Insurance for Forces Families
Life/critical illness cover – Protecting your loved ones
Okay, it’s a tough subject but it needs to be addressed… Most of us have experienced the worry of deployment, or lost a loved one at some point. Critical illnesses or conditions bring many of their own challenges as well. It’s not something we openly talk about, but it’s there in the back of our minds. More than most, members and the families of the Armed Forces appreciate the need for protecting yourself financially against these risks. However, more often than not many spouses are leaving themselves open to this risk with the serving member having numerous policies and them having little or none.
If you work, your household outgoings are likely to represent 2 incomes. If you don’t, you still have a financial value to your family in the form of childcare and household duties. Many of us have both. Ask yourself these questions;
In the event of my passing or being diagnosed with a critical illness could my other half;
- continue to work full time without paying for childcare?
- manage all of the household duties alone without employing domestic help?
- continue to live in subsidised MOD housing?
- be able to afford to buy somewhere to live?
- like the choice of how to continue life without me/make adaptations/look after me and/or bring up our child/children as we would both want?
- Could they afford to repay all of the debts we have on top of any of this as well?
If the answer to any of these is NO, then maybe it is time for a review. Our aim, is to put together a more cost effective protection plan that addresses your priorities and sticks within your budget or simply ensure that you have adequate cover in place if there is currently none.
“ a lot of the time I see clients that sign up for these policies without getting the correct advice and being ’sold to’. As with most things of this nature you do it at the time and chuck it in a drawer to be forgotten until the next pre-move clear out! There is often a misunderstanding around what and who is covered with so many clients that don’t really know what they are paying these large amounts of money for each month, either directly from their bank account or payslip… I pride myself in taking them through it thoroughly and at pace they feel comfortable with, agreeing budgets and the reasons for my recommendations…when you think about what its designed to do, you don’t want to be in any to doubt “
Nadine Monks Financial planner (non- investment)
For a complimentary review of your insurance arrangements contact us here.
Home Insurance for Forces Families
Your typical buildings or contents insurance policy doesn’t need much introduction, if you are ever at a point of renewal, buying a home or moving (again!) we are able to search the whole of the market and provide you with excellent cover at competitive prices. However, the Armed Forces are unique in that when you sign the MOD tenancy agreement for your S/SFA you are also agreeing your liability under what is known as licence to occupy.
This means as your landlord, they reserve the right to pursue you for up to £20,000 of damage/repairs to your quarter. Standard policies typically offer cheaper premiums with higher levels of personal contents cover, however they will not insure you for this eventuality. Whilst you have signed to accept these terms of your tenancy agreement, they is no enforcement of you taking a specialist policy, just that it is at your own risk. Evolution Forces Families can provide a quote from carefully selected companies that offer this type of policy.
Relevant Blog Posts and Articles
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