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on this News Blog over the last 12 months, Insurance Companies like Legal & General, Friends Life and Aviva have all withdrawn availability of their products for British Expats.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