According to a recent study, more than 13 million citizens of the UK reside outside the borders of this region, more than five million of them permanently domiciled in foreign lands.
More UK residents are leaving their home territory now than was the case ten years ago. Residents of one country who live in another are referred to as expatriates and their reasons for leaving pertain to work, education, and personal life. If these individuals act similarly to other residents of the UK, 34 percent of them will have life insurance cover when crossing UK borders.
Mr Yealm who lives in Singapore and now rents out what was his residential property in the UK wanted some life cover for the £300k mortgage he still had on the property.
Mrs Toms who retired to Spain with her partner has an inheritance tax liability in the UK from assets she holds there. She wanted a UK based insurer as peace of mind as well as being able to benefit from the cheaper cost of UK cover compared to the Spanish alternative.
Mr Neald who now lives and works in Dubai. He separated from his wife two years ago and paid maintenance for his 7 & 9-year-old children. He wanted some life and critical illness cover in the event he was unable to work so that this could continue to be paid.
For many expatriates and people working globally abroad, a large number of insurance companies complicate pricey plans with exclusions. At Insurance Hero we prefer to do things in a more human manner. The insurance policies we offer are flexible to match your new lifestyle – such as the birth of a child or buying a new home.
If an expatriate is the main source of income for the family and he or she dies, surviving dependents will fall into severe financial distress if life insurance cover is not in force. An employed surviving spouse may need to obtain secondary employment while one who is not working may need to get a job.
If this adult was out of the workforce due to childrearing, alternate childcare arrangements become necessary and these typically come with a high price tag. This can make it even more difficult to cover living expenses such as groceries, utilities, and rent or a mortgage.
Before UK residents move abroad, they should determine whether their life insurance policies will travel with them. If not, serious consideration should be given to purchasing a new life plan. An expat who does not have coverage in force before exiting the UK should assess whether buying one is a smart investment.
Unstable political conditions make it risky to live in many foreign countries. Even residing in one of these countries temporarily could be dangerous because it can increase risks to health and overall well-being.
Insurance for expats is special cover for individuals with residency in one country who live in a different one. Some international insurance companies offer these policies but their availability varies based on geographic region.
As an example, British expats living in the Middle East have relatively few options when it comes to providers and policies. Friends Provident International, Eagle Star International, Scottish Provident International, and Royal & Sun Alliance are the major international insurance companies offering life cover to expats in this region.
An expat may find local cover, but many insurance professionals are wary of this approach. Beneficiaries of expats who die outside of the UK often find it difficult to make claims with insurers local to where the deceased lived. Experts recommend that expats instead select an internationally recognised insurance company.
After relocating to the Middle East, residents of Britain and northern Europe can find cover through Friends Provident at British rates. Other providers offer investment-linked whole of life policies that are usually more expensive but have value upon surrender if the plan is no longer needed.
A UK expat relocating to Lebanon, Israel, or specific other regions may discover that insurance policies do not include war risks. When shopping for cover, these individuals should review the conditions, terms, and exclusions of each available policy carefully and ask questions that arise during the process. This will prevent unexpected gaps in cover and surprises if a claim becomes necessary.
Existing cover including benefits for death in service included in employer-provided pensions should also be reviewed. Benefits are typically a multiple of the salary but may not be enough to provide surviving beneficiaries with a comfortable lifestyle.
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