Life Insurance Cover – Going to War
Life insurance cover is usually pretty straightforward for the majority of us. We can go online, walk into a high street bank or even pick up life insurance cover at our local supermarket. But what about getting life insurance cover is your life is at risk? What if you’re a soldier heading to Iraq or Afghanistan?
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Life Insurance Cover – The Military
The BBC reported several years ago that in the run-up to action in Afghanistan a life insurance cover scheme had been closed to soldiers. The Ministry of Defence closed their own life insurance scheme because of the likelihood of death and danger for soldiers as the war intensified. Soldiers were urged to go and find private life insurance cover instead.
MoD Refuses Life Insurance Cover
It sounds bizarre that the Ministry of Defence would refuse life insurance cover for soldiers. And the scenario caused ripples of outrage amongst military personnel. The fact that as soon as war breaks out, life insurance cover is no longer available is clearly an injustice for those servicemen and women.
Life Insurance – A Supplement
The outrage around the inability for the MoD to provide appropriate life insurance cover led the government department to investigate alternatives. The MoD however defended their move stating that the life insurance cover was in fact a supplement to the pension schemes already in place to look after relatives of killed soldiers.
Underwriter Refused Life Insurance
The reason the life insurance cover scheme collapsed was because one underwriter refused to back it. At the time just a third of military personnel were members of the life insurance cover scheme. The insurers said they refused to accept any further applications because of the increased risks in Afghanistan.
Private Life Insurance Cover
The MoD advises armed forces to look into private life insurance cover. Clearly being in the armed forces at times of war - especially the higher risk sectors such as the Special Forces - means your life is more at risk than a civilian. Many politicians in response to the story felt it was the government’s duty to ensure life insurance cover for its soldiers on active service.
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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