New Options For Expats Seeking Insurance Cover

expat network

New Options For Expats Seeking Insurance Cover

Research by life insurance advisers Unusual Risks shows that 28% of UK insurance companies offer life insurance products to British expats. Only 7% of providers are prepared to accept an application for critical illness cover from expats.

The figure for life insurance was a significant increase from the previous year’s finding of 16% and indicates that British expats now have more options to find adequate life insurance to meet their needs.

Chris Morgan, lead financial adviser of Unusual Risks said, “Over the last year there has been a marked increase in the availability of life insurance products for British expats. Although most of the mainstream UK insurers such as Legal & General, Friends Life and Aviva have withdrawn from offering this type of cover, there are now new options for expats seeing life insurance.

“There are still many groups of British expats that have genuine reasons for needing a UK-based life assurance plan, such as those with property interests, outstanding mortgages or tax interests in the UK. We have also met British expats who require life assurance to protect family members and children who are still resident in the UK.”

Unusual Risks is encouraged by the new availability of critical illness cover for British expats after this had been withdrawn by insurers over the last few years. The company has recently arranged critical illness cover for UK citizens living in countries in Europe and Asia.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.