Expats covered by 33% of UK insurers

clock

British expatriates can get life insurance products from 33% of UK insurers, a survey by Unusual Risks has found.

The survey of UK life insurers asked if they offered products to Britons who spend more than six months of the year abroad - finding 8% offering critical illness in certain circumstances.

Among insurers who would consider applications from British Expats, several had rules about the maximum number of years an applicant can spend outside the UK.

As the majority of expatriates cannot confirm how long they will be outside the UK, this means that many providers' products would be unsuitable.

Chris Morgan, lead financial adviser of Unusual Risks, said: "Obtaining life assurance and critical illness cover for British Expatriates living abroad continues to be extremely difficult, with only a limited number of UK Life Assurance Companies now prepared to offer cover to applicants.

"Many of UK iInsurance companies require an applicant to be resident in the UK for at least six months of the year'.

"There are many groups of British Expatriates that have genuine reasons for needing a UK based life assurance plan, such as those with property interests, outstanding mortgages or tax interests in the UK.

"We have also met British Expatriates who require life assurance to protect family members and financial dependents still resident in the United Kingdom."

Further Reading:

How far will your client's life policy take them?

Substantial growth in interest for IP and CI among HIV positive people

UK firms employ nearly 5m abroad - Jelf

More on International PMI

Health Compass launches to help intermediaries with IPMI requirements

Health Compass launches to help intermediaries with IPMI requirements

New broker technology platform

Hemma Visavadia
clock 27 April 2022 • 1 min read
Cigna Europe expands Whole Health wellbeing proposition for multinationals

Cigna Europe expands Whole Health wellbeing proposition for multinationals

"More awareness is urgently needed"

Hemma Visavadia
clock 22 March 2022 • 2 min read
Dr Samantha Roberts appointed NICE chief executive
PMI

Dr Samantha Roberts appointed NICE chief executive

Effective 1 February 2022

John Brazier
clock 20 December 2021 • 1 min read

Highlights

Key Interview: Isobel Langton, The Exeter

Key Interview: Isobel Langton, The Exeter

Cost of living and women in protection

John Brazier
clock 21 June 2022 • 1 min read
Bereavement support: Is the protection industry doing enough?

Bereavement support: Is the protection industry doing enough?

“There is a massive ripple effect when someone dies”

Georgie Lee
clock 16 June 2022 • 5 min read
Phil Jeynes: Women in Protection remains a necessary event - here's why

Phil Jeynes: Women in Protection remains a necessary event - here's why

Phil Jeynes, director of corporate strategy at Reassured, shows why events such as the Women in Protection Network Conference are important to the industry by busting the myths that still surround them.

Phil Jeynes
clock 10 June 2022 • 5 min read