Guest clayton gang Posted May 19, 2007 Share Posted May 19, 2007 [COLOR="Red]Hi I was just wondering if anyone knew anything about life insurance. Can you continue with the life insurance you have in the UK or do you have take it out in Australia ? If you have to take out in Australia does anyone anything about it please. Thanks Jenny:) [/color] Link to comment Share on other sites More sharing options...
Guest thepriceclan Posted May 19, 2007 Share Posted May 19, 2007 Hi, I am wondering the same thing. We have a policy each and we are going to contact the insurance company and ask them when we get round to it. I will be interested in any info regarding this subject. Sarah Link to comment Share on other sites More sharing options...
Guest Abi&Dan Posted May 31, 2007 Share Posted May 31, 2007 Hadn't really though of this - it would be very useful to carry on the insurance for at least a while until some could be set up in Oz. However, you must tell the insurer you're emigrating (if they say you can maintain cover I would insist they put it in writing too - with all the terms etc that it entails) - if you don't tell them and something were to happen after you'd left the country they would almost certainly not pay out - and that's the last thing your family would need in that circ. Would be interested to hear if anyone's contacted their insurer though and been told whether it is possible? :wub: Link to comment Share on other sites More sharing options...
Anderson Posted May 31, 2007 Share Posted May 31, 2007 We dont have a life ins, But do have an endownment that has life ins as well with Friends Prov. They have said as long as we keep paying we will still get the cover and we have that in writing so its worth asking. Link to comment Share on other sites More sharing options...
Guest clayton gang Posted May 31, 2007 Share Posted May 31, 2007 We dont have a life ins, But do have an endownment that has life ins as well with Friends Prov. They have said as long as we keep paying we will still get the cover and we have that in writing so its worth asking. Hi Thanks for your reply. That's quite interesting to know. We also have 2 endowments, plus our life insurance. We thought we would have to cash the endowments in. Jenny:wideeyed: Link to comment Share on other sites More sharing options...
Guest Banoff Posted June 1, 2007 Share Posted June 1, 2007 What will happen when they mature will you have to pay tax? Jan:huh: Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted June 3, 2007 Share Posted June 3, 2007 What will happen when they mature will you have to pay tax? Jan:huh: G'day A VERY good question Jan. And sadly there's not an easy answer. I suggest getting in touch with a qualified financial advisor or accountant to get advice specific to your circumstances. We have two (small) endowments and it seems that one of them will be free of Aussie tax but the other one will be taxable. It really does depend on the wording of the policy, when it was taken out, who it is with and how long you've paid it in the UK and how long you've paid it here. Link to comment Share on other sites More sharing options...
Guest Banoff Posted June 3, 2007 Share Posted June 3, 2007 Thanks Bob, do you mean an adviser in England or Australia? Jan :unsure: Link to comment Share on other sites More sharing options...
joetrac Posted June 4, 2007 Share Posted June 4, 2007 Hi it will all depend on the individual policy.In the uk I was a bank manager and each policy that we sold had individual restrictions.Best thing for you to do is contact the company direct they should have a working knowledge of your own policy. Can I also advise you get the responce in writing as I have seen many people lose out on payment because they claim to be ill advised but they could not prove it. The endownment fiasco is a prime example of this :shocked: Link to comment Share on other sites More sharing options...
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