annqldau

Cornish Pasys sounds cheaper but the rest sound quite exspensive think I better not die over here now starting to understand why the locals just get accident cover.

scrubbedexpat020

For life insurance how do the annual premiums change?

I was hoping they would be indexed to inflation but the Virgin rep I spoke to said they go up with your age which means if I start now then by the time I am 65 the premiums would have gone up 6 times.

I have a UK policy whereby the amount and premiums increase with inflation.

I have done a comparison with UK and Virgin here.

UK $1m = $160/month (indexing to inflation)
Aus $1m= $55/month (amount indexed to inflation, premium dependent on age)

Ian

annqldau

Problem there is did you do it on 1 million quid and 2 million dollars? to get comparable amounts?

scrubbedexpat020

Noooo, lad.

Credit me with a modicum of nouse .

Ian

annqldau

So by the time the UK one starts higher even if the Aus one goes up it is still not to bad... was that with Virgin Aus?

scrubbedexpat020

Yep. I'm 44 but when I get to 52 the Virgin one kicks in at being more expensive.

The deal I have with UK insurer is a bit like a savings plan to the Mrs, unfortunately I won't be around to enjoy it.

Think I'll stay with UK.

Ian

annqldau

Like you say the problem is the fact that you pay pay pay and have to die to get the dosh or have to get endowment to get the dosh then you pay more to get less.

I just want something simple that pays other half or me if he goes first loads of dosh but you only have to pay a pitance in...LOL..don't want much do I.

The thought of having to keep sending 500 quid a year to UK is scarey now we work in dollars.

Superstar

I read your reply and was bewildered (It does not take much)

Who is going to recieve your $290k should you kick the bucket???

I am only insured as I have a wife and kids to support and they would need the money should I leave this world.

scrubbedexpat020

I hadn't realised this before but the UK premiums are after tax whereas the Aus one are before tax. To do a fair comparison you need do the sum to change your UK premium to before tax.

Fardell

We kept paying life insurance in the UK after we paid off the house mortgage, probably because it was easy (!) and gave us some coverage in UK pounds vs. AUD. Problem is that it is expensive and the amount insured goes down every year (but not the premium), and I understand some policies won't pay up if your are non-resident. Online I think is the best option but I found the options more complicated than I thought - I think going to a broker is probably the best bet unless things are really simple - it doesn't cost anymore. exfin.com has a section on the various options and you make an inquiry - but if you can get it through Group cover on super all the better.