Life cover for the Forces who have us covered
Communities across the UK are being asked to show their support for our Armed Forces on Saturday, with plans to raise the Forces flag on buildings and famous landmarks in our towns and cities.
Armed Forces Day, which takes place on the last Saturday in June, celebrates the men and women who make up the Armed Forces community, including serving troops, service families, reserves, cadets and supporters. In 2018, there were 147,000 people serving in the Regular Forces, including around 33,000 each in the Royal Navy and Royal Air Force and 81,700 in the Army. In addition, there were almost 40,000 Reserve troops - civilians who could be called to fight in an emergency.
For those in the Armed Forces, who are away from their families for long periods and put their lives in danger to protect our country, it’s even more vital to have peace of mind that loved ones will be well provided for, should you die or become injured. We’re delighted that the vast majority of life insurance providers offer cover for Armed Forces personnel, with 112 out of 117 policies listed by ratings expert Defaqto as including the cover as standard.
What is service life insurance?
Service life insurance is a type of life cover available to armed forces personnel and veterans. As with all life insurance policies, it pays a lump sum to your family or named beneficiaries on your death.
Men and women in the Armed Forces are covered by death in service compensation, which is also paid out to your loved ones in the event of your death. The amount they receive depends on the length of service, and so it’s often a good idea to compare life insurance quotes as well. The two can run side by side and you will receive a pay out from both as long as you meet the criteria.
Will life cover pay out if I die on active duty?
This depends on the terms of your policy. Some providers do not exclude Armed Forces personnel from their standard life insurance but make it clear that cover does not apply to active service. However, a number of providers do offer policies that include tours of duty, such as our partner L&G.
L&G also provides mortgage protection and critical illness cover to serving personnel, although exclusions do apply around tours of duty. As with all protection insurance, it’s important to compare life and critical illness cover and to read policy documents carefully.
ActiveQuote head of partnerships & marketing Rod Jones said: “Ahead of the celebrations on Saturday, we’d urge all life and critical illness insurers with Armed Forces exclusions to review their criteria so that serving personnel are not unfairly treated. The men and women in the Army, Royal Navy and Royal Air Force do a fantastic job and we would like to see all insurers offering cover, regardless of their role.”
To find a life cover policy that suits your lifestyle and income, use our online quote comparison tool. And if, like many people, you’re unsure of the difference between life insurance and life assurance, read our guide to life assurance to find out!