halcyon 52

O.K this might seem like a silly question but are your life policies transferrable when you emmigrate.
I mean you surely would not be insured in a war torn country so would you still be insured if emmigrating to a country with maybe greater general risks?

Stitch

I think it very much depends upon your policy and if you continue to pay. Someone else might know some more.

Cheers

Ginny

halcyon 52

Cheers Ginny. I have a family and you know what their like, any reason not to pay.

232Bar

We are with Scottish Widows and we kept them going in the UK - As long as you were going to a 'Country of comaparable standards' they were ok to keep running. Basically, the 3rd world is out, but most of the developed countries we were ok to keep th epolicy

halcyon 52

Cheers, it is easy to overlook the things you take for granted.

sonictigger

I have policies with Norwich Union and Legal & General and both have said that as long as we pay from a UK bank we can continue to hold them and be covered.

We are going to keep them going for at least as long as we remember to keep £££ in the Uk bank!

I think it might be a case of checking with your provider as I have seen other posts where they wouldn't allow it.

halcyon 52

Thanks Sonic - will do that.

Stephen

Just one caveat, people.

I work in the industry and many policies ask you whether you are intending to travel or live outside of the EU other than for holidays.

In effect this means that if you claimed in Australia (or your survivor claimed) on a policy that came into force after you had started the process of immigration from the UK, then the policy would be void.

It would be at the discretion of the Life company whether they paid out or not. :scared:

NB It may seem unlikely that someone would effect a life policy mid-emigration, however, as the process can be a lengthy one , I have come across several cases where people have came to the end of a term on their life policies and either do without (risky or have to renew. In this case it is best to enter in 'other details' on the application form of your intention to immigrate.

halcyon 52

Hi Stephen, that is very helpful.
The reason I asked is because although cured I had a very bad illness some time ago. I have 2 policies that are worth quite a bit which I took out when I started a family. They cannot cancel the existing policies and if I were to take a new one out either in the U.K or any other country the illness I had would be excluded.
So it is important to me as I wouldn`t want to leave my wife and kids in desperation.
Again another question but if I were to relapse (although unlikely) I could move back to the U.K, this would have to be a quick move though and the insurance company could probably still not pay out.
It might seem like not worth worrying about to some but I think if you have children you have to think about these thing - thanks James.

Stephen

Hi james

In your situation there more than likely will not be any problem from your Life company provided you tell them that you are moving to Australia. It is a modern 'western' Nation, so they dont have any actuarial difficulties with reassessing the risk on your life. However make sure you get confirmation from them either by email or by snailmail and file it with your policy.

On another point, It may just be time to look at your policies and see if they have conversion options on them which allow ordinary 'term' policies to be converted to 'whole of life' policies before the policy expires and always normally without the need of the life assured to answer any medical questions. This is often overlooked by people who may have term policies and let them expire although they have in the interim fallen ill or picked up a long term condition which may mean that they are unisurable or are assessed as a 'loaded premium' risk.

Just a thought.

Cheers

Steve

Stephen

Generally they can be kept in force (but cannot be tranfered to another life company) as long as the risk doesnt change. Any 'western state' will suffice.

The industry is however concerned about numerous regions especially at the moment sub-sahara African States due to the unchecked explosion in HIV.

Always Always get confirmation from your life company that they know you are moving abroad on a PERMANENT basis.

halcyon 52

Cheers Stephen - your knowledge has helped me greatly and I appreciate your time - James.

Stephen

No problemos, my pleasure.