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British Expats – Life Insurance & Critical Illness Cover

A way to help protect your family's finances, such as mortgage repayments, if you die or become critically ill while living outstide the UK.

Did you know it's now possible for many British expats to get Life Insurance that isn't limited to a 10-year maximum term?

Not only are longer-term policies available (up to 40 yrs or more), the monthly cost is often comparable to what you could be paying if you still lived in the UK.

Moneysworth can help you find Life Insurance if you live or work abroad – even if you have an existing health condition.

What types of Life Insurance are available to expats?

In the past, with a few exceptions, British expats could expect to find life cover for a maximum term of 10 years and premiums would typically be higher than those paid by someone living in the UK. So if you wanted cover for a longer term you would need to reapply after 10 years, and if accepted you could be charged an increased monthly cost for the new policy. But now things have changed!

It's now possible for many British expats to apply for:

  • Life Cover for mortgages in the UK
  • Level Life Cover for up to 40 years or more
  • Decreasing Life Cover for up to 40 years or more
  • Whole of Life Cover

Are there any special requirements for applying for this new type of Life Cover for expats?

You'll need to have at least one of the following:

  • A mortgage in the UK
  • OR a potential inheritance tax liability in the UK
  • OR ownership of a business registered & based in the UK.
  • OR financially dependent family members living in the UK, for example, your spouse or partner, your children, or an older relative (if you are financially helping them).

If you don't meet any of the above criteria, we may still be able to help you arrange a policy.

In the majority of cases, we succeed in finding people the life cover they need, at a price they can afford.

If the country you're living in is considered relatively safe, there's a good chance that the rates we can get for you will be comparable to what you'd pay if you still lived in the UK.

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What about Critical Illness Cover for expats?

We are also able to help many British expats find Critical Illness Cover.

This can be included with Life Cover and is typically no more expensive than Critical Illness Cover on its own.

What if you have a pre-existing health condition?

If you have a pre-existing health condition, it's generally more difficult (or impossible) to obtain Critical Illness Cover. It's still worth asking us though – we promise to do our best!

Unsure if you need Life Insurance?
Want to know more?

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Expats and Life Insurance – your questions answered

Ideally, you should consider your Life Cover needs before leaving the UK because some options may no longer be available once you’ve left.

Also bear the following in mind:

  • Most UK insurers will not offer a new policy after you’ve become non-resident.
  • Most UK insurers will not offer new cover to people who are intending to reside outside the UK within the next two years.

There are solutions available and we are able to help – get a quote today!

The reasons you may want to consider Life Cover are generally the same as if you were still living in the UK:

  • Family protection – provide a cash lump sum for your loved ones to live on if the worst happens. This can be used to help cover significant ongoing family expenses, such as school fees.
  • To repay a mortgage – perhaps on your current home and/or for property in the UK
  • Inheritance Tax – to assist your children by providing funds to pay your expected IHT liability.

Currently it's impossible to get Life Cover or Critical Illness for expats living in the USA.

For other countries, it depends on the current circumstances and your location in that country.

If you already have cover in place but it seems expensive or is limited to a shorter term than you wanted, it could be a smart move to talk to Moneysworth – we might be able to find cover that better matches your current needs!

We don't charge you a fee

If you start a policy, we will be paid a commission by the insurance company. The insurance company will usually pay for any doctor's fees if reports are required.