Life Insurance to Pay off Mortgage on Death but....

chevalier

We have a property in the UK with tenants in. It has a mortgage on the property.

We would like to insure my OH life as he is the only one working currently, such that if he passed away, then the mortgage would be paid off.

BUT

We are in New Zealand. So can we take out a policy in UK for the UK property when we don't live there? Or should we take one out over here? If we did we would probably have to over insure to take account of currency fluctuations.

Any help would be appreciated
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dunstonh

You wont be able to take out a mainstream life assurance product in the UK. A specialist provider would consider you but the cost would reflect that. Using a provider in NZ may be the most cost efficient option.

OshayAway

Different providers have different rules on this. The simple answer is that insurers need a specific licence to offer cover to expats and not all of them have that.

Many of the mainstream life assurance companies do have an 'international' division that would be suitable.

However, even some that don't have that facility can offer cover depending on certain factors including the country you have moved to, if you have maintained a uk bank account and if you are a uk tax payer.

It's another case of seeking advice from a whole of market adviser that is prepared to do a bitof research for you.

chevalier

thanks for your replies. we have still got UK bank accounts, and pay tax on them currently (haven't got around to changing that yet).

It is really worrying me at the moment, cos the benefits packages for jobs out here are no way as good as the UK and one of the examples of this, is that there appears to be no death in service benefit. My Oh did have that in the UK, and it would have paid the mortgage off, so we have never had to consider this before...

Bit of a dumb question but who would be a whole of market company for life insurance?
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