Best Military Life Insurance & Armed Forces Coverage 2024
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 clearly not comparable to an office worker operating from the safety of an office.
Since the day-to-day risk is higher for military personnel, seeking proper armed forces life insurance coverage is essential 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 military life insurance policy for added coverage is a sensible consideration.
Without armed forces and life insurance protection, would your loved ones be able to do the following if you weren’t around to help?
- Pay off the mortgage
- Clear any outstanding debts in your name
- Fund their current lifestyle
- Buy a new home
- Plan for a funeral
- Deal with inheritance tax
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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 the benefits 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 additional life insurance coverage. The navy or army insurance offered will only cover you and your loved ones while you are in service – should you leave or retire, those benefits will not go with you.
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Military Life Insurance: Policy Options
Different types of life insurance cover levels are available for forces personnel, including British army life insurance. Policy seekers can choose from plans that offer terms ranging from a whole of life to a duration of under five years.
Depending on your preferences and needs, you can choose military life insurance products that offer large cover amounts and increase or decrease premium levels.
Evaluating what you need and want in a life insurance policy is essential when comparing different options to find the best deal.
Other bolt-on extras to a plan can include but are not limited to the following:
- Life insurance for military 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 upon at the start of a plan and listed under the policy definitions
- Can include war risks
- Life insurance for military Terminal illness cover
- Policies starting as soon as your application is approved to cover any up-and-coming deployment
Military Whole Life Insurance
Whole life insurance offers a steadfast financial safety net for British Armed Forces personnel, ensuring lifelong coverage and a guaranteed payout to beneficiaries, which is particularly beneficial given the unpredictable and high-risk nature of military life.
Additionally, it accumulates cash value over time, providing a financial resource that can be accessed during the policyholder’s lifetime and offering an extra layer of financial security for service members and their families.
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 ensure your family is financially secure in any given situation.
When applying for army life insurance life 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, diseases 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 military life insurance policy, the increased chance that your loved ones will get a payout. Conversely, the longer the plan and the older you get, the cost of cover increases.
- How much policy cover do you need: You need to be aware that the larger the payout, the higher the premiums will be.
Overview of Military Life Insurance
| Aspect | Detail |
|---|---|
| Definition | Life insurance for men and women in the Armed Forces |
| Purpose | To secure the family’s financial future, pay off mortgages, cover living costs |
| Availability | Through brokers like Insurance Hero, comparing multiple quotes |
| Special Consideration | Policy terms and premiums may be affected by military occupation and health risks |
Key Features of Military Life Insurance Policies
| Policy Type | Suitable For | Key Features |
|---|---|---|
| Level Term Life Insurance | Those with interest-based mortgages needing fixed sum payout | Fixed premiums, predefined term up to 40 years, critical illness cover option, terminal illness cover included |
| Decreasing Term Life Insurance | Those with repayment mortgages covering the remaining mortgage | Fixed premiums, sum assured reduces over time, critical illness cover option, terminal illness cover included |
| Whole of Life Insurance | Guaranteed payout, suitable for older, healthy individuals | Fixed premiums, cover lasts for life, no critical illness cover |
| Over 50s Life Insurance | Aged 50-85, UK residents, especially with poor health | Fixed premiums, cover lasts for life, no medical information required, higher premiums |
Factors Affecting Military Life Insurance Premiums
| Factor | Impact on Premiums |
|---|---|
| Age | Younger applicants generally have lower premiums |
| Smoking Status | Smokers pay higher premiums due to health risks |
| Military Occupation | High-risk roles may lead to higher premiums |
| Current Military Status | Regular, reserve, or veteran status affects premiums |
| Deployment Likelihood | A higher likelihood of deployment can increase premiums |
| Health and Medical History | Overall health, including conditions from service, affects premiums |
| Policy Length and Type | Longer terms and whole life policies generally cost more |
| Amount of Cover | Higher sums assured lead to higher premiums |
Additional Considerations for Military Life Insurance
| Consideration | Detail |
|---|---|
| Funeral Cover | Financial aid for funerals may be provided by the military, depending on the cause of death |
| Active Duty Considerations | Active duty status and role can significantly affect premiums and policy terms |
| Specialist Insurers | Mainstream providers often handle military life insurance with tailored underwriting |
| Writing in Trust | Can reduce inheritance tax and avoid probate, ensuring faster payout to beneficiaries |
Comparing Military Life Insurance Policies
There are many considerations for choosing the best life insurance military policy. Firstly, and most importantly, determine the amount of life insurance your dependents will need to cover expenses when you pass away.
Make sure to take into 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 military life insurance 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 compare life insurance for military policies more easily to find the best fit and the best deal.
Insurance Hero The Army Life Insurance Specialist
Insurance Hero is an independent information site. It means we are not tied to any provider, allowing us to offer impartial insurance information 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 gaps and provide watertight protection for you and your family.
Don’t wait for something bad to happen to get armed forces life insurance. Start living your best life today by taking steps to protect your loved ones financially in case of your untimely death.
The good news is that getting a service life insurance quote takes less than 5 minutes and is free. There’s no obligation, so why not get a quote today? It could be the best decision you ever make.
RAF Life Insurance
RAF Life Insurance is designed specifically for men and women working in the Royal Air Force.
Considering the unique challenges and technical skills required in this field, the insurance coverage may need to be more specialised due to the nature of military activities.
Here are some key points to consider:
- Specialist Cover Requirements: Due to the challenging environments and technical skills involved in RAF work, life insurance policies may require more specialist types of cover. The underwriting process varies depending on individual circumstances and the type of military activities engaged in.
- Additional Requirements for Extreme Pursuits: Those seeking insurance for activities like RAF life insurance might encounter additional requirements. This is to help underwriters fully understand the military activities involved. Financial protection costs may be higher, or specific activities might be excluded due to the nature of these activities.
- Enquiry Assessment Factors: When enquiring about RAF life insurance, several factors are considered, including lifestyle and health (alcohol consumption, fitness, smoking), job nature, travel requirements, RAF activities, and engagement in dangerous hobbies or sports.
- Critical Illness Cover vs. Income Protection: Critical illness cover focuses on specific illnesses or medical conditions. In contrast, income protection provides financial support in case of inability to work due to injury or sickness. Both types of insurance might have premium loadings, restrictions, or exclusions based on the hazardous activities involved.
- Finding RAF Life Insurance: Insurance Hero offers expertise in providing life insurance, mortgage protection, critical illness coverage, and income protection for those involved in hazardous sports and occupations, including RAF personnel.
RAF Life Insurance Summary Tables
| Insurance Type | Focus | Considerations |
|---|---|---|
| Critical Illness Cover | Specific illnesses/conditions | Assessed based on hazardous activities |
| Income Protection | Financial support during injury/sickness | Useful for those with financial commitments |
Services Offered By Insurance Hero
| Service | Description |
|---|---|
| Life Insurance | Tailored for those in hazardous sports/occupations |
| Mortgage Protection | Protection for mortgage-related financial commitments |
| Critical Illness Cover | Coverage for specific medical conditions |
| Income Protection | Support during inability to work due to injury/sickness |
Military Life Insurance Companies
Current list of military life insurance companies in the UK providing life insurance to Armed Forces personnel:
- AIG
- Legal & General
- Royal London
- Vitality
- Zurich
Additionally, there are other specialist Armed Forces insurance providers mentioned:
- Absolute Military Insurance
- Forces Family Finance
- Forces Mutual
- Forces Plan
- PAX insurance
- Towergate
- Trinity Insurance
These companies offer various insurance options tailored to the unique needs of Armed Forces personnel, including life insurance, critical illness cover, and other related products.
FAQs for Military Life Insurance
What does armed forces life insurance cost?
Premiums or prices are affected by many factors. These include your age, medical history, cover length, and the sum assured. Life insurance for the military can cost as little as £6 per month.
Does armed forces life insurance guarantee to payout?
For military life insurance or army life insurance to pay out, the cause of death must be covered under the policy terms. The terms must be set out at the start of the policy.
Does Life Insurance Cover Soldiers Killed In Action?
Most life insurance policies cover soldiers killed in action in the form of a lump sum cash payment to the beneficiary. Most policies will cover death caused by injuries sustained in action.
Can I have both armed forces insurance and death in service benefit?
Yes, they can overlap. A private armed forces life 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 many years of experience providing life insurance for forces personnel in varying occupations. Need army life insurance? Please complete our secure online form for a fast, no-obligation quote.
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
