Life Insurance / Assurance - here and aboard?

auslan

hi,

we're a couple with three young children - and really need to sort out both of us for life insurance. We plan to take out separate single-life policies, not a joint policy. The problem is that we contacted a few providers and they all decline to reply on a sticky query.

Our sticky point = is that we don't want to take out policies that become void when we no longer reside in UK. We are oriignally from aboard (one from Switzerland, the other from Australia). In the medium future (e.g. within 4 years), we may relocate back to one of our homelands for our young children to grow up.

Can you recommend any life assurance providers that will provide worldwide coverage? Or is it a case of just taking out UK policies and thence stop such policies upon moving out from UK (and take out new policies in our next country)?

Hope some of you could provide pointers / advice where I could look further?

thanks

Oscar_The_Grouch

I am not an IFA, but I always thought that one of the major points about life assurance was that the only point at which facts were material was when you took the policy out. On that basis, your country of residence would, I assume, only be important when you start the policy and if you subsequenly move, the insurer can do nothing about this unless you stop paying the premium.

Please feel free to tell me I'm talking out of the wrong hole; it wouldn't surprise me!

dunstonh

Oscar you are largely correct in that. Most insurers capture overseas bit by asking if you have been outside the EU in the last 5 years and if you plan to work/live outside the EU in the next 5 years. (Australia, N America and Switzerland would be acceptable to most).

So, if the intention to move abroad in the short to medium term is known, it needs to be declared. If its a maybe and outside of the five years then its not a problem.

TEDDYRUKSPIN

auslan,

Please read the small print. Many life assurance providers do not pay out if you pass away due to an accident outside the eu and USA.

I can't remember but one company will stay pay out. I suggest you get an IFA to do this job for you. They can do this free for you and keeps them in a job as well.

PS. I do not believe in non-advice / execution only life cover.

All people who obtain life cover should all get advice.

auslan

many thanks to all three (so far) - Oscar; Dunstonh & Teddyrukspin who replied.

The fine print did state that if we move overseas with the intention of not planning to return back to UK, we would not be fully covered. Also, I kept getting no replies from a few well-known Internet sites offering life assurance when I specifically asked about coverage aboard when moving out of UK.

In the end, I dug a bit further on the net - to find what I actually want is called "expat life insurance". Googling that term got me a good number of results, already sent for a quote after one online request.

Moving to another country, one does not need extra hassles such as an UK Life Assurance provider refusing or disputing any unforeseenable claim lodged by my wife. Now I have to deal with other paperwork (e.g. pensions aboard!). Such joy!

cheerio,
Auslan