Soldiers - Insurance

Article published on 30th June 2008

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For the men and women serving in the British armed forces, insurance can be a tricky subject. The Ministry of Defence offers a certain amount of compensation for service men and women who suffer serious injuries in the course of their duties, but even so these tend to be much less than is available through private schemes - normally £285,000, plus a £20,000 annual pension.

When it comes to finding private health insurance, life insurance and / or critical illness insurance, those in the armed forces usually face paying higher premiums than others and generally need to look for specialist insurance providers in order to find something reasonable.

Although seemingly unfair, this hike in premiums for service-people is because they put themselves in often extreme risk as a fundamental part of their everyday career and so are statistically more likely to have to make a claim on their insurance policies.

But there are specialist insurance providers out there if you look for them. Once found, the most important thing for service people to remember is to check the policies thoroughly to make sure that their specific jobs or tasks are covered – so if your military role involves diving or parachute jumps (just as examples), make sure that the policy you are looking at provides cover for injuries (or whatever) from doing what the tasks you are most likely to undertake as part of your job.

Restrictions and higher premiums apply for service people in a similar way to how they do for elderly people who wish to take out health, life and/or critical illness insurance - as discussed in previous articles.

At the time of writing, the Iraq Coalition Casualty Count, put servicemen and women deaths at 4,106 for the USA and 176 for British military personnel serving in Iraq since hostilities started back in 2003. Another 29,978 US soldiers have been wounded in that time.

Death and serious injury are very real considerations for those entering into military careers and the impact this career (or for some: vocation) has upon insurance availability is just another in a long list of important considerations to take into account when deciding whether or not to sign up.

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Recommended Article: Life Insurance Cover for Ministry of Defence Personnel

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