Life Insurance

Old Jun 25th 2008, 5:23 pm
  #1  
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Default Life Insurance

I am just wondering, we have a life insurance to cover our UK mortgage, now we plan to rent the house out when we leave here (it is currently rented at the moment), but will my life insurance is be valid if I live in NZ??

What have other people done about life insurance?

Also Wills, if you make a will in this country, does it still stand in NZ or do you have to make one over there?

Just things I am starting to think about............
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Old Jun 25th 2008, 8:10 pm
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Default Re: Life Insurance

We have UK life insurance, and I inquired of the company if it would remain valid - answer "yes". That's with Norwich Union. I actually then cancelled mine because my work pension scheme gives me very good cover, but we kept the OH's going. The rates do seem to be cheaper over here, so maybe keep it going then do a comparison once you're settled.

Not sure about will - I would assume they're valid wherever you are, but IANAL as they say
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Old Jun 26th 2008, 4:14 am
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Default Re: Life Insurance

I dont know about wills for sure, but I'd sugest you make a new one to save confusion should the unfortunate happen.

Public Trust will do it for you free of charge, very useful service
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Old Jun 26th 2008, 4:42 am
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Default Re: Life Insurance

Just checked them out...free if you use them as your executor...except for the charges when you die....$975 for this, $500 for that, $95 an hour for work required when you're in your box!!!

If you want to name your own executor then they charge you an hourly rate.

Could use the online form and name your own executor...this costs about $70.

No good for us as apparently the online form can't cope with an overseas address as an asset.

Typical!

T x
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Old Jun 26th 2008, 8:00 am
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Thanks for all your help, it's given me something to think about.
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Old Jun 26th 2008, 9:07 am
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Default Re: Life Insurance

Originally Posted by Tan0410 View Post
Just checked them out...free if you use them as your executor...except for the charges when you die....$975 for this, $500 for that, $95 an hour for work required when you're in your box!!!

If you want to name your own executor then they charge you an hourly rate.

Could use the online form and name your own executor...this costs about $70.

No good for us as apparently the online form can't cope with an overseas address as an asset.

Typical!

T x
I think this could be a really naughty suggestion but how about getting them to write up the will, figure out the legal stuff and then later on down the track and when/if you are sure you are going to stay, then consider writing another one yourself?

If anything it is a quite good way to learn a bit more about estate law in NZ which does differ from the UK I understand.

Oh, and regarding if your UK will is valid - not if you are domiciled in NZ. It is, however, a pain in the butt if you are in NZ but still have significant assets in the UK (eg not just a term deposit or two) but at least the staff dealing with you would be the very trained senior staff...not just a 21 year old graduate!

There are proper words and stuff for how your assets would be treated if you were to die with a UK Will, with UK Assets but living in NZ. None of which I can remember. I think you are still legally considered intestate but slightly different procedures can be followed or something (to do with granting a certificate of administration or probate overseas).
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Old Jun 26th 2008, 10:43 am
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Default Re: Life Insurance

Originally Posted by teebrown View Post
I am just wondering, we have a life insurance to cover our UK mortgage, now we plan to rent the house out when we leave here (it is currently rented at the moment), but will my life insurance is be valid if I live in NZ??

What have other people done about life insurance?

Also Wills, if you make a will in this country, does it still stand in NZ or do you have to make one over there?

Just things I am starting to think about............
We kept our Uk life insurance becasue it was a good one for 5 years, until the monthly payments went up and it wasn't feasable anymore...I think it was with Sun Alliance they were cool with us being in NZ as long as they had a contact no and address for us.
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Old Jun 26th 2008, 12:09 pm
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Default Re: Life Insurance

Originally Posted by teebrown View Post
I am just wondering, we have a life insurance to cover our UK mortgage, now we plan to rent the house out when we leave here (it is currently rented at the moment), but will my life insurance is be valid if I live in NZ??

What have other people done about life insurance?

Also Wills, if you make a will in this country, does it still stand in NZ or do you have to make one over there?

Just things I am starting to think about............
Life insurance and critical illness cover in the UK all stands in NZ, provided we keep up the monthly premiums.

Before you get to re-writing wills here in NZ you need to take good legal advice on Trusts. Not trust funds like we may know of in the UK. Most Kiwis when they buy a house put it in a family trust for tax reasons. Get good advice and find out if this is the way to go.
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Old Jun 26th 2008, 6:50 pm
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Default Re: Life Insurance

I think this could be a really naughty suggestion but how about getting them to write up the will, figure out the legal stuff and then later on down the track and when/if you are sure you are going to stay, then consider writing another one yourself?

If anything it is a quite good way to learn a bit more about estate law in NZ which does differ from the UK I understand.
On the same wavelength...had already made an appointment for 9am today

This thread just happened to come up when I was about to deal with it so it kicked my a***
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