Scubaemma

OH and I are moving over to Brisbane next year on a spouse visa (he's the Aussie). I was just wondered what happens with our life insurance (or life assurance or whatever it's actually called).

We took it out a while ago in case anything happened to either of us, so that it would pay off the mortgage for the remaining one. This was calculated on our current mortgage.

I just wondered what we should do when we move? Do we cancel it? Or keep paying it so we'd still get the lump sum if something happens to one of us? Or maybe it won't be valid if we live in another country. Or cancel and take out a new one in Oz?

Just another thing to think about sorting before the big move and wondered if anyone had any thoughts?

JAJ

Is the policy linked to your mortgage or is it a stand-alone policy?
(you might get more answers if you ask on the lifestyle forum)

ozdreamer

Hi
I rang my life assurance company and told them what we were doing, they said as long as we are moving to a country where gaining access to medical records is fairly simple the life assurance would remain valid, when I pushed her for a definitive answer she said that our policy would definately still be vaid.
Its probably worth paying it until you get settled and then look into the cost of taking one out in Oz.

Amanda

Scubaemma

I think it's stand alone, but we chose the amount to be the same as our mortgage.... (but I'll double check).

I don't know how to move a thread - I might start another one there, thanks.

JAJ

If it is stand-alone there is no reason why it should be invalidated when you move to Australia. Provided you keep paying the premiums, and provided there is no clause insisting you stay U.K. resident.

If it's an endowment policy then there might be tax issues in Australia to consider.

Pollyana

I'll move it for you

Scubaemma

Thanks