Military renewable term life insurance
A form of term insurance, military renewable term life insurance gives you a key option. At the end of the original term you can extend the policy, without the need for further medical tests or underwriting. It means that if you suffer deteriorating health during the initial period, you won’t be penalized or find yourself unable to get insurance at the point of renewal. You will simply be able to extend the existing policy, albeit with a premium that reflects your age.
Military renewable term life insurance cover is initially relatively inexpensive, but the premium will be higher than for ordinary term assurance and could rise substantially at the time of renewal.
Key facts about renewable term insurance
Before buying any finance or insurance product, you should seek professional help. At Forces Advice, we understand the needs of service personnel and their dependents. Our comprehensive knowledge of the insurance market gives us the expertise to make personal recommendations, depending on your personal circumstances. However, these are some features that you will typically find with a renewable term insurance policy:
Flexible: You can choose to extend the insurance term when it comes to an end with the peace of mind that comes from knowing that you’re guaranteed to get cover irrespective of new medical conditions.
Less demanding: The premium you then pay is based on your health at the time you took out the original policy, even if your health has subsequently deteriorated.
Adaptable: This policy includes a useful variation for dealing with the unexpected, such as a child who stays in full-time education for longer than you had anticipated.
Affordable: This could also be a good option if you cannot, at present, afford the level of cover you need for the period you require. You could take out the cover you need but for a shorter period and, at the end of the period, you could take up your option for a further period. Premiums would then be higher because you would be older, but there would be no additional charge even if you had developed health problems.
The renewable option isn’t free. Renewable policies will normally be a little more expensive that standard policies providing the same benefits.
Why talk to Forces Advice about your military life insurance needs?
Please note that some of the products covered by these guides may not be available to you, depending on your terms of engagement. Contact us for further details.
Forces Advice was founded and is run by Martyn Barberry and John Sykes, who served in HM Armed Forces before qualifying and working in the finance and insurance sector. They were able to establish Forces Advice Limited by combining their understanding of the insurance needs of British servicemen and women with their knowledge and experience of the insurance market.
We offer a range of products from a carefully selected insurersAs a member of SIIAP, we endeavour put the serviceman and their family first with quality cover that fits your particular needs. You can check our details on the Financial Services Register. Our firm reference Number is 622403.