Johnny Vegas

Hi,

I'm here in the US on a J-1 visa, returning in a few months' time. My life insurance policy expires tomorrow. I've gone to my usual UK broker, who says I can get UK insurance that will cover me, but that all insurers would require me to be on UK soil just to make the arrangements (even though they were only by phone!)

I've obtained a quote for international insurance (from UK provider Aegon) which is nearly six times the price of what I've been paying for my standard UK policy.

Can anyone give me any reason to think my broker is wrong? Is there, in fact, some UK insurer who will sign me up for a standard policy though I'm not currently over there?

I'm fit and healthy, and the health questions ought to be simple enough to handle without a nurse visit.

John

Pulaski

Any reason not to get a US policy?

Basic life insurance is dirt cheap and if you don't trust US life insurance entirely you could still add a UK policy when you get home.

Johnny Vegas

A US broker told me yesterday that I'm not eligible for a US policy because I'm not a US citizen or resident. I wonder whether she knew what she was talking about, and whether indeed my visa counts.

Pulaski

That's a good question, but presumably you have an SSN, which might be requested for ID purposes, thougg it isn't strictly necessary.

Johnny Vegas

I do have a social security number.

Johnny Vegas

The US broker told me I would have to have been resident in the US for at least a year before I was eligible for US life insurance.

Pulaski

Weird. I would never have guessed. I wouldn't bet much on that info being correct though.

sir_eccles

The flip side question would be if UK life insurance would be valid for someone not living in the UK.

Johnny Vegas

Being out of the UK for a certain period was not a problem as far as my old insurers were concerned, and my old UK broker seemed to think it wouldn't be a problem now.

MidAtlantic

From these sites, which I found just by Googling and have no idea about their validity, it looks like you should have no problem.

Life insurance for non U.S. residents

http://topquotelifeinsurance.com/non...ife-insurance/

celticgrid

I checked with our life insurer when we left the UK, and they wrote back saying no problem at all, just to let them have a US address for correspondence. I think that's Aviva (ex Norwich Union, who may be called something different by now!)

Bermudashorts

Yes I think your broker is wrong. The UK life insurer will either have a problem with you being not resident in the UK or they will not. Where you sit on the day you take the policy out cannot possibly have any bearing on underwriting.

kins

Mine is - I have a letter from the insurer saying so...

Pulaski

That might not be true, and certainly isn't for at least some financial services, because the law that applies to the contract is the law that applies where the customer is located. I do not know if this is the case for insurance products, but it wouldn't surprise me if it is. .... This is why British/non-US stockbrokers won't touch US residents - they have to comply with US/SEC laws and regulations.

vikingsail

I concur. Where you are situated can have a lot of bearing on a contract.