All men and women serving in HM Forces, whether they serve with the Army, Navy or Royal Air Force, should consider getting life insurance for the financial security it provides to family members. There are special policies available not only to those in HM Armed Forces, but also international schools, teachers and expatriates.Both international schools insurance policies and expats insurance policies provide cover that suits the requirements of those markets, which makes them more suitable for these situations than domestic insurance policies would be. However, if you are a serviceman or servicewoman you are probably more interested in the military insurance policies available. If you do not already have life insurance then perhaps it is time to take a look at some military life insurance policies. This is very important as it provides financial security for your entire family, especially if they depend on the money you bring into the household. If anything were to happen to you, your family would be left without an important source of income, so it is always better to prepare in advance for such situations.If you know you are going to be deployed to a high risk area in a matter of weeks, or months, life insurance could be a good idea, but unfortunately most companies have limitations when it comes to insuring personnel preparing to deploy to such areas. Most life insurance companies will not provide cover if the person looking to get insured is aware of the fact that he or she will be deployed to a high risk area within the following 6 to 12 months. The solution is to get insurance way before any deployment plans start being formed, so it is better to act immediately and get insured while you are eligible.Besides life insurance policies, there are also other insurance policies available, such as critical illness insurance cover. This policy covers both life-threatening and non-life-threatening conditions such as strokes, cancer, heart attacks, etc., and also covers debilitating conditions such as loss of limbs.It should be noted that no insurance company is required to insure someone, so insurance companies can decide for themselves if they want to insure a certain individual or not. If the company feels the risk is too high, either due to the lifestyle of the individual, or his or her health, they can refuse to provide cover.Those looking to get insured have the option of doing it online. Checking policies from different companies is also much easier to do online, as most of the information can be found on the website of each insurance company, and it is simply a matter of analysing which insurance company offers the best terms for a specific policy. Ordering online is simple and fast and usually it is simply a matter of filling out a form and waiting for the paperwork to arrive via email. You can also find a specially trained insurance broker who will help you find the most suitable policy for you.Most insurance companies offer a discount if a policy is ordered online and that is a benefit that everyone should take advantage of. Discounts can get quite high and while the money saved on one trip travel insurance, for example, may not be a lot, things certainly change if you are looking at an annual insurance policy for the entire family. The money saved can be substantial, so it would be a shame not to look for the best offer and take advantage of the discount.As previously mentioned, members of different organisations or communities may also have special discounts available just for them, like the policies for International Schools community members and their international schools insurance policies, or expatriates with their expats insurance policies. Since these policies have several advantages over domestic insurance policies, it is always better to get such a policy as opposed to a policy designed for the local population. It is not simply a matter of money, as some may think, as most of the time such insurance policies are not cheaper. It is a matter of benefits provided, and in many cases the portability of the policy from country to country. For example, military personnel looking to get military life insurance or travel insurance have cover that reflects their particular requirements.Travel insurance policies have cancellation cover for members of HM Forces, in case the trip they were taking was cancelled due to being posted overseas or emergency and unavoidable duty. Just remember that accidents can happen and sometimes there is just no way of preventing them, so it is better to be safe than sorry, so get insured as quickly as possible.
Term life insurance is, put simply, a financial package designed to protect those who depend upon you for monetary support in the event of your passing. Term insurance is guaranteed level-premium insurance, where the premium you pay is guaranteed to be the same for a given period of years. Term life coverage is the least expensive insurance policy available. It allows you to spend a lot less on your monthly insurance premiums and use the extra funds in another investment. Term life does not build up cash value the way a whole life policy does, and the insurance premium normally increases as the policyholder grows older upon each renewal.So how does this compare to whole life insurance? A term life policy is taken out to cover the event of the insured’s death. Term life is exponentially cheaper than whole life insurance. Unlike whole life, term coverage is relatively inexpensive. If you’re on a tight budget, you may still be able to afford all the insurance coverage you actually need.Term insurance rates are fairly simple to understand. Term life offers lower premiums than other types of life insurance, and this is the most tangible benefit. Since term insurance policies are for a specified period only, they must be renewed when each term ends. Before buying a term insurance policy, you should investigate the renewal provisions for the protection of your future insurability.One type of term insurance is referred to as level term, where the premium being paid is the same for a specified period of years. Common durations for level term insurance policies are ten, fifteen, twenty, also thirty years. The amount of money to be paid each year is the same. The longer the term, the higher the premium that has to be paid, since premiums are more expensive as you get older.Another kind of term insurance is the annual renewable term. This is a one-year policy where death benefits are paid to the beneficiaries by the insurance company if the insured dies within the period of one year. Death benefits will not be paid, however, if the insured dies after the last day that the one year term expires. However, the certainty of anyone dying in the period of one year is low. This means that purchasing a single year of coverage is not usually done because it’s not cost effective.A term life policy is a legal contract, and it specifies the terms and conditions of the risks assumed and the benefits offered. Any misrepresentation by the policyholder or the insured will be grounds for nullification of the insurance. Also, before you engage in any insurance policy, you should be aware of any part of the insurance policy that levies fees when you cancel.Rising costs for food, shelter and other necessities have led to a decline in insurance coverage for many families. USA Today estimates that as many as 11 million households in the United States do not have life insurance coverage for the primary wage earner. In fact, just slightly more than 40% of all households have life insurance covering the wage earner, leaving a coverage gap of a whopping 60%. The lack of adequate life insurance has resulted in some tragic consequences for families in all walks of life. Term life insurance is one hedge against rising costs that will protect your family even when you are no longer around. What is term life insurance? It’s a necessity.