Where to find the best Life Assurance deal for UK Expats and British Expats?

There have been major changes over the last 12 months, in the availability of Life Assurance and Life Insurance for British Expatriates living abroad. Major Life Assurance companies such as Legal & General, Friends Life and Aviva have all withdrawn from offering Insurance to British Expats living abroad.

Unusual Risks have responded by researching the “Whole of Market” on behalf of our clients and have discovered that alternatives to high street insurers are very limited. We have recently compared some of the renewable and reviewable options, with the Guaranteed options and these are our findings.

Patrick, Aged 38, Banking Executive, Currently Living Bermuda.

Patrick approached us for Life Insurance because he had already been quoted for Life Insurance with Legal & General, before they decided to withdraw services to Expats. This left Patrick grasping for options in a market that has very limited in options.

Over the last 12 months we have met a number of British Expatriates who are in the same position as Patrick, which persuaded us to conduct detailed research into this area. We looked at several International Life Insurance, Global Life Insurance and Global Protection Plans that describe themselves as suitable for ALL expatriates.

We also looked at the options available for businesses people that are specifically offering to safeguard company employees and their overseas workforces. Within our findings we found that most of the options available were either reviewable or renewable annually, which would leave our clients exposed to potential future prices increases.

When advising UK clients on Life Insurance, it has always been our policy to offer Guaranteed Premium rates, because this means that our client is not exposed to the “claims experience” of the Life Assurer. This then means that the premium will remain exactly the same for the whole duration of the policy.

Within our research we raised quotations for Patrick with several reviewable providers and also a specialist Expat Insurer that offers Guaranteed Premiums. We were surprised to discover that the Guaranteed Insurance provider was four times cheaper, than several International and Global Protection providers that we approached.

Our conclusion is that many of the reviewable and renewable options are factoring in greater risk factors and their polices are more suitable for people residing in higher risk countries such as Ukraine, Russia, Iraq or Afghanistan. British Expat’s living in areas with less risk than these areas, most definitely should seek advice from an Independent broker before applying for Life Insurance cover.

And Patrick?

We arranged £1,000,000 of Life Insurance at a premium which was only 25% of the premiums quoted by the reviewable and renewable Expat Insurance providers  The policy that we arranged had a discounted premium, because the Insurance provider does not pay lump sum commissions to financial advisers.

Unusual Risks offer their “UK Expat Life Insurance” Service on a “Fee Only” basis, which means you can be sure of receiving the very best impartial financial advice. If you are a British Expat and are looking for Life Insurance to protect your family, children, property or mortgage please contact us to speak with a financial adviser.

Please note our “UK Expat Life Assurance” Service is only currently available to people who still own a UK Property and still hold a UK Bank Account. 

You can read more about the recent changes in the Life Insurance market for British Expats by reading our recent articles …

Reviewable Price Increase http://www.expatriate-life-assurance.co.uk/?p=136

Latest News – http://www.expatriate-life-assurance.co.uk/?p=114

Further Update – http://www.expatriate-life-assurance.co.uk/?p=127

Unusual Risks are the UK’s leading financial advisers offering specialist advice on Life Insurance and Life Assurance for British Expatriates and UK Citizens currently living abroad.

For more information on Expatriate Life Assurance, Expatriate Life Insurance, Expatriate Critical Illness Cover you can contact Unusual Risks by phone (Int) +44 1404 45397 (UK) 0845 474 3075.

Or contact us by Email at enquiries@unusualrisks.co.uk or visit us online at www.expatriatelifeassurance.co.uk

Are you a Broker or IFA looking for Expat Life Assurance? Visit our Broker / IFA Services page for more information http://www.expatriate-life-assurance.co.uk/?page_id=2

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