Will Life Insurance Pay If I Move Out Of The Country?

ashamalik

Hi,

If I take Level Term life insurance here in UK what happens if:
1) I move out of UK to live in another country and then die there. Will the insured amount be paid to my dependents (who may or may not live in UK) if I have continued to pay the monthly premiums against the insurance until I died?
2) If I move out of the country, can I stop paying the monthly premiums and close the policy?
I am in my 30s and have dependents, but dont know where I would like to settle down or live.

Thanks for answering.

Quentin

1) Not necessarily. Get your agent to check as not all insurers will do this (and it may depend on where you move to etc)

2) Yes. You will be able to cancel at any time, but beware any commission claw back conditions if you use a broker/IFA and cancel in the early years