You are here: Home - Insurance - News -

UK services to get insurance cover in line with civilians

0
Written by:
08/05/2007

Almost a third of a million armed forces personnel are to be offered life insurance under a scheme provided by the Ministry of Defence (MOD).

Insurers have traditionally shied away from the forces, fearing massive payouts in the event of a major war. Under the new scheme, the Service Life Insurance (SLI) will be offered by private company Sterling Life, with major losses underwritten by the Government.

SLI cover will be available to all personnel, irrespective of the risks to which they are exposed in potential combat situations, although there will be differences in premiums between smokers and non-smokers.

Premiums begin at £5 a month and terminal illness cover is included in the product. Maximum life cover will be set at £200,000, with policies guaranteed for up to 25 years.

Managing director of Sterling Life, John Blundell, said: “The premium levels will be in line with those enjoyed by the civilian population.”

Alan Ingram, the Armed Forces Minister, said: “It gives our personnel the option to take out life insurance cover that is tailor-made to reflect the unique nature of what they do.”

He continued: “Cover is available to each and every serviceman or woman across every ship, unit and regiment at every stage of their career.”

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Bank of England ‘may be considering a half-point rate rise’

The Bank of England Monetary Policy Committee (MPC) is expected to mark its 10th anniversary by raising interest rates, possibly by...

Close