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 |
Re: Life insurance
What visa will you be on..?
It makes a big difference to price and cover available. |
Re: Life insurance
Originally Posted by Red_V_Roger
(Post 6507839)
What visa will you be on..?
It makes a big difference to price and cover available. |
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.
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Re: Life insurance
Originally Posted by Rosscarbery
(Post 6508395)
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 |
Re: Life insurance
Thanks for the replies, appreciated :thumbup:
Steve |
Re: Life insurance
Originally Posted by Red_V_Roger
(Post 6508444)
Yes, we were in the difficult position that our UK insurer would not honour the policy for us living outside the UK.
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Re: Life insurance
Originally Posted by JAJ
(Post 6532602)
They have no choice in the matter if the policy wording does not contain such a clause. Did you look at your policy?
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Re: Life insurance
Originally Posted by Red_V_Roger
(Post 6532676)
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. |
Re: Life insurance
The Geek has kept his Skandia policy throughout our 6+ years out of the UK.
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Re: Life insurance
Originally Posted by JAJ
(Post 6532696)
I think the courts are the ones who would interpret that, not the insurance company.
Better to cancel the UK policy and start a fresh here...even if it does cost a quite bit more. |
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