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Old 03.05.2012, 14:01
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Re: Life assurance

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Sorry to resurrect an old thread, but do you have the details of UK companies who will cover expats?
Can't help with this, but just a wanted to issue words of warning...

- Many of the expat life assurance contracts are issued on the understanding that you will return to the UK at some point... It will be in the small print and the IFA will probably try to convince you that "of course" you will one day return to the UK.

- Also many of the contracts also had an element of investment built into them which you might not need/want.

- Also watch out for policies which are renewable every 10 years for example. This means the company reserves the right to increase the premium in order to maintain the level of cover. Sometimes by huge amounts.

I worked in this industry for over 20 years, but my knowledge of the market is no longer up to date. The companies that I can specifically remember offering expat life assurance were Canada Life and Swiss Life.
Not sure if they still do.

Good luck and if I can help anymore please feel free to PM me.

Gill
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Old 03.05.2012, 14:14
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Re: Life assurance

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- Also watch out for policies which are renewable every 10 years for example. This means the company reserves the right to increase the premium in order to maintain the level of cover. Sometimes by huge amounts.
Often called Flexable whole of life, the premiums go up slightly every month throughout the policy as you get older, if the investment does not grow enough then the premium will be recaluclated. You can choose your initial premium within a range.....

I had 1 such policy & the premium increased 3 fold after 12 years, I just stopped paying!
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Old 03.05.2012, 14:16
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Re: Life assurance

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I had 1 such policy & the premium increased 3 fold after 12 years, I just stopped paying!
In my experience this is what most people did.... and then complained to the ombudsman.
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Old 03.05.2012, 14:38
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Re: Life assurance

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In my experience this is what most people did.... and then complained to the ombudsman.
In my parents case they received over 10 years of premium refund!
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