Life insurance

Old Jun 26th 2008, 8:27 pm
  #1  
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Default 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
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Old Jun 26th 2008, 11:09 pm
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Default Re: Life insurance

What visa will you be on..?

It makes a big difference to price and cover available.
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Old Jun 26th 2008, 11:54 pm
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Default Re: Life insurance

Originally Posted by Red_V_Roger View Post
What visa will you be on..?

It makes a big difference to price and cover available.
a 120 labour agreement
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Old Jun 27th 2008, 3:58 am
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Default 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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Old Jun 27th 2008, 4:50 am
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Default Re: Life insurance

Originally Posted by Rosscarbery View Post
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.
Yes, we were in the difficult position that our UK insurer would not honour the policy for us living outside the UK...and most Aussie insurance wont touch 457 visa holders. We did however (through BE) find a broker in QLD that sorted it out for us - although I am sure it is much more expnsive than if we had PR.

See thread http://britishexpats.com/forum/showthread.php?p=5542991
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Old Jul 3rd 2008, 8:24 am
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Default Re: Life insurance

Thanks for the replies, appreciated

Steve
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Old Jul 4th 2008, 2:00 am
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Default Re: Life insurance

Originally Posted by Red_V_Roger View Post
Yes, we were in the difficult position that our UK insurer would not honour the policy for us living outside the UK.
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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Old Jul 4th 2008, 2:56 am
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Default Re: Life insurance

Originally Posted by JAJ View Post
They have no choice in the matter if the policy wording does not contain such a clause. Did you look at your policy?
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.
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Old Jul 4th 2008, 3:08 am
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Default Re: Life insurance

Originally Posted by Red_V_Roger View Post
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.
I think the courts are the ones who would interpret that, not the insurance company.

Surprising that such wording is in the policy - many policies have no such limitation.
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Old Jul 4th 2008, 3:17 am
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Default Re: Life insurance

The Geek has kept his Skandia policy throughout our 6+ years out of the UK.
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Old Jul 4th 2008, 3:49 am
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Default Re: Life insurance

Originally Posted by JAJ View Post
I think the courts are the ones who would interpret that, not the insurance company.
That would not be much comfort to my wife if something happend to me and she had to go through court to get a pay out and then the judge rules against her. Its not breakdown cover for a TV!!!

Better to cancel the UK policy and start a fresh here...even if it does cost a quite bit more.
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