sile

Does anyone have any input regarding life insurance policies re:having one purchased in the US and then moving to the UK? Does one then buy another there and drop the first one, or do people buy one there in addition?

Thanks in advance.

holly_1948

Life insurance policy premiums are based on a risk assessment at the time the contract was made.

So if, for example, you take up mountaineering and skydiving you become a worse risk but the policy and price is still valid. Unless you had firm plans to take up mountaineering or skydiving at the time of writing the policy in which case the policy was never valid if you lied on the application (by not disclosing your plans).

So for term life it comes down to whether you will be, actuarially speaking, a better risk or a worse risk after the move. A simple price comparison will tell you, keep old or get new, do whichever is cheaper. Or more convenient if the price difference is trivial.

But if it's whole life insurance then the calculations just got to be extremely complicated.