No-nonsense intel on key financial products and topics for members of the British Armed Forces

Welcome to the party!

Here at PAL, we know how annoying (and boring…) these topics can be for those in the British Armed Forces. Like you don’t have enough on your plate, right? You’d probably prefer a frontline deployment over learning about these things – which is fair. But these things are important. So, we want to try and make this learning a little easier to follow.

That’s why we’re starting a new blog series to provide you with easy-to-follow introductions to personal finance and insurance topics for the British military community. Each episode will cover a different topic where we’ll lift the lid on subjects from the world of finance and insurance. We’ll try to do this in a way that doesn’t bore the pants off you. No fluff, no confusing jargon, no pushy sales…

just straightforward information that will hopefully help you in keeping your personal life in order while you serve.

Still here….? Nice. Let’s get cracking.

Understanding British military insurance and more for those in the British Armed Forces

Serving in the British military can mean different things to different people.

Commitment, discipline, pride, patriotism or maybe a sense of purpose and an opportunity to make something of your life.

But it’s a life that can come with risk, uncertainty and a certain degree of removal from the norms of civvie life.

Living in the bubble of military life creates that incredible bond and camaraderie which is almost unique. But this bubble can also shelter you from information that helps you make decisions on matters which don’t directly relate to your service.

You will not be alone if you feel out of depth in keeping financial affairs in order to protect yourself and your loved ones. Topics like budgeting, pensions, British military insurance and general finance can be confusing but these aren’t things you want to be overlooking at any stage of your military life.

So, where do you start?

Let’s just start with some general advice. A few tips before we even think about the complex stuff.

1. Do NOT hide behind a sandbag. Financial subjects like British military insurance might feel dull, and for some can even be a little intimidating, but they are important. Putting off important decisions usually just makes them more stressful.
2. Ask questions. Nobody was born with a pre-loaded understanding of how to choose a bank account, unpick retirement savings options or choose the right insurance protection. You aren’t supposed to know how to do these things!
3. Think about who to ask questions to. Daz might be your best mate in the service, the person you’d most trust with your life, and a legend on the dancefloor… but it doesn’t mean that his view that ‘life insurance is sus’ should be considered as credible research.
4. It’s about you. We’re all different. And it’s important that we make decisions that are right for YOU. So, think about what matters to you. If you are supporting family members, want to buy a new car, know how much your mum struggled when she got older or just grew up with a more cautious view of the world, then Daz’s “You can’t spend it when you’re gone….JÄGERBOMB!!” approach to life might not be the financial motto for you.
5. With so many insurance options available, how do you know which policy you actually need? Like we said previously, it’s all about you. One place you could start is by thinking about your stage of service:
   • If you’re a new recruit, you may only consider what is seen by many as essential cover, such as personal accident and kit insurance that is specific to the British Armed Forces.
   • Regulars and NCOs in the British Armed Forces may benefit from adding life, income, or critical illness protection as they approach mid-career.
   • Those with families may want to extend their protection to loved ones through family cover options.
6. Remember that circumstances change. It’s hard to think about when you’re 20, but life comes at you fast. One minute you’re gagging as Daz opens his doss bag, the next minute you’re retching as you tackle your first nappy change. As you move through your military career, your personal needs and responsibilities will change. Deploy a “Not now”, not a “No” mentality and revisit your decisions.
7. Don’t be a moth. It’s super important that you don’t get drawn in by freebies, offers and gimmicks. How many times have you been to town for a lunch ‘meal deal’ and come out with a new pair of trainers that were on offer? No? Just me then? Well, you get the idea. Don’t be distracted by the offer and lose sight of the suitability of the actual product. British military insurance (insurance policies designed specifically with the British Armed Forces in mind) does exist, and there are quite a few providers out there (such as yours truly) and even more policies, so make sure to evaluate all your options based on your specific needs!
8. Compare the small print. When does a rifle stop being a rifle…when it’s fired. Sorry about that… I’ll see myself out. The point is different products do different things, even if they sound similar. A savings account at a bank is not the same thing as an Individual Savings Account (ISA). Private medical insurance is not the same as personal accident insurance. And different providers will have different terms and pricing for their products. So, ask for product comparisons and cover details and see what YOUR best option is.

Over the coming weeks, we’ll be looking at different topics and specific products to help you understand more about how some of these products work and how they can help you.