Much has been written in the national press about levels of pay-out from insurance policies and moreover, that premiums might rise for those serving in operational areas. It is likely that much more will be written on the subject and MOD staffs are in discussion with underwriters; however, one thing is for sure, if you choose not to take out insurance, then there is no pay-out at all.
Individuals will no doubt make their own choices but in making making your choices on all kinds of insurance the advice is to read the small print. Those companies not specifically geared towards the Armed Forces often have exclusion, especially regarding ops and associated cancellations of holidays etc.
Also consider whether the insurance you are ‘being sold’ is entirely relevant to your circumstances. For example, is insurance covering redundancy really worthwhile(!).
If you are considering taking out cover, the following sites may be useful to you:
Service Life Insurance Life Insurance for the Armed Forces an arrangement between MoD and Sterling Life.
PAX insurance Providers of Military Insurance.
Forces Advice Advising and arranging a range of protection and insurance products.
Forces Mutual (formerly known as Forces Financial) For insurance, travel and banking products.
Forces Plan A low cost insurance policy providing extensive cover for individuals, military kit, home contents and personal possessions wherever you are in the world.
Trinity Insurance Offering insurance to Service personnel.
The sites listed are not in any ranked order and you can check out the strengths and merits of each before choosing. You may also want to seek the advice of your unit administrative staff.
Finally, before choosing a company, you can check the Services Insurance and Investment Advisory Panel (SIIAP) site where you can see which companies subscribe to SIIAP and are recognized by the MOD.