Insuring a parent living overseas

ange496

Can I insure a parent who retired to Cyprus and has no plans to return?

They are British with a residency visa and live in a property they own outright. 72 years old with various general heath issues which come with a smoker of that age.

Our concern is when the inevitable happens we will need to go to Cyprus to sort out things like repatriation, clearing and selling the house, shipping personal items back to the UK etc.

Unfortunately they have an 'I won't be here, not my problem' attitude😔 and myself and siblings are quite lost as to what we can do.

Thanks for any advice. x

la531983

No, you cant insure another adult, in another country, against their will.

user1977

And even if you could, I'm not sure what the purpose would be? All the admin of sorting out the estate will still have to be done. If they own a property outright, won't their estate at least cover the cost of funeral etc?

DullGreyGuy

la531983 said:

No, you cant insure another adult, in another country, against their will.

Yes you can, in principle. if you have an insurable interest however if they are non-cooperative then clearly you won't be able to complete medical underwriting meaning you are buying a whole of life policy with an additional premium for the lack of medicals. 

ange496 said:

Can I insure a parent who retired to Cyprus and has no plans to return?

They are British with a residency visa and live in a property they own outright. 72 years old with various general heath issues which come with a smoker of that age.

Our concern is when the inevitable happens we will need to go to Cyprus to sort out things like repatriation, clearing and selling the house, shipping personal items back to the UK etc.

Unfortunately they have an 'I won't be here, not my problem' attitude😔 and myself and siblings are quite lost as to what we can do.

So what's the plan when the first one passes? Would the surviving parent want to stay there? Would they want their spouse buried/cremated in Cyprus or UK? 

Given the setup if you found an insurer willing to write it then it will be very expensive and will get more expensive as they get older. Unless they passed in the next few years you would likely find the total premiums paid exceed the payout and so you may want to consider if this or simply starting to save a fund at least to cover your travel requirements etc may not be the better idea. 

FrugalSue

Firstly, I wish your parents many long and happy years in Cyprus.  It’s good you are looking ahead for them.
Cyprus, as yet has no crematorium.  There are plans for one. You might want to look into a prepaid funeral plan in Cyprus which includes repatriation for cremation if that is their wish.
Discussing this with a family member may not be the easiest conversation but means you all have the chance to know what they would like and respect their wishes.
Probate in Cyprus is more complex and so far more costly than in England.  The documentation is in Greek.
Cyprus also has forced heirship, so it’s important to understand how a will there should be written.
Also check if they have a joint bank account there to protect one parent when their partner passes, otherwise it will be frozen until possibly a lengthy probate.
Check your parents have the title deeds for their property.  This will make it far easier to sell, as will them doing Cyprus tax returns if they are tax resident there.
So maybe a lot more to think about than your parents realise.
You may find UK ex pat forums or clubs a helpful source of current information or local faith groups.