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Arranging life insurance for an Army Reservist

Our process

After you have contacted us and we have discussed your situation, we will then call Underwriters at many of the UK’s leading Insurance companies. This process helps us to identify the best company to apply to on your behalf. Different insurers will assess your application in different ways. This approach means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and obtain the best terms possible for our clients.

What an insurer will need to know

  • Are you in active deployment or are your due to be called up for front line duties in the next 6 months?
  • What are your regular duties? The insurer needs to know this to help them to understand what risks your job may involve.

Case study

We were contacted by Mr H, a 35 year old non-smoker. He asked us to review his life insurance requirements as he wished to ensure financial security for his wife and young children should he pass away. He had a policy in place which was arranged 5 years previously and offered life insurance of £50,000 over a term which runs until his 90th birthday for a premium of £17.38 a month.

We were surprised at the life insurance premium as it was considerably more than we would have expected. Mr H explained that the premium was increased as he is a Reservist with the Army.

Even though it is extremely unlikely that he will see active service, a number of insurance providers consider a Reservist to be a higher risk and increase the premium accordingly.

We explained that not all Insurance Providers have the same ethos and there are a handful of companies who will not increase the premium for members of the Territorial Army.

Mr H was pleased that we were able to quickly arrange a new level term life or terminal illness policy. He now has double the cover (sum assured) of £100,000 over a term running until he is 90 years old for a monthly premium of £16.99.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Arranging a trust

We also provided Mr H with a pre-completed Trust Form to sign and return which ensures that the proceeds of a claim are paid quickly to his beneficiaries. Trusts are not regulated by the Financial Conduct Authority.

Read more about the benefits of having a life insurance policy being in a trust.

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Next steps

Whilst you are welcome to get a quote on-linbut we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your occupation, as well as your budget!

An on-line quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof.

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