FifiJ Posted May 8, 2014 Share Posted May 8, 2014 Hi everyone , I am a 46 year old Mum , married with three dependant children , about to move to Australia in July. I was wondering if anyone can tell me if they have been able to continue contributing to UK life and /or critical illness policies they have in the UK , and therefore if they would pay out if claimed on if living in Australia? I started policies several years ago and I know that to start similar policies in the UK would cost me more now because of my age and health status (I have high blood pressure since taking them out) Does anyone have similar experience? Does the cost of transferring money back to the UK to pay premiums offset any savings made by continuing the older policies? Any advice /tips welcome thanks. Quote Link to comment Share on other sites More sharing options...
blossom Posted May 9, 2014 Share Posted May 9, 2014 I think ones I had in the terms and conditions you had to be a uk resident. Quote Link to comment Share on other sites More sharing options...
dxboz Posted May 9, 2014 Share Posted May 9, 2014 Best check with your insurance company but pretty sure you have to be a UK resident. I do know someone who had to cancel theirs when they left UK Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 9, 2014 Share Posted May 9, 2014 Hi everyone , I am a 46 year old Mum , married with three dependant children , about to move to Australia in July. I was wondering if anyone can tell me if they have been able to continue contributing to UK life and /or critical illness policies they have in the UK , and therefore if they would pay out if claimed on if living in Australia?I started policies several years ago and I know that to start similar policies in the UK would cost me more now because of my age and health status (I have high blood pressure since taking them out) Does anyone have similar experience? Does the cost of transferring money back to the UK to pay premiums offset any savings made by continuing the older policies? Any advice /tips welcome thanks. As said check with your provider, it will depend on the terms and conditions of the policy as to when it was taken out. For some contracts it will not be valid for others it will be but generally the premiums will need to be paid for from a UK Bank Account. If you are told it is still valid then be sure to get it in writing for your records and file it with your policy paperwork. Regards Andy Quote Link to comment Share on other sites More sharing options...
FrankFinancial Posted May 9, 2014 Share Posted May 9, 2014 I appreciate your concerns given your current circumstances. As the other contributors have advised it depends on the Terms & Condition of the policy but in practice, for most mainstream policies, being overseas and living in Australia will not impact your Life & Critical illness plan. That said it can create it own set of challenges when claiming. Smaller firms with cheaper policies are more likely to have such residency clauses.I would go to the insurance company and advise them of your situation. The worst case scenario is that they advise you that you will not be covered, at least you will no longer waste money on a policy that never was going to payout. That said I would keep it until you were sure that you were not returning to the UK.Another option is to apply for cover when you get to Australia, your health issues may not be as serious as you thought and you may be able to get insurance at an equivalent premium. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 9, 2014 Share Posted May 9, 2014 My husband checked with his policy and informed them of relocating to Aus. Was not a problem for him and he pays via our UK account but our residential address is in Aus. Every company is different so just ask yours and see what they say. Quote Link to comment Share on other sites More sharing options...
northshorepom Posted May 9, 2014 Share Posted May 9, 2014 Also depends on visa status to some extent. Most Aus life companies will want you to be resident, which means PR (I checked). Life insurance as part of a super plan is the only way I could get cover on a temporary visa So, I maintain my UK life insurance also, although I am shortly going to cancel it as we've bought a house now so won't be moving back for the foreseeable future, plus the level of cover i get from my super plan is plenty high enough I don't need the UK ins. I couldn't find anything in the T&Cs of my UK life plans to say I wasn't covered if not living in the UK, but I confess I didn't actively ring them on the basis of not wanting to poke snakes with sticks. In hindsight I probably should have, and in your case I would suggest you do, for me my Aussie super cover is enough I don't have to worry about it Quote Link to comment Share on other sites More sharing options...
FrankFinancial Posted May 9, 2014 Share Posted May 9, 2014 Yes even If you are on a 457 visa you still can get Life,TPD,Trauma or income protection depending on the insurance company , if your intention is to permanently stay in Australia. The final policy will have a residency exclusion that if you depart Australia for longer than 3 months then there is no payout. Frank Quote Link to comment Share on other sites More sharing options...
winter1 Posted May 10, 2014 Share Posted May 10, 2014 I am not sure but Andrew may be able to answer this, would the premiums for this be tax deductible here in Australia if the policy is valid in Aus? Quote Link to comment Share on other sites More sharing options...
FifiJ Posted May 11, 2014 Author Share Posted May 11, 2014 Thanks for all your replies. Some very useful information. I will be coming out on a 457 visa and will hope to apply for PR after 2 years, as I am on a five year contract with my future employer. I will contact my insurance companies and see what they say. Thanks Fiona Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 11, 2014 Share Posted May 11, 2014 I am not sure but Andrew may be able to answer this, would the premiums for this be tax deductible here in Australia if the policy is valid in Aus? Unlikely, generally only Income Protection contract premiums are tax deductible on a personal level when owned directly (as opposed to the superannuation environment). If it were an Income Protection policy then I would say that there is a good chance they would be. Quote Link to comment Share on other sites More sharing options...
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