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I've just had a great idea....
binary0110
Posts: 43 Forumite
I've just had a really great idea on how to save money on home contents insurace, medical insurance and life insurance. Unfortunately, you have to spend half of your life in two countries, but that's only a minor inconvenience. Here's how it goes:
Let's say you travel often between the UK and US and you travel often enough such that you don't spend more than 2 months in any one place at a time (perhaps if you're a student going to university abroad?) Instead of paying separate home and medical insurance and spending money on expensive life insurance premiums (if you happen to have one), simply take out two annual multi-trip travel insurance policy with an insurance broker in each country. This is likely to cost less than £100 overall and at any one time, you will be covered by at least one of the insurance policies.
If you ever needed to undergo expensive medical treatment or if you are ever burgled then you can just claim on one of the policies. Similarly, this method of insurance is a lot better value than most life insurance policies if anything terminal should occur.
Is there any reason why this method of insurance wouldn't work? If not, then I think I might be onto a winner here (the only issue is living in two places at once, but that's not an insurmountable problem).
What do you think?
Let's say you travel often between the UK and US and you travel often enough such that you don't spend more than 2 months in any one place at a time (perhaps if you're a student going to university abroad?) Instead of paying separate home and medical insurance and spending money on expensive life insurance premiums (if you happen to have one), simply take out two annual multi-trip travel insurance policy with an insurance broker in each country. This is likely to cost less than £100 overall and at any one time, you will be covered by at least one of the insurance policies.
If you ever needed to undergo expensive medical treatment or if you are ever burgled then you can just claim on one of the policies. Similarly, this method of insurance is a lot better value than most life insurance policies if anything terminal should occur.
Is there any reason why this method of insurance wouldn't work? If not, then I think I might be onto a winner here (the only issue is living in two places at once, but that's not an insurmountable problem).
What do you think?
0
Comments
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Oh ... so many things!
You can't buy a travel policy if you don't live in the country it's underwritten in, or at least they are going to ask difficult questions.
The theft cover wouldn't be sufficient to cover your house contents.
Two months is too long for a single trip on many policies, and many also restrict the total number of days travelling in a year.
Life cover probably isn't very high on a travel policy and only covers you if you are killed in an accident (I think) not if you just pop your clogs.0
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