Life Assurance - Moving out of UK

g_senthil_mm

I have a question regarding life assurance. I am planning to take insurance from an insurance provider like AXA or Aviva. However I have plans to move out of UK in 2015. Could you please advise as what will happen to my life insurance policy after 2015. Will the policy be still valid after 2015 if I am happy to pay the premium's.

TEDDYRUKSPIN

Strangely enough you DO have to read you life insurance policy and ring the provider. Depending on how old the policy is, certain wordings in the policy may make this insurance invalid.

eg. the new insurance not naming the company, states that you have to be a resident in the uk and some even say won't pay out if you die outside of the UK! Yep! True. Scary but true.

So word of advice. Just phone them up. Just say that you may plan to work abroad in the next 5 years or too. Only a thought. Would my insurance be invalid. State you policy and date you purchase the insurance as each one is different.

stephenni1971

On application you will be asked if you are likely to move out of UK , however as it is five years away and I would imagine not set in stone there would be no need to declare.

For example your job could change, you could have health issues etc so it is far from certain.

Any policy taken while UK resident should cover you if you eventually move abroad but would normally require payment through a UK account.