RubyPearl

Sorry about this one (especially on a dark, drizzly UK afternoon).....

Our house goes on the market this week and we'll be leaving as soon as it;s sold. The OH is an Aussie and the kids have dual citizenship....I've got spouse PR.

What's the score with life insurance when we arrive in OZ? I feel secure here that the wife wouldn't have the worry of a mortgage etc., if anything happened to me whilst we we're the UK......but whilst we're in rental in OZ, I'd also like to know that I can get good insurance for the unthinkable!!!!

Anyone know of any pre-qualification criteria liniked to residency or is there just a medical and then start paying the premiums.

SORRY about the thread......I'm not especially morbid.....just wondered!

Cheers

GinaUK

Yep, that's it.

Go to www.google.com.au and search for "life insurance". Plenty of companies/products to choose from.

You may also want to read the small print on your existing UK policy. Some policies continue to provide cover even if the person assured lives in another country provided the premiums are paid from a UK bank account. If that's the case with your policy, it may turn out cheaper than starting a new one in Oz.

Gina

Goodi

Hi there,

GOOD POINT and it is indeed a matter that we have been considering. We own our home here and when we go to Oz we will probably rent for up to 2 years, so I need to be confident that I have some security for either of us and the children if the unthinkable happens.

Weasy

Our policy here didn't cover us in Oz so we cancelled it and took out a new one that does. We went through Lifesearch.co.uk to find the best policy. This way at least we're covered until we get ourselves sorted in Oz.

Lou
xx

JAJ

All life insurance policies should continue in force when you leave unless there is a specific clause to the contrary in the terms and conditions.

You may have cancelled unnecessarily.

ljj

No its not depressing its practical and shows that you put your family's best interest first. I used to work in a Cemetery and Crematorium and it's much easier on the family when people discuss these things as they are so upset at the time things like having your joint account frozen and not knowing the deceased wishes only add to their greif.

There may be a better way but we still have our UK life insurance as I checked and it doesn't matter where in the world (check YOUR policy or phone them) you are still insured. We kept our UK bank account open and it came out monthly.
We move into our own home here after renting for the last 3 years and we are only now looking at Ozzie life insurance - if it works out financially better for us we will keep our UK one going but I suspect we will eventually take out additional or replacement life insurance here.

Hope this helps,

LJJ

JAJ

And if you phone them and they say "no" then you should challenge them and insist they point out the relevant wording of the policy that makes it so. And don't accept the answer "it's the law" either because it isn't.

Weasy

Thanks Jaj but the policy also did not suit our needs anymore so we would have needed to change anyway....

Lou
xx

Kapri

This is something we have been thinking about too. It's wise to be prepared not morbid!
As my Mum says - talking about death doesn't bring it a day closer.

Mongrol

Hmm, a good reminder. I think I need to sort some of this stuff out myself since I've been here 18 months and have a mortgage.

Now, years ago I had a tenner a month insurance policy of a sorts with Pearl I think that paid out a lump some after 10 years. I believe it also paid out if something happened to me. Apon have a quick squiz I can find no life insurance policies that actually pay some money back after fixed term. Do these no longer exist? Did I imagine it? Or was I actually investing in something else?

Wendy

I have a policy with ANZ, $34 a month for a 34 year old smoker, hubby's is $37 a month. He is a 37 year old smoker. We didn't have to have medicals either (that's because it was a promotion and I was an ANZ bank customer)

RubyPearl

Thanks to ALL for those responses.

There's just so much to think about isn't there?

I reckon we'll cancel the policies here and sort something out when we get over there......but I'll make sure it's more of a priority rather than a 'must do later' kind of thing.

Just need to sell the house now and then the rest of the list kicks in.......

Thanks again.

andrew63

We took out our life ins policies while on temporary visas.
The monthly payment comes out of our Super fund payment so we don't notice it as an additional expense.

Andrew

ljj

Thanks for that, I'll look into it.

LJJ

SJR

Hi

You have probably already got the info you want but I haven't read the full thread so just incase.

We still have our UK policies. I checked into it before we left as it was of high importance to me...I used to be in the business. Anyway, we were told by Standard Life that as long as we pay the premiums from a UK account we can keep them going. I didn't really want to start again over here as we are obviously older now and the premium would be higher.

It's not morbid!! It's practical!