Each year thousands of British citizens move abroad. It would appear motivation to leave the country ranges from beginning a new career, retiring or simply in search of new adventures.
According to the United Nations, over 5.5 million Brits now live overseas. Some of the most popular destinations in recent years have been, were Australia, the USA, Canada and Spain where over 33% of British expats live.
When moving abroad to live or work there are many questions that need to be answered, one of these being ‘What happens to my life insurance if I move abroad to live or work?’. You will want to ensure that your life insurance remains valid if you move overseas.
It isn’t always as easy as continuing to pay your existing life insurance premiums, it all depends on factors such as the country you’re moving to, the work you’ll be doing and how long you’ll be there.
We have tried to answer some of your queries below.
If you have an existing life insurance policy in the UK, your policy should continue when you move abroad as long as you keep up the payments and provided accurate information about past, current or future residency/travel plans when you applied for the cover.
However, the above will be contingent on the insurers you are with and your plan documentation, there may be exclusions that apply.
A few things you may need to be prepared for is that your insurer might want you to pay the premiums from a UK-based bank account, and this will mean retaining your account in the UK. In certain cases, some insurers may also want you to have proof of a valid UK address still.
When deciding whether or not to continue covering you even when abroad, your insurer will take into account a few factors:
Yes, if your current insurer will not cover you once abroad or you want to get a new policy to provide protection when living overseas, you can get international life insurance. This cover is designed specifically for expats and will protect your family. Whether you want to be covered for just one year, or 30 years, this policy will provide comprehensive life insurance to give you peace of mind when moving overseas.
With an international life insurance policy, there are fewer restrictions when it comes to residing countries and length of time.