Life Insurance Excess Premiums

[Mr-Burns]

Dear All,

Just a quick one hopefully. Can we still claim back a percentage of our life insurance excess due to flying risk and if we can how do we do it?? I did attempt to ask my HR dept / social support manager but the senior stakeholder interaction specialist advisor was out on a management speak course.

Thanks in anticipation,

Mr B

[ProfessionalStudent]

Mr Burns

I'm not sure how you apply, but yes, you can still get the reimbursment of life insurance excess. You can claim 90% of the EXCESS rating back over the cost of the standard policy. You can only claim for 7 years, but this is because (and check this because they're all robbing gits) the loading should only be applied to the policy for 7 years by the insurer (trust me, Mrs Prof Stude is/was a leading light in the life insurance industry).

As an aside, all those who have been rated (ie. had an excess applied to the premium due to being in the military) should check that it stops at the seven year point (obviously this is per policy, so if you re-broked, the clock starts ticking again...), and if you're past the 7 year point and still getting charged, phone up your insurer/broker and get it stopped. If this doesn't work, the threat to write to the Insurance Ombudsman normally makes them fall into line...

[SALAD DODGER]

Take a look at Pax +. My Financial Advisor thinks it is the best deal for me right now, obviously your circumstances may differ. Previously I was claiming back the excess on my life insurance. (All I had to do was fill in one form from PSF!) You might be able to do it on JPA now.

[Len Ganley]

Mr Burns

At the risk of making my anorak fetish public -

QR1320 - Refund of Life assurance Premium Loading

AP3392 Vol 3 Leaflet145 Para 2

Or at least they used to be the correct references. They probably now refer to care and maintenance of sports socks or some other irrelevance.

[Yeller_Gait]

Gen office should be able to provide you with the correct form. It must be completed and stamped by the insurer, and then I am assured that the 90% refund of excess charges is paid into your bank account.

Still waiting for mine to appear in my bank though!

I also think that you need to make a claim every year for the refund.

Y_G

[Ivan Rogov]

Hi, I looked into this last year I think you are talking about SRIPS. The document to start with is JSP 752 which is available here (takes a minute to load the PDF doc)

http://www.rafcom.co.uk/pay_allowances/pdf/JSP752.pdf

Look at Chapter 10 Section 7

I didn't need it in the end as my policy wasn't loaded for flying duties :D

[SuckMyLozenge]

I did this for about 4 years and recently stopped as it became apparent that the max amount that you can reclaim for miltary loading relates to a life assurance policy of around £140,000 maximum. I previously had a policy that assured me for £400,000 and the monthly premium was £220! The RAF paid me back approx £178 pm to cover the loading. Surprisingly, after talking to friends in a similar position I managed to find a policy with Scottish Equitable for the same sum assured that charges me approx £30 pm with no loading for being a pilot. It therefore looks like my previous insurer (Legal & General) had been taking me for a ride for the previous 4 years. The moral of the story I guess is - find out what your friends are doing and shop around.