Buying Life Insurance before joining...

[Oasis22]

Hi Everyone,

I am considering purchasing life insurance, I am 19 at present and awaiting an entry date for Naval Service.

If anyone could assist me in this - is it be worth purchasing life insurance now as a civillian, knowing I would later be declaring a change of occupation to military, therefore increasing the premiums? Would it be worth me securing a policy now or waiting until I am confirmed in the Royal Navy before purchasing military life insurance?

Thanks for your help in advance!

 

[Alfacharlie]

I'm no expert, but I reckon you'd have to tell them anyway, as your policy maybe void if you did need it.

I maybe wrong, but this what I have to do with my policies, notifying of any changes.

 

[huwshpis]

Spot on @Alfacharlie, insurance contracts are contract of the utmost good faith and you need to tell your insurers anything that might affect the way they view the risk.

 

[Waspie]

Firstly, go see an independent financial advisor, your bank or building society should offer the consultation free. In fact not just one but a few so you can see what is being offered. Discuss your situation, go in heavy on the joining the services bit. There used to be a 'loading' applied to some service occupations. (I know mine was), by some 114%), albeit 75% returned from the military.
It's not straight forward or cut and dry. To be honest, I would wait until you join then look at it again. These days, in my personal experience as a policy holder and as an ex, (long time ago), financial advisor in a high street bank. Ins Companies will look for any discrepancy to cancel a policy. Not telling you until claim time!!
It's a mine field. Good luck.

 

[Waspie]

As an aside. Two occupation that were very high risk. POA if humans were cars!!!
JCB operators and Pub Landlords!!!!
Funny how stupid facts stay dormant!!!!

 

[Alfacharlie]

As an aside. Two occupation that were very high risk. POA if humans were cars!!!
JCB operators and Pub Landlords!!!!
Funny how stupid facts stay dormant!!!!

Ha. My liability insurance for running a roofing business is bad enough!
Especially if someone decides to set fire to a roof...... again.

 

[Oasis22]

Thank you everyone for your prompt & informative replies. They are very helpful to me. I will take the advice at looking for insurance once I have joined. Thank you for your help!

 

[Waspie]

Thank you everyone for your prompt & informative replies. They are very helpful to me. I will take the advice at looking for insurance once I have joined. Thank you for your help!

If Life INs. is your thing. After you join and are established in your trade. Visit your pay office or whatever they are called these days and ask for advice from them. They may use a trusted private financial institution - who knows these days!!

 

[Oasis22]

If Life INs. is your thing. After you join and are established in your trade. Visit your pay office or whatever they are called these days and ask for advice from them. They may use a trusted private financial institution - who knows these days!!

Good idea. Thanks for the tip! Will do.

 

[buffersduffer]

Unless you’ve got dependants do you really need it at 19 ?

If I was 19 again and wanted to make my wages work for me I’d of gotten on the property ladder sooner, better return long term for those in my will etc

And you’d have to scrutinise the fine print on any insurance, would it cover you dying due to an act of terrorism or falling overboard during a RAS ?

 

[RabC]

Unless you’ve got dependants do you really need it at 19 ?

If I was 19 again and wanted to make my wages work for me I’d of gotten on the property ladder sooner, better return long term for those in my will etc

And you’d have to scrutinise the fine print on any insurance, would it cover you dying due to an act of terrorism or falling overboard during a RAS ?

However the earlier you buy it the cheaper it is, I wish I’d bought it earlier.

 

[Maxpowers]

I personally would not. If you want to there’s plenty of leeches that come in an do life insurance briefings

 

[dart16]

Towards the end of your basic training you will get a sales pitch from pax insurance. You can sign up to a life insurance policy which is tailored to navy if you feel it's what you want/need.

 

[vauxhall]

Just to let you know that, when you join, you will be auto enrolled into AFPS 15. You can opt out but it is a non-contributory pension scheme that offers a death in service lump sum of 4 times pensionable pay. See the attached booklet.

 

[Waspie]

Any free pension scheme is a bonus.

 

[Stirlin]

My second wife was 2nd I/C at pensions admin which is now Aviva , my pension at two thirds of final salary ONLY having 20 working yrs at UNi of YORK was far better than hers and provides me with a very comfortable life along with OAP , pissed her off big time.

 

[Stirlin]

Saw ex wife in town the other day though she did not see me as I was at periscope depth , she is 2 yrs younger than me but she tints her hair and it is SO obvious she is trying to hide her age even topping off the false barnet with.......wait for it......a Paddington Hat ??? . Laff , I pissed myself which is par for the course as a PSOF.

 

[SheffGruff]

I already had a mortgage and life insurance before joining up.

Went via a broker, I was honest about my occupation at the time, got a premium loading for drinking more than the NHS booze guidelines and from then on paid a flat rate for a policy that roughly tracks my mortgage balance.

From then on there's no need to tell them of changes of employment (I checked when I joined the RN) and there were no war exclusions etc.

Basically if you take out a policy before joining, it looks like you can dodge the premium loading applied for risky careers. Forces specific policies are well tailored to the job but you pay them a lot extra for it - I was not impressed when comparing price of kit insurance to contents insurance given that the risks are broadly comparable.

All that said, you're 19. Why do you need life insurance and will the AFPS death in service scheme be enough?