Frequently Asked Questions
What Insurance cover do I need to secure a mortgage?
Your mortgage provider will require that you have buildings insurance cover in place for your new home, at the point of completion. However, you may also wish to give consideration to other forms of insurance, such as contents insurance and life insurance.
Personal life insurance is optional and is for those who require additional cover above that provided by the Armed Forces Pension scheme and Armed Forces Compensation Scheme. Individual needs vary. MOD does not oblige personnel to take out insurance, but has a duty of care to make cover available to those Service personnel who consider, as a matter of personal choice that they need it. This is done by facilitating voluntary insurance arrangements through commercial providers. MOD does this through the PAX and Service Life Insurance schemes.
- Personal Accident Insurance
The PAX Scheme offers all Service personnel personal accident and life insurance cover. PAX provides primarily Personal Accident Insurance, but also includes death benefit payments for accidental death (including operations) with an optional additional life insurance policy for non-accidental death. - Service Life Insurance
The SLI contract is purely for life insurance; it pays out in the event of any death, whether accidental or from natural causes (and pays out early upon diagnosis of terminal illness, but not critical illness). Unlike PAX it provides no cover for accidental injury or hospitalisation.
Regular serving members of the British Armed Forces, who choose to take out insurance cover can join any insurance scheme (there are a number available) and are not obliged to join SLI or PAX. Advice is available from the Services' Insurance and Investment Advisory Panel (SIIAP). Its members are regulated insurance and independent financial investment advisers who specialise in providing insurance and investment advice to members of the armed forces. That said, MOD does not endorse or sponsor SIIAP - or any commercial insurance scheme.
Purchasers would also need to check whether they will require additional insurance in the event they sublet the property.
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