Ahames Posted September 30, 2015 Share Posted September 30, 2015 Hi, we wondered what happens to our UK Life Insurance policies when we move to OZ? Is there an option to cash them in ? Thanks for any advice Anna x Link to comment Share on other sites More sharing options...
itegoa Posted September 30, 2015 Share Posted September 30, 2015 I think you'd need to die to cash them in. FWIW, I recently asked about our life insurance policy (with Legal & General). They say it's OK for us to carry on paying our monthly fee, and it will pay out should anything happen, even if we are living permanently in Australia. It's worth checking with your life insurance co. though - they might not all be the same. Link to comment Share on other sites More sharing options...
Bungo Posted September 30, 2015 Share Posted September 30, 2015 Hi, we wondered what happens to our UK Life Insurance policies when we move to OZ?Is there an option to cash them in ? Thanks for any advice Anna x You have to find out how your policy works, they are not all the same so asking on a forum isn't going to get you the right information. Some life insurance policies are more like savings plans, so there might be a cashing in value. Others will be just like insurance, so unless you make a claim (by dying or becoming critically ill maybe) there is nothing to cash in. It might be possible to continue with the policy if you so wish, but again that is something you would need to ask your company. Link to comment Share on other sites More sharing options...
Ahames Posted September 30, 2015 Author Share Posted September 30, 2015 I think you'd need to die to cash them in. FWIW, I recently asked about our life insurance policy (with Legal & General). They say it's OK for us to carry on paying our monthly fee, and it will pay out should anything happen, even if we are living permanently in Australia. It's worth checking with your life insurance co. though - they might not all be the same. Fab, thanks very much. I shall investigate Anna x Link to comment Share on other sites More sharing options...
Ahames Posted September 30, 2015 Author Share Posted September 30, 2015 You have to find out how your policy works, they are not all the same so asking on a forum isn't going to get you the right information. Some life insurance policies are more like savings plans, so there might be a cashing in value. Others will be just like insurance, so unless you make a claim (by dying or becoming critically ill maybe) there is nothing to cash in. It might be possible to continue with the policy if you so wish, but again that is something you would need to ask your company. Thanks, I will investigate with them. Anna x Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2015 Share Posted September 30, 2015 We ensured we kept ours. Our insurance company said so long as when we had taken out the policy we had done so in good faith and had not been planning to migrate, they had no issue we were moving overseas. We have to pay from our UK bank account a DD each month is all. We'd had the policy long before we decided to migrate so decided to keep it. Its cheaper than taking one out here and we get a better policy deal. ETA - You need to contact your company direct and ask them what your options are. And if they say ok keep the policy when you've moved overseas, get it in writing. Link to comment Share on other sites More sharing options...
kevsan Posted October 1, 2015 Share Posted October 1, 2015 Exactly the same for us. I also got them to confirm in writing and so have a letter from Legal & General stating that as long as we continue with the premiums we are covered wherever we live in the world. Link to comment Share on other sites More sharing options...
winter1 Posted October 3, 2015 Share Posted October 3, 2015 Hi, we wondered what happens to our UK Life Insurance policies when we move to OZ?Is there an option to cash them in ? Thanks for any advice Anna x I had a couple of endowment policies and was able to carry them on to maturity. There is however the chance that any payment on maturity is taxable in Oz as opposed to tax free in the UK. There is a limit below which no tax is liable I think it was around $50000 when mine paid out. The life insurance part is probably worth hanging on to. The ATO website has more info and examples. Link to comment Share on other sites More sharing options...
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