We all know that insurance companies will do everything they can to get out of paying and for many UK expats some of the policy wording can make this easier for them to do. According to Underwriters, where you are living may make you more high risk and may therefore invalidate your policy. Most expats would understand a move to a worn torn country but may not give it a thought if travelling to Europe, The US or perhaps Asia.
Many expats fail to realise that their life assurance policy taken out in the UK can become invalid when they move abroad either temporarily or permanently. It is therefore vital that they check with their own company to ensure their policy remains valid.
Some policies contain terms and conditions, one of which is that you are resident in the UK. If you fail to inform the insurance company of your move overseas and change in circumstance then this can invalidate the policy and cause financial hardship for those left behind, the beneficiaries you were hoping to protect.
The laws relating to inheritance tax and the management of a deceased’s estate varies around the world so it is vitally import that expats have valid wills in the relevant jurisdictions . If help is required for this then please do contact me.
Expats will need life cover to not only cover the cost of any debt they may have such as mortgage but also sufficient to meet obligations to a family including provision for a child through to adulthood.
Most will review their policies when their circumstances change such as an increase in the level of borrowing or the birth of a child, for example, but you should consider reviewing your policies as you change many aspects of your life such as a new job, especially if you move abroad, change in marital status, the birth of a child, home ownership status, or perhaps a change in lifestyle with a new hobby.
Please dont give the Insurance company a chance to refuse to payout and check your details now.