For any individual who enters the military, it comes with a number of risks, especially those who are in the armed forces. The risks are not just for those individuals but also their families and so, military insurance is a great tool for those in the army but the cover that is available can be broken down into a number of categories. These categories will depend on your stage of career.
Military Insurance -What does it cover?
Military insurance is designed to reduce the risks that are associated with those individuals who are in the armed forces, especially as standard insurance policies are not applicable or simply do not suit the specific requirements. Therefore, the following products are available.
Military Kit Insurance
This insurance is ideal for everyone, but is especially prevalent for those who have just left training and are living in a single serving accommodation. It will ensure that all kit, during deployment, regardless of the location in the world is covered along with personal possessions. Also covered within this is accidental damage to your MOD based accommodation which is often referred to as ‘License to Occupy’.
Military Kit and Contents Insurance
For those people who are moving into married quarters or for personnel who are serving and living independently, this insurance is designed to offer the same cover as the kit policy but it provides personnel with the ability to specify the value of kit depending on the role. It is also possible to add additional cover for contents of family members who might also be living in the same accommodation.
Military Building Insurance
This product is designed for those who have purchased their own property and no longer live in rented MOD accommodation. The cover is still designed to include kit and personal possessions as well as home contents but it provides the extra benefit of including buildings insurance that covers your property. It provides cover for contents within the home that belong to family and it can often be used to cover the contents of children and partners when away from the home.
Military Travel Insurance
For military personnel that take a private holiday or rest and relaxation periods, this insurance is designed to provide cover for illness or injury but also should you be deployed on short notice. It will enable you to cancel your holiday and recover the costs.
Military Adventurous Training Insurance
This insurance has been created to cover groups of military personnel that have embarked on adventurous training expeditions. This is similar to travel insurance but it acknowledged the risks associated that come with this kind of travel.
Personal Accident Insurance
There are risks associated with personal injury when working in the armed forces and so, this cover is designed to provide compensation for individuals and family members should they be injured during their career.
Military Life Insurance
When military personnel are deployed, there could be significant risks to life although these risks occur in training. Therefore, military life insurance will help the family of military personnel to cope financially. This will ensure that all financial responsibilities are covered in the event of death including mortgage payments, credit card debts, university fees, household bills, childcare costs and holidays. It is also possible to extend military life insurance so that it includes critical illness and serious illness.