Insurance FAQ's

Life Insurance

Q. What is life insurance?
A. Life insurance is a contract between an insurance company and the insurance policy owner(s). The insurance company pays a cash amount or death benefit to the beneficiary(s) named in the policy upon the death of the insured named in the policy.

Critical Illness Cover

Critical Illness Cover option pays out a cash lump sum if you are diagnosed with a specific critical illness.

Q. Do I get any money back if I don't die or fall seriously ill before the end of my plan?
A. No. The plan provides pure insurance only and there is no cash-in value at any time. It has no savings content.

Q. Can the life assurance plan be taken out on a joint life basis?
A. You can take out the life assurance plan on your own or with someone else. The cash sum is normally payable on the first claim only.

Q. What is Waiver of Premium?
A. If you are unable to work due to ill health or disability the insurance company will pay the premiums on your policy for a set period.

Motor Insurance

Q. What is legal cover?
A. Legal cover provides assistance to recover uninsured losses (such as excess), medical losses or loss of earnings as a result of an accident.

Q. What is a no-claim discount?
A. This is a reduction in your premium in return for you not making a claim, also referred to as a no-claim bonus.

Q. What is a policy excess?
A. This is an amount agreed between yourself and the insurer that you will pay if there is a claim.

Kit and Contents Insurance

Q. Can I cover things like GPS, Ipods, mobile phones, pedal cycle and Laptops under a Forces Financial policy?
A. Yes but they must be specified on the policy.

Q. Will the policy cover me for Kit and Contents if I’m posted abroad?
A. Yes, Forces Financial underwrite their policies with the Armed forces in mind and are happy to provide cover abroad.

Q. What is ‘March Out’ cover?
A. Liability cover under military regulations for damage caused to their military quarters.

Q. Are there any territorial limits on the policy?
A. The policy provides worldwide cover, so there are not territorial limits.

Travel Insurance

Q. Do I need to declare existing medical conditions to obtain a policy?
A. Yes, you have to declare existing medical conditions.

Q. What is winter sport cover?
A. There are different levels that can be added to a travel policy for cover things such as:

• Replace or repair for ski equipment
• Reasonable costs to hire equipment as a result of an accident or loss
• Ski pack costs which are lost as a result of an injury or becoming ill
• A benefit if there is lack of snow

Q. What does IPT mean?
A. IPT stands for Insurance Premium Tax; it is at the rate of 17.5% and is automatically included in all of our prices and is a Government Tax applied.

Q. Do I need to take my travel insurance policy details with me when I travel?
A. We would always advise Yes as best practice. The docs provide you with info and contact details in the event of an emergency whilst you travel.

Q. Can I get cover for Hazardous activities?
A. Yes there are different activities levels. An additional premium would be added to cover the risk.

Home Insurance

Q. What does building sum insured mean?
A. It’s the sum you insure your buildings for. This should be the cost to rebuild the property and not the properties market value.

Q. What is Accidental damage?
A. Damage caused suddenly and unexpected by an outside force. This is added as an optional extra and with an additional premium.

Q. What is the difference between my buildings and my contents?
A. A guide is, if you were to turn your home upside down, everything that fell out would be your contents, and most of what remains would be buildings.

Q. What is a valuable?
A. When we refer to 'valuables' we mean:

• Coin, stamp, medal collections
• Pictures and other works of art
• Items of gold, silver and other precious metals
• Jewelry and furs
• Antiques (not including furniture), collectibles and watches

Personal Accident Insurance

Q. What cover does this policy provide?
A. We will pay a lump sum if anyone covered on the policy becomes permanently disabled or dies as the result of an accident.

Q. Why would a Personal Accident Policy be recommended in addition to a Critical Illness Policy?
A. The PA policy will provide cover for injuries that are not protected against by the CIC policy.