Why would you buy Life Assurance if it wasn’t “Expat Friendly”? I’m meeting more and more clients who have quotes for Life Assurance and/or Critical Illness Cover and they are not even certain the product is suitable for British Expats living outside the UK.
Most people contact me because they want the best quality cover, with a strong UK insurer and the security that comes with it. What I don’t understand is why would anybody even consider buying a product from an internet comparison site or through a mainstream broker if the products being offered were completely unsuitable?
Be sure to also see my previous article “Third Party or Fully Comprehensive”? http://www.expatriate-life-assurance.co.uk/?p=311
FULLY COMPREHENSIVE
There are several situation’s where a UK Insurer may consider offering cover to a British Expat living abroad, but you need to be aware that not all UK insurers offer cover to Expats. Expert specialist advice is essential to make sure you are offered “Fully Comprehensive cover” and not “Third Party” only cover.
INSURABLE INTEREST
Any UK Insurers offering Life Assurance or Critical Illness Cover to a Brit abroad is going to want clear evidence of “Insurable Interest”, which most consumers will not know how to do. This issue in itself alone could invalidate your Insurance policy in the future, so if you are a British Expat looking for cover, it’s best to seek specialist advice.
COMPETITIVE PREMIUMS
As a British Expat you are highly unlikely to qualify for the absolute cheapest policy offered in the market, because those insurers do not offer cover to people spending more than six months outside the UK. However, all is not lost because it is still possible to access the highest quality cover, at very competitive prices through a specialist broker.
TERMS AND CONDITIONS
Most leading UK insurers have specific terms and conditions relating to British Expats and especially strict criteria around “Insurance Interest” and “Residency”. Why would you spend your valuable spare time during evenings and weekends researching, when a professional adviser knows the answers already?
COMPARISON WEBSITES
Expat Life Assurance and Critical Illness Cover is not the type of policy you should be trying to buy on comparison websites, as most UK insurers have strict criteria around residency and you are likely to buy an invalid policy. They are simply unsuitable, so why would you even consider paying premiums for cover bought in this way?
MAINSTREAM BROKER
The average mainstream broker you could ask to offer advice on “Expat insurance”, will encounter this issue maybe once a year at the most. The one’s outside of the London financial district, probably hardly ever in their whole careers, so their knowledge on these issues is going to be very limited to say the least. I know this because many of them phone my office looking for help with their clients.
ADVICE & RECOMMENDATION
At Unusual Risks we only offer a “Fully Comprehensive” service with financial advice included. The premium you eventually receive will be very competitive, but we are unlikely to offer you the absolute cheapest premium in the market, because those products do not even cover British Expats living abroad. We believe it is crucial that the products we recommend are specific to the needs of British Expats and are “Expat Friendly”.
Be sure to also see my previous article “Third Party or Fully Comprehensive”? http://www.expatriate-life-assurance.co.uk/?p=311
Unusual Risks are the UK’s leading financial advisers offering specialist advice on Life Insurance, Life Assurance and Critical Illness Cover 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