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UK life insurance policy?

UK life insurance policy?

Old Sep 30th 2009, 7:15 am
  #1  
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Default UK life insurance policy?

can I transfer it over to the US? or would it be better to cash it in before I go?

...one of these days I'l actually be able to answer other people's questions instead of always asking them, but all advice is greatly appreciated.
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Old Sep 30th 2009, 8:16 am
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
can I transfer it over to the US? or would it be better to cash it in before I go?

...one of these days I'l actually be able to answer other people's questions instead of always asking them, but all advice is greatly appreciated.
We contacted ours and were told that the policy will stay valid as long as the premiums were still paid regardless of us moving to the US.
We are keeping a UK bank account going to the direct debit will just keep coming out.
Give the company a ring and ask.
Hope that helps :-)
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Old Sep 30th 2009, 8:20 am
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Default Re: UK life insurance policy?

they are phoning me tonight to discuss it, I'm in two minds TBH, I also don't intend to keep a UK bank account either, will it make a difference if I decide to keep up the payments?
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Old Sep 30th 2009, 8:30 am
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
they are phoning me tonight to discuss it, I'm in two minds TBH, I also don't intend to keep a UK bank account either, will it make a difference if I decide to keep up the payments?
We have to keep a UK bank account going, but I would want to anyway, mainly incase we came back and had hassle opening another one.
How would you keep paying the premiums if you didn't have a UK bank account? They would have to be changed from $ to £ it might be a lot of hassle, I don't know.
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Old Sep 30th 2009, 8:48 am
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Default Re: UK life insurance policy?

...see that's what I was thinking too...maybe I should just take the money, it's not like it won't come in handy!
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Old Sep 30th 2009, 11:32 am
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
...see that's what I was thinking too...maybe I should just take the money, it's not like it won't come in handy!
Okay, so presumably you are really talking about an endowment policy rather than a life insurance policy? That's a totally different kettle of fish and advice would depend on how long it had been running and how long it had to run.

Either way, be aware of the potential tax liability of any payout (should you die!) in the US. All depends who is the USC and who isn't, so far too few facts to offer advice, except for...check into estate tax and understand who the beneficiary of the policy is.
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Old Sep 30th 2009, 12:53 pm
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
can I transfer it over to the US? or would it be better to cash it in before I go?

...one of these days I'l actually be able to answer other people's questions instead of always asking them, but all advice is greatly appreciated.
Are you moving with a new job??? If so do they provide that cover?
We are moving with Hubby's promotion and as they provide cover as part of the package, and although ours was good, the company one is alot better, we are cancelling ours,bhowever we would be covered if we kept up the payments.
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Old Sep 30th 2009, 12:55 pm
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
they are phoning me tonight to discuss it, I'm in two minds TBH, I also don't intend to keep a UK bank account either, will it make a difference if I decide to keep up the payments?
Do not close your bank or credit card account. If you ever want to move back to the UK (and never say never)...it will be difficult to open new accounts.
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Old Sep 30th 2009, 12:58 pm
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Default Re: UK life insurance policy?

Originally Posted by Meryl View Post
they are phoning me tonight to discuss it, I'm in two minds TBH, I also don't intend to keep a UK bank account either, will it make a difference if I decide to keep up the payments?
I'll repeat what Jerseygirl said - do NOT close your UK bank account. If you need one for any reason in the future it's effectively impossible to open one again once you're living in the US.
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Old Sep 30th 2009, 7:07 pm
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Default Re: UK life insurance policy?

thanks for the advice, I'll keep a UK account then...just incase.
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Old Sep 30th 2009, 10:40 pm
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Default Re: UK life insurance policy?

I am really just confirming what everyone else said. We kept our life insurance policy running back home and it gets paid out of our UK account that we top up once in a while. The UK account comes in handy for ordering presents from UK online stores that won't accept your US credit card or address. Also handy when you go home for a visit - transfer money in and use your UK cards.
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Old Oct 3rd 2009, 2:22 pm
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Default Re: UK life insurance policy?

Just another FYI ... if you are talking about an endowment policy, two things:

Cashing it in may not yield a lot of money in comparison to how much you have paid in (check the surrender value against monthly premium x number of months you've paid in).

If you keep it going, when it matures, I believe it is not tax-exempt in the US, whereas it would be tax-exempt if you were living in the UK (same goes for ISAs, if my understanding is correct ... but I'm not a tax expert).
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Old Oct 3rd 2009, 2:53 pm
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Default Re: UK life insurance policy?

Aswell as cashing it in you can also 'trade it' to get better value than a straight surrender.
At least my sister did do this once. Whether it's still a good option I have no idea.
Perhaps an appointment with a financial planning person is in order?
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