Life Insurance News: Life insurance for troops in Iraq
|
| |
Article Published: 09-May-2007
Under a Ministry of Defence scheme, armed forces personnel are to be offered Service Life Insurance which will be offered by Sterling Life.
Previously, army personnel have obviously found it quite expensive to get life insurance due to the expected costs incurred during a war however this new scheme has the backing of the government as they will be underwriting any losses.
Service Life Insurance will be available immediately to all personnel irrespective of whether a person is likely to involved in direct combat, but the biggest carrot been dangled here is the premium will not increase if you are on the front line. However if you are a smoker, the premium will increase accordingly with the assumed risk.
Managing director of Sterling Life, John Blundell, said "The premium levels will be in line with those enjoyed by the civilian population." He also added that life cover was assured for up to 25 years and would include terminal illness cover.
Armed Forces Minister Alan Ingram said: "It gives our personnel the option to take out life insurance cover that is tailor-made to reflect the unique nature of what they do. Cover is available to each and every serviceman or woman across every unit, ship and regiment at every stage of their career."
Previously, if personnel had been killed whilst on duty, their family would have to rely solely on the Ministry Of Defences compensation scheme but this new incentive allows for cover more in line with other occupations.
Source: Insurance-4-life.co.uk
|
|
Home
