Guest sluggy Posted January 19, 2008 Share Posted January 19, 2008 Hi, taking the plunge with my first question, so here goes. I have a question that is knawwing away at me, although hubby says there are plenty of other things to worry about - so I thought someone on here may be able to help. The question is this - we have two life insurances, one endowment we are paying into and will continue whilst in Oz, critical illness cover and two good NHS Pensions (15 yrs each) Can we continue paying into the life insurances (they have no cash in value) and will they pay out in the event if we are in Oz? Is the critical illness cover worth continuing? Is it easy to get life insurance in Oz? My OH dad had a serious heart attack at 50, as did his grandfather, and i am paronoid - morbid i know, but i can't handle the idea of being left on my own in Oz with three youngsters to raise with no money. OH does understand - i think he just doesn't want to think about it. Any thoughts? Thanks, Edith (40 Nurse), Martin (39 Healthcare project engineer), Megan (10), Kieran (8) and Ewan (2) Link to comment Share on other sites More sharing options...
Guest EM&M Posted January 20, 2008 Share Posted January 20, 2008 Hi, taking the plunge with my first question, so here goes. I have a question that is knawwing away at me, although hubby says there are plenty of other things to worry about - so I thought someone on here may be able to help. The question is this - we have two life insurances, one endowment we are paying into and will continue whilst in Oz, critical illness cover and two good NHS Pensions (15 yrs each) Can we continue paying into the life insurances (they have no cash in value) and will they pay out in the event if we are in Oz? Is the critical illness cover worth continuing? Is it easy to get life insurance in Oz? My OH dad had a serious heart attack at 50, as did his grandfather, and i am paronoid - morbid i know, but i can't handle the idea of being left on my own in Oz with three youngsters to raise with no money. OH does understand - i think he just doesn't want to think about it. Any thoughts? Thanks, Edith (40 Nurse), Martin (39 Healthcare project engineer), Megan (10), Kieran (8) and Ewan (2) You will be better to speak to them regarding the life insurance and if it will cover you. We have a life insurance policy in the UK to cover our house if anything happened to one of us and that was o problem. Although we did try to take out a further policy but because we were leaving the country they wouldnt allow us to. Em x Link to comment Share on other sites More sharing options...
Guest PIPPADEE Posted January 20, 2008 Share Posted January 20, 2008 You will be better to speak to them regarding the life insurance and if it will cover you. We have a life insurance policy in the UK to cover our house if anything happened to one of us and that was o problem. Although we did try to take out a further policy but because we were leaving the country they wouldnt allow us to. Em x I have life insurance and have just checked with them regarding being covered while living in OZ. I am still covered as long as the payment remain coming out of a UK bank account. Hope this helps Pippadee Link to comment Share on other sites More sharing options...
Guest Liam Posted January 20, 2008 Share Posted January 20, 2008 Hi Edith Best thing you can do is keep the UK policies running while you move and then look to getting replacement covers over here when you move. You as a nurse and your Hubby in the same industry should be able to get into a Industry Superannuation scheme like HESTA or First State Super where you can get some automatic Life, TPD and Income Replacement Cover and you can also apply for extra units to suit your needs. If not then just see a Financial Planner and he can broker your case to get you a good deal. I think you are right to think about it as it as it would be difficult to manage in a new country if anything happened. If life insurance can cater for at least part of your concerns by removing the financial worry then it is worthwhile. Always a good idea to cover up to 8-10 times your salary to cover mortgage and childcare for a single parent at least. You should get some advice on your personal circumstances to make sure you get the right cover to suit your needs. DO NOT UNDER ANY CIRCUMSTANCES CANCEL UK POLICIES BEFORE YOU HAVE REPLACED THEM IN AUSTRALIA. It would be worth a quick call to each of the UK companies to check if their cover will still be in force while you are in your first year in Oz. Hope this helps Liam Link to comment Share on other sites More sharing options...
Guest sluggy Posted January 21, 2008 Share Posted January 21, 2008 Hi all, A big thank you for your helpful responses Doh! Pretty obvious to get in touch with the providers - must be mentalmeltdown!! Thanks all again Edith Link to comment Share on other sites More sharing options...
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