How to get protection insurance if you're in the armed forces

In the UK alone there are 82,230 people in the British Army, 33,200 in the Royal Air Force (RAF), 27,210 in the Royal Navy, and 6,640 in the Royal Marines. That’s a huge number of people in the armed forces, and many of them have a need for valuable protection insurance.

Though many people chose to take out insurance using the likes of an online comparison site, many people within the armed forces may require the use of a specialist broker or insurer to help find a policy that really suits their needs. This is because their roles can sometimes be seen as higher risk, for example if they are entering possible war zones, working with explosive equipment or piloting aircraft.

A lot of people within the armed forces are based overseas, and some even at sea. Depending on the route to insurance you take and the insurer you use, this could get a little bit tricky. Now, don’t let that put you off as there are certainly still ways to do things. 

One of the very few good things to come from COVID is the increase in technology and things being made accessible. This has meant that more insurers are now accepting electronic signatures, instead of a wet signature. This is great for if you are based abroad, as you just need access to a device to sign electronically. Many GP’s have also started using a digital service, which stops them from having to rely on postal services.

Access to insurance

At Cura we have many clients who are in the armed forces, so I’d say we are in a pretty good position to be able to help. 

Each client of ours is dealt with on an individual basis, so without looking at your full circumstances it can be difficult to say what might be available to you. We have specialist routes to life insurance, with applications that are supportive of your occupation and your travel. There can often be quite straightforward routes to critical illness cover too, it’s all about knowing the ins and outs of the insurers’ underwriting philosophies, something that we are experts in..

Income protection is another policy that we offer, but it can be debatable as to whether or not army personnel need this, given the access to medical retirement options that come with your occupation. There is a potential with medical retirement options offered in the military that they work if you become unable to work, due to an activity that happened whilst you are working. So it can be a good idea to arrange a policy that protects your income for things that might happen when you are not actively at work, that could prevent you from continuing in your role.

Case studies

• A man approaching his 30s came to Cura with a need for life insurance and income protection. He had been in the British Army for 3 years training to be a doctor. He had never been deployed but there is a possibility that this could happen in the future. We arranged a life insurance policy covering him for close to £272,000 for 39 years, with a monthly premium of under £14. We also arranged an income protection policy covering him for £2,500 per month until he reaches the age of 50, with a premium of under £34 per month.

   

• A man in his mid 30s needed protection insurance to make sure his mortgage could be paid off in the event of his death. He was in the Royal Navy and had previously travelled to a number of places, such as Abu Dhabi, Norway and Bahrain. His current working pattern was to be away for 4 months, and then home for 4 months. He now has a life insurance policy covering him for £205,000 for 27 years. This has a monthly premium of under £9.

   

• A man in his mid 30s needed insurance to provide his family with financial security. He works in the RAF and has no deployments due within the next year. He also has hypermobile joints too. A life insurance policy was arranged for under £9 per month, covering him for £100,000 for 35 years.

   

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