Life Assurance and the Terrorist Threat
Being a victim of a terrorist attack is a small risk for most of us in the UK. Unless you’re job is something to do with the military, security forces or aid work in a war zone like Afghanistan or Iraq, it’s incredibly unlikely you’ll be the victim of a terrorist attack. In the UK when it comes to buying life assurance it’s just the usual things we need to take into account – whether or not we smoke, drink too much, have a risky job or previous health problems. But in Iraq a new aspect to life assurance has emerged – terror insurance.
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Life Assurance – the Price of War
A feature in the New York Times last year reported how an Iraq insurance company has issued a ‘terrorism insurance policy’. Unlike ordinary life assurance policies, the terrorism insurance policy has an adage covering:
Accounting for Terrorism – Life Assurance
The NY Times reported on the life assurance policies that took into account terrorism and war - the first off-the-shelf terrorist policy in the world. The fact that death by terrorism is now being insured for says a lot about the state of the world. It’s thought that in most Western parts of the world, death by terrorism is so rare that it is covered by ordinary life assurance and accident insurance policies.
The Cost of Life
However the life assurance policies in Iraq that account for the terrorist risk, don’t put high prices on life. The tragic fact is that terrorism kills hundreds of people every month in the country, and the situation seems to be getting worse. As such, insurance companies can’t afford to offer high life assurance. Finding life assurance in one of the most dangerous places on earth isn’t easy, but the company who launched the concept saw it as an important service for ordinary Iraqis. The company’s founder told the New York Times: “It is a kind of gift to the Iraqi people.”
In the UK if your job entails being sent to a dangerous hotspot, insurance companies offer customized policies, often highly tailored life assurance policies that are generally expensive.
Jump Money are specialists in life insurance and are there to answer any questions you may have related to life insurance, life assurance, term insurance and life cover. They will strive to fit an insurance package to the exact criteria you need in order to help you avoid buying products you do not need as well as helping you fully understand your purchase.
To find out more about how Jump Money can help you protect yourself and your belongings call now on 0845 8516262 or visit the website at www.jumplifeinsurance.co.uk.
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