10th June 2022

Cura: Practical Protection Podcast - S5 Ep 15 Armed Forces

Hi everyone. I hope you found the last episode insightful? The Financial Vulnerability Taskforce highlights that anyone could experience financial vulnerabilities throughout their lifetime, and that as advisers we play a huge part in not only recognising them, but knowing how to address them to fully support our clients.  

With Armed Forces Day being held this month, I thought that for this episode it would be timely to focus on arranging protection insurance for people that are in the Armed Forces. 

It’s probably quite clear as to the risks that insurers are worried about when it comes to people whose profession is within the Armed Forces. Of course, the main one being that there is a much higher risk of dying, especially for those who are actively deployed to a warzone, or have high risk duties which put them in immediate danger, such as bomb disposal for example. There are however many people in the Armed Forces who are not in this position, they may not be under active deployment and their role can be predominantly desk based.

With critical illness cover, premium ratings and exclusions are sometimes added to these policies. I talk through the breakdowns of how per mille loadings work and the types of exclusions that might be put on this type of cover.

Income protection can be even more interesting, especially when you consider the employment benefits that you get from working in the Armed Forces. I also share two case studies.

Listen to the episode here

Protection