Military term life insurance
Military term life insurance cover may be suitable for family protection or if you have an interest only mortgage debt, because the level of debt on the mortgage does not decrease as the years progress. You would probably want the same amount to be released in order to cover the liability.
Level term insurance protects you for a given term with a fixed benefit. The amount of life cover you choose at the outset will be paid whether a claim is made in the first year or the last year of the agreed term. A payment would be made on death. Often a payment would also be made on the diagnosis of a terminal illness before the last 18 months of the plan, if you had 12 months or less to live.
Key facts about military term life insurance
Before taking out any form of finance or insurance product, you should take professional advice. At Forces Advice, we balance an understanding of the needs of service personnel and their families with our comprehensive knowledge of the insurance market before making any recommendations. However, there are some features that you will typically find with a military term life insurance policy:
Lump sum payout: A military level term insurance policy provides a lump sum on death or terminal illness to help provide a financial buffer for your family or to pay off debts.
The level of cover remains the same throughout the term of the policy. If you’re circumstances changed – you moved to a larger or smaller home, for example – the cover provided would remain static.
Terminal illness provision: The policy pays out if you die during the term of the policy or if, before the last 18 months of the term, you are diagnosed with a terminal illness. (A terminal illness means you are not expected to live for more than 12 months)
Single payout only: Life insurance policies will only pay out once within the agreed time, so if the policy pays out because of a terminal illness claim, the policy and cover will end
Proportionality: Paying out on diagnosis of terminal illness may be proportionate to the level of cover under a death claim
Why choose Forces Advice for your military term life insurance quotes?
Forces Advice was established and is run by Martyn Barberry and John Sykes who both enjoyed careers in the British Armed Forces before qualifying and working in the finance and insurance sector. Combining their understanding of the insurance needs of British servicemen and women with an in-depth professional understanding of insurance products, they established Forces Advice Limited.
We offer a range of products from carefully selected insurers.
As 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.