Life insurance in Australia
Sep 1st 2005, 7:14 pm
#1
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Life insurance in Australia
My husband and i are in the process of emigratig and not sure what to do about life insurance, our policys are tied in with our endowment but we will be selling the house and will have to take out new life insurance,is it expensive in australia? jANET.
Sep 1st 2005, 7:26 pm
#2
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Re: Life insurance in Australia
Originally Posted by FRAYNE
My husband and i are in the process of emigratig and not sure what to do about life insurance, our policys are tied in with our endowment but we will be selling the house and will have to take out new life insurance,is it expensive in australia? jANET.
Hi Janet,
I'd like an answer to this also....Our policy wa linked to our endowment, but we are keeping it on and leaving enough money in an account to pay it for a year or two.
BB
Sep 1st 2005, 7:27 pm
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Re: Life insurance in Australia
Originally Posted by FRAYNE
My husband and i are in the process of emigratig and not sure what to do about life insurance, our policys are tied in with our endowment but we will be selling the house and will have to take out new life insurance,is it expensive in australia? jANET.
Sorry I haven't really answered your post but thought it might be of some use!
Good luck
Sep 1st 2005, 7:27 pm
#4
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Re: Life insurance in Australia
Hi Janet, Not sure about the cost of life cover in Oz but we have pure life cover policies (no savings element) here in the UK and we checked with the providers if we could continue to pay the premiums if we emigrated to Oz and that they WOULD still pay out in the event I popped my cloggs!! They said no problem as long as the premiums are continued to be paid. You can continue your endowment policies but you may then be liable to tax on the proceeds in OZ at maturity (there are threads on here somewhere about this!) If you decide to cash in your endowments it may be worthwhile considering replacing your life cover here in the UK (if time allows) and then reviewing the situation in Oz when you can compare cost. Hope this helps! I am sure you will gets lots of replies!!! Trev.xx p.s. Don't think there would be any Oz tax issues on UK based life policies with no savings element, as there is no investment. Right guys???? C'mon Kirsty&Al and GinaUK!!!!!!! 
Last edited by TrickyTrev; Sep 1st 2005 at 7:29 pm.
Sep 1st 2005, 7:48 pm
#5
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Re: Life insurance in Australia
Originally Posted by TrickyTrev
Hi Janet, Not sure about the cost of life cover in Oz but we have pure life cover policies (no savings element) here in the UK and we checked with the providers if we could continue to pay the premiums if we emigrated to Oz and that they WOULD still pay out in the event I popped my cloggs!! They said no problem as long as the premiums are continued to be paid. You can continue your endowment policies but you may then be liable to tax on the proceeds in OZ at maturity (there are threads on here somewhere about this!) If you decide to cash in your endowments it may be worthwhile considering replacing your life cover here in the UK (if time allows) and then reviewing the situation in Oz when you can compare cost. Hope this helps! I am sure you will gets lots of replies!!! Trev.xx p.s. Don't think there would be any Oz tax issues on UK based life policies with no savings element, as there is no investment. Right guys???? C'mon Kirsty&Al and GinaUK!!!!!!!
