Life Insurance & Critical Illness Cover …
Unusual Risks, the UK Life Insurance advisers, are today announcing the results of their recent Expatriate Insurance Survey. After conducting their latest research into the availability of Life Insurance and Critical Illness Cover to British Expatriates, they can now confirm that only 10% of (1 in 10) UK insurance companies offer Life Insurance products to British Citizens living abroad.
This was a significant reduction on the previous year’s figure of 21% and indicates that British Expats now have significantly fewer options to find adequate Life Insurance to meet their requirements. Also, in the survey it was established that only one single provider is now prepared to accept an application for Critical Illness Cover and only in very limited circumstances.
Speaking about their survey, Chris Morgan, Lead Financial Adviser of Unusual Risks said;
‘Over the last year there has once again been a decrease in the availability of Life Insurance products for British Expats living abroad. Although the majority of the mainstream UK Insurers such as Legal & General, Friends Life and Aviva have all now withdrawn from offering this type of cover, there are still limited options for Expats seeking Life Insurance and Critical Illness Cover’.
‘There are still many groups of British Expatriates that have genuine reasons for needing a UK based Life Assurance plan, such as those with property interests, outstanding mortgage or tax interests in the UK. We have also met British Expatriates who require Life Assurance to protect family members and children who are still residents in the United Kingdom’.
Unusual Risks were also able to report that the average amount of Life Insurance being taken out by British Expats is now £383,125, which is a reduction on the previous year’s figure of £430,714. We believe this is due to new restrictions, with cover only being available to those with a UK Property, UK Mortgage, UK Bank Account or close dependents remaining in the UK.
Chris Morgan and Unusual Risks have been helping the British Expatriate community for the last seven years to arrange all types of Life Insurance and Critical Illness Cover policies to meet their needs. They are experienced at tailoring Life Insurance policies for British people living abroad in all corners of the world.
If you require more information on Expatriate Life Insurance or Expatriate Critical Illness Cover please contact Unusual Risks Mortgage & Insurance Services by phone 0845 474 3075, or by email at enquiries@unusualrisks.co.uk or on the web at www.unusualrisks.co.uk
You can also find Expatriate Insurance on the web at www.expatriatelifeassurance.co.uk and for all of the latest Expatriate Life Assurance News, Features, Research and Factsheets you can visit the Expatriate Life Assurance Blog at www.expatriate-life-assurance.co.uk