to the associated risks.

Once your life insurance has been arranged, the cover will protect you regardless of where you’re deployed and your policy is likely to include at war risks, meaning that if you were to die at war, the cover would still be valid.

All other terms of the life insurance cover won't differ to that of a civilian.

For your free quotes, contact our award-winning team today.

Army life insurance

As a member of the army, the life insurance you arrange usually won't differ in terms of cover to that of an average civilian.

The key difference is likely to be the cost of your premiums.

Due to the nature of your role and the increased risk you pose, you're likely to pay more each month.

This price will be increased even further for specific roles within the army, such as bomb disposal.

Royal navy life insurance

Royal navy life insurance will usually reflect the same terms and conditions as cover provided to the average civilian.

It's likely to require additional underwriting and increased premiums due to the risk associated with your role.

Certain roles will be more affected than others, such as diving associated roles.

However, it's still possible to obtain affordable cover by comparing multiple quotes.

Simply get in touch to compare your free quotes.

Ex-forces life insurance

Once you exit the Armed Forces, the process of arranging life insurance doesn’t differ from that of the average civilian.

During the application, only your current circumstances are taken into account.

Therefore, your previous occupation, regardless of the nature, in the Armed Forces, no longer affects the cost of your premiums.

To arrange your life insurance contact Reassured today.

What does military life insurance cover?

Regardless of whether you're in the military or not, once life insurance commences, the terms and conditions of the policy don't differ from standard cover.

Whilst the cost may be inflated due to the increased risk of your occupation, you'll receive cover for all of the same causes of death.

Clauses, including the contestability clause (the ability for your death to be investigated within 24-months of policy commencement) and suicide clause (invalid cover if death is a result of suicide within first 12 months), are standard regardless of you being a member of the military.

To understand the full terms and conditions of cover for military life insurance, contact our award-winning team.

How much life insurance does military get?

Unfortunately, military personnel don't receive any life insurance cover as standard, other than your death in service benefit.

Therefore, it's likely to be beneficial to arrange your own additional life insurance protection.

The level of cover you can secure is unlikely to differ to that of an average civilian.

However, the exception to this may be if your role within the Armed Forced is particularly dangerous.

Insurers determine how much they're willing to protect you for based on the level of risk you pose and the likelihood of a claim.

Therefore, if you work in a particularly high-risk role, such as bomb disposal, you may find it more difficult to get the maximum level of cover.

To determine the level of cover you're able to secure, contact our team and we'll provide you with all of the information you need.

Short term vs. long term military life insurance

Some military personnel will obtain a policy just to cover their period of deployment.

However, it could be more cost-effective to secure long-term protection.

Occasionally, active military members take out life insurance prior to deployment with the aim of cancelling it upon their return, meaning they’re only covered whilst away.

Whilst this is an option, as you age your monthly premiums increase.

They could also be affected if you were to change roles into a more dangerous field, are due to be deployed to a higher risk area or suffer a medical condition, (whether forces related or natural).

As a result, continuously taking out short-term policies is likely to cost you more than a single long-running policy.

Details of your status only need to be accurate at the time of application to ensure your policy is valid.

Therefore, if any of the above factors come into play but your policy is already running, you’ll not experience increased premiums.

At Reassured, we're unable to arrange short term military life insurance. However, to determine whether or not long-term life insurance is right for you, contact our team.

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Military specialist insurers

Despite popular belief, military specialist life insurers don’t really exist.

There are a number of companies who only arrange life insurance policies on behalf of Armed Forces personnel but the insurers which actually provide cover are usually, mainstream providers.

To provide members of the Armed Forces with life insurance, most insurers when processing your application will employ additional underwriting.

Further to this, you may have to fill in a questionnaire tailored specifically to your military service.

To ensure you receive the most suitable cover at the most cost-effective price, it’s best to compare multiple quotes from different insurers.

PAX military insurance

The MoD is currently under contract with Aon (underwritten by AIG) to provide the military with personal accident and life insurance cover (or PAX).

PAX is currently the preferred insurance choice within our Armed Forces and has approximately 57,000 active policyholders[2].

The plan offers personal accident protection first and foremost but, comes with the optional extra of life insurance and critical illness cover.

PAX in summary:

  • Life cover is available to regular and reserve military personnel
  • Personnel working in aviation are excluded
  • Maximum sum assured is £240,000 per person
  • Policy term length between 5 - 30 years
  • You have the option of including your partner/spouse on the policy
  • A pay out is made to your estate but may be subject to inheritance tax
  • Premiums can be taken either from your salary or by direct debit

One benefit of a PAX plan is that it has been designed to enable members leaving the military to continue their cover.

This could be a good option for you, however, it’s still generally a good idea to compare additional quotes. Please note, Reassured don't currently offer PAX plans.

Life insurance for military spouses

It’s important not to overlook the need for life insurance if you’re the spouse of a serving military member. Your death could still bring significant financial instability.

Often, due to the dangerous nature of the role, in a partnership where one member is serving in the military, life insurance for the non-serving spouse is frequently overlooked.

But what would happen if this partner was no longer around to look after the children? How would their income or the roles they fulfil be replaced?

The answer to these questions is likely to highlight the importance of military spouse life insurance.

The good news is, taking out life insurance as the spouse of someone in the military doesn’t differ from the average civilian.

Acceptance and premiums are based on the risk the policyholder poses to the insurer and because the profession of your spouse doesn’t directly put you at risk, your eligibility won’t be affected.

Contact our team today for your free, no-obligation quotes.

Joint military life insurance

Whilst it’s possible to secure a joint life insurance policy if you’re in the military, it may not be the most cost-effective option.

Generally speaking, a joint life insurance policy can save you approximately 25% on your premiums, compared to two single policies.

However, the main problem with joint cover is that it’ll only ever pay out once (usually upon first death).

This leaves the remaining partner uncovered and needing to seek a new policy.

With a joint policy where one partner is a member of the Armed Forces, the increased risks associated with this partner are likely to inflate the overall premium.

As a result, this could leave the non-service member paying over the odds for their part of the policy.

It’s possible, therefore, that the cost of joint cover could end up similar to that of two individual policies, which would provide twice the coverage.

Contact our team today to determine the best solution to suit your individual circumstances.

Critical illness cover

Life insurance offered through Reassured provides the option to add critical illness cover at an additional cost, even if you’re in the military.

This extra level of protection provides a pay out if you’re diagnosed with a serious, yet non-terminal illness, specified in the policy.

Common illnesses covered include certain cancers, heart attack, blindness and stroke.

Having access to an early pay out could allow you to cover a lost income or fund adaptations to your home to help cope with your condition.

A large number of critical illness policies will also cover your children, providing a pay out if they’re diagnosed with a severe medical condition.

It’s worth noting, however, that upon a claim, the cover expires.

Certain positions within the Armed Forces may have exclusions added to their policies due to the high level of risk involved.

For your free critical illness cover quotes, contact our award-winning team today.

Terminal illness cover

All term life insurance policies, military or not, come with terminal illness cover as standard.

Therefore, if you're diagnosed with a terminal illness and given less than 12 months to live, you can make an early claim.

This early pay out can be used to settle your financial affairs, pay for private medical treatment or simply enjoy with loved ones.

Do veterans get free life insurance?

Unfortunately, military veterans don't receive free life insurance.

Furthermore, due to no longer serving, you'll also not be entitled to the death in service benefit you would have received when on active duty.

However, obtaining affordable life insurance may now be easier than before.

The risks of your job have now been eliminated, meaning that arranging life insurance will no longer differ from the average civilian.

Obtaining life insurance as a military veteran involves exactly the same process as if you were never a member of the forces and requires the same information to be disclosed.

Your premiums will be calculated based on personal factors (age, weight/BMI, smoking status, pre-existing conditions), as well as the cover amount, type of cover and length of cover required.

If you were to pass away during the policy, a pay out will be issued to your loved ones.

Mental illness (depression and PTSD)

Sadly, serving in the Armed Forces makes you more susceptible to suffering a mental health illness. This could affect your ability to obtain life insurance.

Unfortunately, the amount of military personnel suffering from post-traumatic stress disorder (PTSD) has risen +2% over a 10 year period[3].

PTSD and depression are strongly correlated with substance misuse and unfortunately suicide, both of which will impact your premiums or worst-case scenario your ability to secure cover.

Due to the health-related issues associated with excessive drinking and/or drug use, insurers will load premiums to mitigate their risk of paying out.

This is also the case for suicide attempts. Whilst it’s still possible to obtain life insurance if you've previously attempted to commit suicide, time since the incident and any treatment received will be taken into account.

If you suffer from PTSD, substance misuse or attempted suicide, it’s essential you disclose this during the application.

Failure to do so could invalidate your policy.

Support services for Armed Forces personnel:

Funeral cover for the Armed Forces

If you die during service, your loved ones may receive some help funding your funeral but not necessarily if the cause of death was natural.

If you pass away whilst in service, it’s likely that your loved ones will receive both emotional and practical support from the military. This also includes funding towards your funeral.

With the cost of funerals having increased +128% since 2004[4], this significant expense can cause a strain on the family.

Therefore, any help funding the cost from the military is welcomed.

However, this financial aid is dependent on the cause of death and only provides cover if:

  • Death is due to military service
  • War Pensions Constant Attendance Allowance was or would have been paid if the war pensioner had not been in hospital when they died
  • Unemployability Supplement was being paid at the time of death and the SPVA had assessed a War Disablement Pension at 80% or more
  • The person died while in hospital receiving treatment for a disablement for which they received a War Disablement Pension

If none of these are applicable, such as dying of natural causes, the task of funding your funeral will fall to your loved ones, highlighting the importance of having adequate protection.

Whilst a life insurance policy can provide the funds needed to cover your funeral, you may also wish to consider a funeral plan.

Contact our team today to obtain all the information you require on prepaid funeral plans.

Military funeral plans

Arranging a funeral plan with Reassured allows you to lock in today’s rates, protecting your loved ones from the continually rising funeral costs.

The process as a serving member of the Armed Forces doesn't differ from that of an average civilian and your increased risk due to your duties won't affect the price you pay.

Funeral plans differ in cost, based on the level of service you receive, and we will compare plans to help you to determine the right solution to suit your needs.

Funeral plans arranged through Reassured start from as little as £19.11* a month and guarantee all your funeral director services.

For more information, visit our dedicated funeral plan page or contact our team.

Armed Forces pension scheme

When it comes to calculating how much life insurance you need it’s a good idea to factor in the value of your military pension.

Generally speaking, if the worst were to happen to you, your pension would be passed to your spouse or partner.

Whilst, the proceeds from your military pension could reduce the amount of cover required, it’s important to factor in the time until you're able to draw down these funds.

To discuss your options and how much cover you're likely to need, contact our team.

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Writing your life insurance in trust

Writing your life insurance in trust passes ownership of your policy to a trustee.

They’ll then be responsible for distributing a pay out on your behalf, like an executor of a will.

Key benefits include:

  • Reducing or avoiding 40% inheritance tax (IHT)
  • Avoiding the lengthy probate process (faster pay out)
  • Providing more control over your policy

Writing your life insurance in trust detaches the proceeds from forming part of your estate.

This could reduce the amount of inheritance tax you pay, (40% over £325,000), meaning your loved ones receive a larger percentage of the pay out.

This detachment also means your loved ones don’t have to go through probate to gain access to funds.

The probate process usually takes 6-9 months, but can take years. Therefore, your loved ones will receive the money faster.

Finally, by putting your life insurance in the hands of a trustee, it means you can specify how you wish the pay out to be distributed and when.

For example, you may specify that you want your pay out to go to your children, but only when they turn 21.

At Reassured we offer a free trust service on the majority of the policies we arrange, helping support you through the process.

How to change military life insurance

Changing the details of your policy won't differ whether you're in the military or not.

Simply contact your insurer informing them of the changes you wish to make and your policy will be updated.

In instances where you wish to change your level of cover (sum assured), this will be reflected in the cost of your premiums.

A change in role to a less risky position may result in a reduction in the cost of your premium.

It's important to ensure your insurer is kept up to date with any information regarding your personal circumstances.

How to claim military life insurance

Your loved ones can make a claim immediately after your passing.

Once the claim has been filed, they'll be required to provide the insurer with a copy of the death certificate and evidence of your entitlement to the pay out.

The insurer will then file the claim and the pay out will be made accordingly.

The pay out amount will be added to your estate unless written in trust, and the proceeds will be received by your loved ones once probate is complete.

Protecting people in our Armed Forces

Due to the risk of working within the military, the need for adequate life insurance is even more significant.

If you were no longer around to help, could your family:

  • Pay the mortgage every month?
  • Fund their current lifestyle?
  • Meet the cost of full-time childcare?
  • Cover the rising cost of a funeral?
  • Pay off personal debt?
  • Provide an inheritance

Whilst some financial aid is provided by the Armed Forces if you were to lose your life whilst serving, it’s unlikely this will cover all aspects of your life.

Especially if you have multiple dependants who rely on you financially.

Having adequate life insurance ensures that your family are properly looked after and their lives disrupted as little as possible.

Compare military life insurance quotes

Quotes can vary significantly in cost between different insurers.

To ensure you secure the most cost-effective cover, it’s important to compare a range of quotes.

At Reassured, we can source these quotes for you, saving you time and money.

If required, our dedicated impaired risk life insurance team can provide specialist quotes to help find military members the right cover.

Quotes can also be provided to help spouses and retired military personnel with the cheapest option to meet their needs.

And the best bit? Our award-winning brokerage service is completely fee-free to use.

We’re here to help our dedicated servicemen and women secure the perfect policy.

Compare Military Life Insurance Quotes »

Sources:

[1] https://www.legalandgeneral.com/adviser/protection/underwriting/occupation-including-armed-forces-and-residency/armed-forces/

[2] https://insuranceaon.co.uk/PAX-Personal-Accident/

[3] https://www.theguardian.com/society/2018/oct/08/ptsd-rates-increase-in-uk-military-personnel/

[4] SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021/

*£19.11 per month pricing includes a £75 discount only available to Co-operative members and is based on a 50-year-old purchasing a Co-operative Simple Funeral Plan at £3,020 over the maximum term available of 25 years (total amount repayable £5,733.40) as of 1st March 2021

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