Life insurance
#1
Life insurance
Hi,
we need to arrange life insurance to cover our house, which
we will be renting out in the UK.
Would it be cheaper/better to arrange this when we arrive in Australia
in August, or would we be better off sorting this whilst still in the UK ie
using a UK insurer?
Cheers
Steve
we need to arrange life insurance to cover our house, which
we will be renting out in the UK.
Would it be cheaper/better to arrange this when we arrive in Australia
in August, or would we be better off sorting this whilst still in the UK ie
using a UK insurer?
Cheers
Steve
#2
Re: Life insurance
What visa will you be on..?
It makes a big difference to price and cover available.
It makes a big difference to price and cover available.
#4
BE Enthusiast
Joined: Feb 2007
Location: Sydney
Posts: 924
Re: Life insurance
I would use a UK insurer; just tell a broker that you will be living in Oz and they will shop around for a company that will allow that (not all do and you do need to ensure your policy doesn't have any residence clauses that may make it invalid if you needed it). We have found insurance here more expensive and have kept paying our UK policies.
#5
Re: Life insurance
I would use a UK insurer; just tell a broker that you will be living in Oz and they will shop around for a company that will allow that (not all do and you do need to ensure your policy doesn't have any residence clauses that may make it invalid if you needed it). We have found insurance here more expensive and have kept paying our UK policies.
See thread http://britishexpats.com/forum/showthread.php?p=5542991
#8
Re: Life insurance
The problem is the interpretation of ‘temporarily overseas’ and ‘permanently overseas’ in the policy wording. As a 457 visa holder claiming LAFHA, I would say I was temporarily overseas….but as we know for Australia tax on 457 we are classed as permanent. The insurance company also takes the Australian tax office’s view, so invalidates the cover.
#9
Re: Life insurance
The problem is the interpretation of ‘temporarily overseas’ and ‘permanently overseas’ in the policy wording. As a 457 visa holder claiming LAFHA, I would say I was temporarily overseas….but as we know for Australia tax on 457 we are classed as permanent. The insurance company also takes the Australian tax office’s view, so invalidates the cover.
Surprising that such wording is in the policy - many policies have no such limitation.
#10
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: Life insurance
The Geek has kept his Skandia policy throughout our 6+ years out of the UK.
#11
Re: Life insurance
Better to cancel the UK policy and start a fresh here...even if it does cost a quite bit more.