Uk Life Insurance

[colinthailand20005]

I am a British national, and wish to buy life insurance, I don't trust the insurance companies here in Thailand, and want to buy it in the UK also it is cheaper and can get much higher coverage than Thailand, I have looked at some companies ket facts documents, and they say if you move abroad and have critical illness cover or premium waiver cover they need to be informed, does not mention anything else. I have a UK address I can use for correspondance. If I can I would like to have a joint policy covering my Thai wife, if possible anyone had any experiance with this? I am here as a long term tourist on a non O visa, with visa runs, visiting my wife who supports me now & then.

[Lickey]

I tried in the UK 5 years ago before i left, no company would entertain it, i had to cancel my [at the time] policies, got a thai cover now, same sort of jargon, perhaps worse..

[cardholder]

Certainly, the mainstream UK insurers will not touch a non-resident.

Their rates and risks are evaluated based on living in the UK - they cannot assess these risks in other countries.

A couple of options:-

1. Lie - claim you are living in the UK and intend to continue to do so. This runs the risk of a future claim being investigated/refused. I did this (for a small amount) and there was enough evidence to show that I was not resident in Thailand at the time.

2. Buy cover in Thailand.

3. Try brokers like these:-

http://www.moneyworld.com/Life-Insurance/International.htm

I have no idea who they will obtain cover from but, they advertise life cover for non-residents.

[Maestro]

Never lie on an insurance application. When an insured event occurs, the company will dig deep, will discover the lie, and will refuse payment.

[cardholder]

Never lie on an insurance application. When an insured event occurs, the company will dig deep, will discover the lie, and will refuse payment.

I agree that any false declaration could render a policy void.

However, there are a few interesting scenarios e.g.

Mr A has a Thai g/f and regularly visits Thailand, spending one month at a time, 4 times a year.

On one of his return trips to the UK he decides he wants to take out life cover and completes a proposal form. On the form he answers "No" to the following question:-

Have you in the last five years lived or worked abroad, are you currently doing

so or do you intend to in the future?

Yesterday he take out £50,000 insurance, tomorrow he moves to Thailand. Later he dies in Thailand. What will the insurance company do ?

[jingjingna]

Friends Provident International offer plans specifically designed for Asian Expats.

Premiums are fixed for duration of the plan. Another is William Russell premiums not fixed and plan is 'portable'.

Hope this helps!

[JoePai]

Got my Brit life insurance from the sponsors here - Thai Visa brokers - good deal

[lingyaiyai]

Never lie on an insurance application. When an insured event occurs, the company will dig deep, will discover the lie, and will refuse payment.

I agree that any false declaration could render a policy void.

However, there are a few interesting scenarios e.g.

Mr A has a Thai g/f and regularly visits Thailand, spending one month at a time, 4 times a year.

On one of his return trips to the UK he decides he wants to take out life cover and completes a proposal form. On the form he answers "No" to the following question:-

Have you in the last five years lived or worked abroad, are you currently doing

so or do you intend to in the future?

Yesterday he take out £50,000 insurance, tomorrow he moves to Thailand. Later he dies in Thailand. What will the insurance company do ?

Refuse payment - Mr A clearly intended to live abroad when he completed the proposal and, as it takes some time to issue policies, would have been living abroad by the time the cover came into force anyway. He would also have some difficulties if they asked for a medical examination, which they would expect to be conducted in the UK. In any event, insurance companies will almost certainly refuse payment if they have issued a policy at a lower premium than they would have charged had they been told the truth!

We have joint cover with Friends Provident's Isle of Man office, the (fixed) premium was based on my wife being 7 years older than she really is because she is Thai. We were living in Thailand when we made the application. The premium is nearly 3 times as much as like for like would have been at UK rates, but I wanted to be able to understand (and comply with) the small print, which I would never have been able to do out with a locally issued contract even though that may have been cheaper.

[cardholder]

Never lie on an insurance application. When an insured event occurs, the company will dig deep, will discover the lie, and will refuse payment.

I agree that any false declaration could render a policy void.

However, there are a few interesting scenarios e.g.

Mr A has a Thai g/f and regularly visits Thailand, spending one month at a time, 4 times a year.

On one of his return trips to the UK he decides he wants to take out life cover and completes a proposal form. On the form he answers "No" to the following question:-

Have you in the last five years lived or worked abroad, are you currently doing

so or do you intend to in the future?

Yesterday he take out £50,000 insurance, tomorrow he moves to Thailand. Later he dies in Thailand. What will the insurance company do ?

Refuse payment - Mr A clearly intended to live abroad when he completed the proposal and, as it takes some time to issue policies, would have been living abroad by the time the cover came into force anyway. He would also have some difficulties if they asked for a medical examination, which they would expect to be conducted in the UK. In any event, insurance companies will almost certainly refuse payment if they have issued a policy at a lower premium than they would have charged had they been told the truth!

We have joint cover with Friends Provident's Isle of Man office, the (fixed) premium was based on my wife being 7 years older than she really is because she is Thai. We were living in Thailand when we made the application. The premium is nearly 3 times as much as like for like would have been at UK rates, but I wanted to be able to understand (and comply with) the small print, which I would never have been able to do out with a locally issued contract even though that may have been cheaper.

Have you actually worked in insurance industry ?

[Patronus]

Interesting opinions.

Let us consider another situation. I have a friend who 25 years ago took out life cover. 24 years ago he moved to Thailand. It wasn't his intention to do so but his UK marriage ended and he discovered Thailand. Do you think the insurance company would squirm on that one ?