Life Insurance for British Expatriates … Why is it so difficult to find?

Unusual Risks have been offering Life Insurance to British Expatriates living abroad for many years, so the recent restriction in the availability of Life Insurance for UK Citizens in foreign countries, has been extremely worrying both our existing and potential new clients.

As you may have already read previously on this News Blog over the last 12 months, Insurance Companies like Legal & General, Friends Life and Aviva have all withdrawn availability of their products for British Expats. Normally they were dependable and reliable sources of Life Insurance for Expats but are now no longer available.

Rosemary, Aged 41, Teacher, Currently living in Oman. 

Rosemary approached us for Life Insurance because her existing Life Insurer Friends Life had refused to increase her existing policy. This left her with very few options, because every mainstream Insurer that she contacted also declined to offer her any Life Insurance.

As Independent Mortgage and Insurance advisers we feel a duty to both our new and existing clients to assess all of the the available options in the market. We have therefore already compared all of the International and Global Insurance policies which are currently available to British Expats living abroad.

We have researched several International life Insurance and Global Life Insurance providers, who offer reviewable and renewable insurance policies. Plus, we also have approached a specialist UK based Term Assurance provider, who offer Guaranteed premium rates.

The results of our research were remarkable, because the Guaranteed premium option we recommended was 50% cheaper than the other reviewable and renewable options that were available to Rosemary. Our policy is to always recommending Guaranteed premium rates, because this safeguards our clients interests against any adverse “Claims Experience” with their insurer.

With some cases we have discovered that Global Life and International Life Insurance plans charge up to four times the standard premium to British Expatriates. These types of policies should only be considered for people living in higher risk countries such as Ukraine, Russia, Iraq or Afghanistan.

And Rosemary?

Unusual Risks arranged £250,000 of Life Insurance at 50% of the premium she has been quoted by another International Life Insurance provider. The policy that we arranged had a discounted premium because the insurance provider does not pay any lump sum commissions to financial advisers.

We offer our “UK Expat Life Insurance” service on a “Fee Only” basis, which means we act on your behalf and offer completely impartial advice. If you are a British Expat looking for Life Insurance to protect your mortgage, property, family or children 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

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

British Expatriate Mortgage Survey …

Unusual Risks are currently asking British Expat Mortgage Consumers to complete this very short two minute survey. This will help us to campaign for better treatment of Expatriate people by the Mortgage Industry.

https://www.surveymonkey.co.uk/r/HB7XNMG

UK EXPATRIATE LIFE ASSURANCE – BRITISH EXPATRIATE LIFE INSURANCE …

Unusual Risks are the UK’s leading financial advisers that offer “UK Expat Life Insurance” and “UK Expat Life Assurance”. Recently we have seen a large reduction in the amount of Insurance providers offering Life Insurance to British Citizens living abroad.

UK Insurance Providers such as Aviva, Legal & General and Friends Life have all withdrawn from offering new Life Insurance plans to British Expats and the niche providers left in the market seem to be trying to take full advantage of the situation by charging significantly higher premiums than before.

At Unusual Risks we have a policy of not recommending reviewable and renewable styles of Term Assurance, because these providers are able to increase the premiums annually on your policy. We have seen a trend recently of Expat clients approaching us that are facing significant increases to their annual Life Insurance contracts.

One client approached us recently because his annually reviewable Life Insurance with Zurich Futura had increased by 46% from £106.00 per month to £154.00 for £200,000 of cover. This example illustrates our reasons for not recommending annual reviewable Life Insurance policies for British Expats living abroad.

UK Expat Life Insurance & UK Expat Life Assurance

We are currently helping a number of British Expats find a cheaper premiums for their Life Insurance, by introducing them to a specialist Expat Life Insurer who offers Guaranteed Term Assurance. This type of insurance is especially good for British Expats who still own a UK property and still have a UK Bank Account.

In some cases people have approached us who have been offered contracts described as International Term Assurance, Global Protection Plans, International Life Insurance or Global Life Assurance products at four times the premiums charged for a standard Life Insurance policy.

Some of the policies that are available to British Expats living abroad are more suitable to people living in higher risk countries like Russia, Ukraine, Iraq and Afghanistan. We are normally able to arrange Term Assurance, at premiums four times cheaper than these options for people living outside of these areas.

Unusual Risk offer “UK Expat Life Assurance” service on a “Fee Only” basis. This means that the product you receive, does not have any commissions payable to financial advisers and you benefit directly from discounted monthly premiums for the whole duration of your Life Assurance plan.

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 previous articles.

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

EXPATRIATE LIFE ASSURANCE FURTHER UPDATE – AUTUMN 2015

LATEST IMPORTANT NEWS FOR BRITISH EXPATS LOOKING FOR LIFE ASSURANCE AND LIFE INSURANCE

Further to our recent new bulletin announcing the withdrawal of all mainstream UK Life Assurance Companies from insuring British Expatriates, we have prepared this report detailing the availability of Life Assurance and Life Insurance to UK Citizens living abroad.

The withdrawal over the last year of Aviva, Friends Life and Legal & General from offering Life Assurance to British Expats has left many UK Citizens abroad searching for suitable Life Insurance.

As Independent Brokers who have assisted literally hundreds of Expats over the year’s we feel obliged to report the up to date situation to help the British Expat Community living outside the UK.

International Life Insurance & Global Life Assurance

We have been asked a number of times in the last few weeks to advise on several different Life Assurance products describing themselves as “International Life Insurance” and “Global Life Assurance” plans.

These tend to be short term policies, offering Life Assurance with premium rates up to four times those charged by one “UK Expat Life Assurance” provider.

These products could be very useful for people living or working in very high risk countries such as Iraq, Afghanistan, Russia or Ukraine.

However, we feel they are over-priced for people living in more peaceful areas of the world and people in those areas should take advice, from a specialist broker before deciding to apply for this type of cover.

Global Protection Plans & International Term Assurance (Reviewable and Renewable)

We have also have been asked to advise people on Global Protection Plans and International Term Assurance plans, that offer annual reviewable and annual renewable styles of Life Assurance.

Although these also can be effective for people requiring very short term cover over say 12 or 24 months, we feel that these types of Life Assurance leave the policy holder exposed to what is described as the “Claims Experience” of the Insurance Company offering the Insurance.

In one recent case we were asked to find replacement Life Insurance for a client living in Dubai, who’s existing policy had increased from £100 to £150 per month on renewal. If you are eligible to obtain a Life Assurance plan with “Guaranteed” premiums then this would be more advisable as this removes any uncertainty around future premiums.

UK Expat Life Insurance & UK Expat Life Assurance

As you can imagine we have been getting many enquiries, emails and phone calls over the last few weeks from British people living abroad, who are looking for Life Assurance and Life Insurance.  These people did not think the options previously mentioned were suitable for them and they asked us to find them an alternative.

Many of the clients that have approached us asked us to find them a UK Insurance Company that offered “Guaranteed Premiums”and is also friendly towards British Expats.

We are pleased to say that we have found such a company that is happy to insure British Expats and we are now able to offer “UK Expat Life Assurance” on a “Fee Only” basis. This means that the product you receive, does not have any commissions involved and you benefit from discounted monthly premiums for the whole duration of your Life Assurance plan.

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.

Be sure to read our previous news report * http://www.expatriate-life-assurance.co.uk/?p=114

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

Expatriate Life Insurance & Life Assurance … Latest News Autumn 2015

IMPORTANT NEWS FOR BRITISH EXPATRIATES LOOKING FOR LIFE ASSURANCE 

Further to our recent survey which was published in July 2015, we now feel obliged to report that over the last 12 months the majority of UK mainstream insurers have now withdrawn from offering Life Assurance services to British Expatriates and UK Citizens living abroad.

Insurance Companies that have recently withdrawn services to UK Citizens living abroad include Legal & General, Aviva and Friends Life.  Those with existing Insurance plans are likely to be able to keep their existing insurance cover, but will be unable to amend or increase their current Life Assurance arrangements.

People intending to move abroad and are yet to secure Life Assurance are likely to be effected the most by these changes. Over the last few months we have been contacted by worried British Expatriates, along with soon to be British Expatriates, who are looking for Life Insurance cover.

Some of these people need security and protection for their families, children and mortgages whilst abroad and see having Life Assurance is a basic necessity for their peace of mind. It is for this reason we have conducted a detailed assessment of the current availability of Expatriate Life Assurance in the United Kingdom.

We are now able to confirm that we can offer Life Assurance to British Expatriates through a specialist UK insurance company, who are very much “Expat Friendly”. Please note, their product is only available to British Expatriates who still own a property in the UK and maintain a UK Bank account.

This Insurance Provider only offers their product through financial advisers and without any payment of up front commissions. We are therefore electing to offer this service on a “Fee Only” basis, without any involvement of commissions, which then in turn means discounted premiums for our clients.

We feel it is extremely important for us to still maintain Life Assurance and Life Insurance services to UK Citizens living abroad and this new product will allow us to do this. Our new product provider will even arrange a medical for our clients, with an English speaking doctor abroad if necessary.

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.

Visit www.expatriatelifeassurance.co.uk for our free British Expatriate Life Assurance Factsheet

If you require more information on Life Insurance, Life Assurance, or Critical Illness Cover for British Expatriates living abroad you can contact Unusual Risks Mortgage & Insurance Services on UK 0845 474 3075 or International +44 1404 45397, email at Enquiries@unusualrisks.co.uk or web 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

PLEASE NOTE* All applicants should own a property in the United Kingdom and maintain a UK Bank Account.

Expatriate Insurance Survey 2015 …

Unusual Risks, the UK Life Insurance advisers, are today announcing the results of their second Expatriate Insurance Survey. After conducting this latest survey into the availability of Life Insurance and Critical Illness Cover to British Expatriates, they can now confirm that only 33% of UK insurance companies offer Life Insurance products to British Citizens living abroad.

Their survey asked UK Life Assurance companies to indicate if they offered insurance products to British Citizens who spend more than six months abroad per year. Only 33% of Life Assurer’s were prepared to accept insurance applications from people living abroad and only 8% prepared to accept an application for Critical Illness Cover and only in certain circumstances.

Speaking about their survey, Chris Morgan, Lead Financial Adviser of Unusual Risks Said;

‘Obtaining Life Assurance and Critical Illness Cover for British Expatriates living abroad continues to be extremely difficult, with only a limited number of UK Life Assurance Companies now prepared to offer cover to applicants. Many of UK Insurance Companies require an applicant to be resident in the UK for at least six months of the year’. 

‘There are many groups of British Expatriates 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 Expatriates who require Life Assurance to protect family members and financial dependents still resident in the United Kingdom’.   

Within the survey it was also established that several Insurance Companies who initially said they would consider an application from a British Expatriate, in fact had specific rules around the maximum number of years an applicant can spend outside of the UK. This made their product unusable for the majority of British Expatriates who were unable to confirm how long they would be outside of the UK.

Chris Morgan and Unusual Risks have been helping the British Expatriate community for the last five years to arrange all types of Life Insurance and Critical Illness Cover policies for their needs. They are experienced at finding suitable insurance companies and completing all of the correct insurance paperwork for British Expatriates that are living abroad.

Visit www.expatriatelifeassurance.co.uk for our free British Expatriate Life Assurance Factsheet

If you require more information on Life Insurance, Life Assurance, or Critical Illness Cover for British Expatriates living abroad you can contact Unusual Risks Mortgage & Insurance Services on UK 0845 474 3075 or International +44 1404 45397, email at Enquiries@unusualrisks.co.uk or web at www.expatriatelifeassurance.co.uk

PLEASE NOTE* All applicants should be able to offer some form of interest in the United Kingdom such as a UK Property Address. All policies are arranged through leading UK Insurance Companies who collect the premiums from a UK Bank Account.

British Expatriate – Level Term Assurance and Whole of Life Assurance

Unusual Risks were recently approached by Janet (Aged 50) who is a British Expat Property Consultant currently residing in France.

Janet has three dependent children currently at University in England and is concerned about their well being should she pass on whilst living in France. She currently has no Life Assurance in place and would like to see quotations from a Life Assurance company that offers inclusive cover to British Expatriates and UK Citizens that are currently living abroad.

Life Assurance and Life Insurance has become increasingly difficult to obtain for British Expatriates living abroad, as many UK Life Assurance Companies have now withdrawn from offering this type of cover. It is mainly due to regulatory restrictions that a number of UK Insurance Companies have made this decision.

However, there are still some options that mean British Expats and UK Citizens can access Life Assurance whilst living abroad. These companies will normally require that the applicant still has some form of interest in the UK such as a UK property address and will always collect the policy premiums from an existing UK Bank Account.

The Level Term Assurance option offers to protect the individual for a set amount of Insurance for a fixed period of time. For example 20 years or through until the persons retirement age.

The Whole of Life Assurance option option offers to protect the individual for a set amount of Insurance right through until the point that it is needed.

In both cases we are able to arrange a standard UK Life Assurance policy for British Expatriates, who are currently living abroad and even where required arrange a medical and nurse screening with an English speaking doctor in the country that the applicant currently resides.

Unusual Risks are specialists at finding Life Assurance and Critical Illness Cover for British Expatriates living abroad. We are highly experienced at advising UK Citizens and British Expatriates who are looking for Expat friendly Life Assurance, whilst living outside of the United Kingdom.

Visit www.expatriatelifeassurance.co.uk for our free British Expatriate Life Assurance Factsheet

If you require more information on Life Insurance, Life Assurance, or Critical Illness Cover for British Expatriates living abroad you can contact Unusual Risks Mortgage & Insurance Services on UK 0845 474 3075 or International +44 1404 45397, email at Enquiries@unusualrisks.co.uk or web at www.expatriatelifeassurance.co.uk

PLEASE NOTE* All applicants should be able to offer some form of interest in the United Kingdom such as a UK Property Address. All policies are arranged through leading UK Insurance Companies who collect the premiums from a UK Bank Account.

British Expatriate – Critical Illness Cover

Unusual Risks were recently approached by Simon (Aged 41 ) who is a British Expat Banker for a major International Bank …

Simon has Life Insurance and Long Term Sick Pay Benefits with his current employer, but does not have any Critical Illness Cover. He has been posted in Singapore on a fixed term contract for the next two years and he’s concerned about the financial effects should he suffer a serious illness whilst abroad.

He has asked us to find him a Critical Illness policy that offers cover even though he is working abroad on a fixed term contract. The majority of Critical Illness policies that he had looked at before approaching us refused cover to British Expatriates Living Abroad.

Critical Illness Cover is extremely difficult to obtain for British Expats and is only normally offered in limited circumstances. However, there are still some insurance companies that will consider offering Critical Illness Cover if you are working abroad on a fixed term contract.

In Simon’s case we were able to arrange a Level Term Assurance, which included cover for both Life Assurance and Critical Illness Cover. We introduced him to a large UK life assurance company that are friendly towards his current residential status and towards British Expats in general.

Unusual Risks are specialists at finding Life Assurance and Critical Illness for British Expatriates living abroad. We are even able to arrange a medical and nurse screening outside of the UK to satisfy the insurance companies medical requirements.

Visit www.expatriatelifeassurance.co.uk for our free British Expatriate Life Assurance Factsheet

If you require more information on Life Insurance, Life Assurance, or Critical Illness Cover for British Expatriates living abroad you can contact Unusual Risks Mortgage & Insurance Services on UK 0845 474 3075 or International +44 1404 45397, email at Enquiries@unusualrisks.co.uk or web at www.expatriatelifeassurance.co.uk

PLEASE NOTE* All applicants should be able to offer some form of interest in the United Kingdom such as a UK Property Address. All policies are arranged through leading UK Insurance Companies who collect the premiums from a UK Bank Account.

British Expatriate – Life Assurance & Life Insurance

Unusual Risks were recently approached by Paul (Aged 36) who is a British Expat senior executive for an Insurance Company currently working in Bermuda.

He has already has substantial Life Assurance with his employer’s pension scheme, but has decided that he would also like a life assurance policy of his own. This will mean that he will have his own private provision if he is required to move to a different country or employer in the future.

Paul asked us to find him a Life Assurance policy that offered life insurance cover in return for guaranteed monthly premiums, instead of reviewable ones that he had seen elsewhere. This is because he would like the certainty of knowing that his Life Insurance premiums are fixed for the duration of the policy term.

He had found it difficult to find a Life Insurance policy that offered cover to British Expats, that was not on an annual renewable basis, where the premium was reviewed each year. Many of the options that he had found elsewhere for British Expats were for no longer than a 10 year term.

In this case we arranged a Level Term Assurance for Paul over a 40 year term, where the benefit level was a multiple of his salary package. We introduced him to a large UK life assurance company that are friendly towards his current residential status and towards British Expats in general.

We were even able to arrange a medical and nurse screening for him outside of the UK to secure him the policy and satisfy the insurers medical requirements.

Visit www.expatriatelifeassurance.co.uk for our free British Expatriate Life Assurance Factsheet

If you require more information on Life Insurance, Life Assurance, or Critical Illness Cover for British Expatriates living abroad you can contact Unusual Risks Mortgage & Insurance Services on UK 0845 474 3075 or International +44 1404 45397, email at Enquiries@unusualrisks.co.uk or web at http://www.expatriatelifeassurance.co.uk

PLEASE NOTE* All applicants should be able to offer some form of interest in the United Kingdom such as a UK Property Address. All policies are arranged through leading UK Insurance Companies who collect the premiums from a UK Bank Account.