Life insurance for non-resident
Discussion
Just wondering if anyone knew of a Life insurance policy that can be taken out from the UK for a non-resident?
Situation is that myself and my wife moved to UAE in 2014. Fortunately for me I had a very long standing private life insurance policy with Aviva, and after I checked the small print, and called them to inform them they confirmed that they would honour the policy (providing I carried on paying premium) until the end of the policy.
My wife had her policy through her UK employer. When we moved she resigned so has no policy.
A lot was going on at that time, and she only remembered this a day before she left to join me, but on calling a couple of places they would not insure her, as she did not live in the UK. There is an option to get cover from here, but we do plan on coming back to the UK, so rather than go through this again later, would prefer to find a UK insurer that will cover her for the next 25 years.
Any ideas?
Situation is that myself and my wife moved to UAE in 2014. Fortunately for me I had a very long standing private life insurance policy with Aviva, and after I checked the small print, and called them to inform them they confirmed that they would honour the policy (providing I carried on paying premium) until the end of the policy.
My wife had her policy through her UK employer. When we moved she resigned so has no policy.
A lot was going on at that time, and she only remembered this a day before she left to join me, but on calling a couple of places they would not insure her, as she did not live in the UK. There is an option to get cover from here, but we do plan on coming back to the UK, so rather than go through this again later, would prefer to find a UK insurer that will cover her for the next 25 years.
Any ideas?
dalenorth said:
I think your going to struggle on this one. When are you moving back to the uk?
No plans at this time to move back. Could be 2 years - could be 5, could be more. Hence I don't want to get a 25year + policy in a region where I am not going to be, and then have to get a policy for my wife when she is older and premiums are higher when we return.I am spoiled as my Mum advised me take out a big life insurance policy aged 20, so I am paying peanuts for a big sum insured. I think this is also why Aviva allowed my policy to continue when I moved as it already 18 years into a 45 year policy.
Fats,
Checked expat insurance? There are quite a few niche brokers out there, and one or two providers dabble too. Whilst we're at it, Aviva offers quite a few decent guaranteed insurability clauses. If you opted into those at outset, you might be able to, or want to, increase your cover as well. Such clauses include getting a big increase in income, having a child, buying a house ec.
https://www.aonexpatinsurance.com/InitAction.do;js...
I discuss with young clients now, that they're happy to pay £10-15 insurance for their phone/'bubble', but if they want to take the long view, £8 pm at age 20 buys life cover that can last into their 50s. In the event they have kids, when the premium is noticably higher, when money is invariably tighter, when you're bleary eyed at 0330 with a screaming baby, the last thing you care to do is pay £35 pm for cover you could have got for the price of a couple of pints a few years before. And when it's most needed.
Checked expat insurance? There are quite a few niche brokers out there, and one or two providers dabble too. Whilst we're at it, Aviva offers quite a few decent guaranteed insurability clauses. If you opted into those at outset, you might be able to, or want to, increase your cover as well. Such clauses include getting a big increase in income, having a child, buying a house ec.
https://www.aonexpatinsurance.com/InitAction.do;js...
I discuss with young clients now, that they're happy to pay £10-15 insurance for their phone/'bubble', but if they want to take the long view, £8 pm at age 20 buys life cover that can last into their 50s. In the event they have kids, when the premium is noticably higher, when money is invariably tighter, when you're bleary eyed at 0330 with a screaming baby, the last thing you care to do is pay £35 pm for cover you could have got for the price of a couple of pints a few years before. And when it's most needed.
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