Life insurance policies valid if we relocate overseas

Andrea_Smith_2

Hi all, my husband and I both have dual UK/Australian citizenship, and currently reside permanently in the UK. We want to take out a couples life insurance policy, but we need to be sure that the policy will be valid if we end up moving back to Australia at any point in the future. Has anyone got any advice how to get started with this? Should we consult an independent financial advisor first? I understand you can get a free first consultation.

Weighty1

It may depend and be different from provider to provider. If they do remain valid the likelihood is that the premiums will still need to be paid from a UK bank account.

Do you have a current intention of moving back to Australia, say in the next 2-years? If not then I'd expect most providers would be ok with it. Even if you do intend to move within the 2-years more providers may still find this acceptable as you are moving to a westernised country with a similar risk profile as the UK.

An IFA and/or independent protection adviser should be able to assist. Not all IFA's provide a free consultation but I'm not aware of any protection advisers that charge a fee. Most purely get paid via the commission for arranging the plans.