weesquaw79 Posted November 4, 2014 Share Posted November 4, 2014 Hi All Funny to find myself back on here 3+ years after making the move...however After having a bit of a gut out of paperwork over the weekend - came to the HORRIBLE realisation that we have continued to pay critical illness and term (mortgage) insurances since we left and the policies do not cover you if you are out with UK longer than 6 months. To say this has been a small fortune is an understatement. Our financial advisor knew we moved out here - yet said nothing, suggested nothing not even for us to check and my complete own fault - it never even crossed my mind that I wouldn't be covered from a residency perspective. Is there any one on here who can offer advice - would appreciate it. Would be happy to scan in the policy wording if anyone thinks there is anything we can do. I am now needing to start looking at what happens regarding NI, pensions bla bla bla...HORROR Cheers Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 4, 2014 Share Posted November 4, 2014 Hello Firstly you should contact your insurance company directly and explain the situation to them and let them confirm whether you are covered or not. It is possible you are not but there are also cases whereby the cover is still ok to be maintained and the insurance would hold. If it is allowed to be continued ensure you get it from them in writing if not then unfortunately that is how the land lies. If it is the case you are not covered then regards your Financial Advisor my opinion is that unless he knew at the time of providing advice in relation to the cover when it was initiated your intention was to move overseas there really is not too much that he is at blame for or unless you have had a review of the insurance with him since and at that time he knew your intention was to move overseas and his recommendation was for you to maintain the cover you then perhaps have a case but otherwise I do not think you would have. That said he should of perhaps mentioned to you at the point in time you mention he knew you were moving to check that the insurance would still be ok to cover you if you moved overseas however this would depend on the capacity he spoke to you in when you had the conversation. Regards Andy Quote Link to comment Share on other sites More sharing options...
Cass1e04 Posted November 11, 2014 Share Posted November 11, 2014 Hello Firstly you should contact your insurance company directly and explain the situation to them and let them confirm whether you are covered or not. It is possible you are not but there are also cases whereby the cover is still ok to be maintained and the insurance would hold. If it is allowed to be continued ensure you get it from them in writing if not then unfortunately that is how the land lies. If it is the case you are not covered then regards your Financial Advisor my opinion is that unless he knew at the time of providing advice in relation to the cover when it was initiated your intention was to move overseas there really is not too much that he is at blame for or unless you have had a review of the insurance with him since and at that time he knew your intention was to move overseas and his recommendation was for you to maintain the cover you then perhaps have a case but otherwise I do not think you would have. That said he should of perhaps mentioned to you at the point in time you mention he knew you were moving to check that the insurance would still be ok to cover you if you moved overseas however this would depend on the capacity he spoke to you in when you had the conversation. Regards Andy Andy i have existing life insurance in UK, we are emigrating shortly. Will check if existing can be transferred, but would it be better and possibly cheaper taking comparable policy out in OZ My intention was to keep a sum in UK bank account and just carry on paying via direct debit. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 19, 2014 Share Posted November 19, 2014 Andy i have existing life insurance in UK, we are emigrating shortly. Will check if existing can be transferred, but would it be better and possibly cheaper taking comparable policy out in OZ My intention was to keep a sum in UK bank account and just carry on paying via direct debit. Hi Firstly sorry for the late reply. Without knowing the full circumstances I would not be able to advise on whether it would be better to have the policy here or in Oz. Again in relation to premiums without having all of the information I cannot say if it is cheaper here or there however in my experience generally UK retail life only policies do seem to cost less then Aussie retail policies. I would suggest that you establish whether it will remain valid if living overseas, if so ensure you get a letter from the insurance company confirming this for your file. Regards Andy Quote Link to comment Share on other sites More sharing options...
Guest Posted November 20, 2014 Share Posted November 20, 2014 Our policies for life insurance and critical illness cover were valid in Australia so some definitely are. We did eventually stop the critical illness cover as our GESB pension offered equivalent cover. Coming back to the UK we found the policy cost had increased dramatically - obviously the older you are when you take these policies out the higher the risk of you claiming and the more expensive they are. Obviously if they aren't valid in Australia then there is nothing much you can do but cancel them. They weren't mis-sold and I think Andrew's probably spot on with his advice - if you had a financial review with your IFA explicitly to discuss your financial affairs in the context of moving to Australia then you may have a case for compensation. There are processes you would need to follow to complain, have a look at the Financial Service Ombudsman website http://www.financial-ombudsman.org.uk Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 20, 2014 Share Posted November 20, 2014 Our policies for life insurance and critical illness cover were valid in Australia so some definitely are. We did eventually stop the critical illness cover as our GESB pension offered equivalent cover. Coming back to the UK we found the policy cost had increased dramatically - obviously the older you are when you take these policies out the higher the risk of you claiming and the more expensive they are. Obviously if they aren't valid in Australia then there is nothing much you can do but cancel them. They weren't mis-sold and I think Andrew's probably spot on with his advice - if you had a financial review with your IFA explicitly to discuss your financial affairs in the context of moving to Australia then you may have a case for compensation. There are processes you would need to follow to complain, have a look at the Financial Service Ombudsman website http://www.financial-ombudsman.org.uk Hi Are you sure it is Critical Illness Cover (CIC), I would say that this is quite unlikely as Super Funds generally do not offer CIC, the cover generally offered is Life, TPD (lump sum cover) and Income Protection (monthly income replacement), generally CIC is only offered as retail cover. Andy Quote Link to comment Share on other sites More sharing options...
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