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Guest spock

Life Insurance Question - capital gains tax

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Guest spock

I bought my life insurance some years back. Most people are aware that this is cheaper when you are young because you are less likely to die. Now we are moving to Australia, will I need to buy new life insurance over there?

 

My current provider says as long as the premiums are drawn on a UK bank account that's OK, but in the case of an untimely death and payout, will the payout be subject to Australian capital gains tax?

 

Obviously that would defeat the object of having it!

 

Does anyone know?

 

Thanks,

 

Spock.

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