6 Things to Know About Life Insurance and Travel 2023
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6 Things to Know About Life Insurance and travel 2023
When you are applying for life insurance you are often asked questions about your travel in the last 3 years and any travel that you have planned in the near future.
This might seem a bit odd but the insurers need to know this to check whether they can offer you life insurance. This can be linked directly to where you plan on travelling, or it can be linked to a complicated set of rules to do with taxation and residency.
This blog is about life insurance and travel disclosures, it is not discussing travel insurance.
1. Going on holiday or a short business trip shouldn’t be a problem
Most insurers are not too bothered if you are going abroad on holiday for 30 days or less, or a business trip of less than 7 days. You often get standard terms for life insurance if this is the case.
The insurer will often ask if you travel outside of the UK, EU, North America and Australia. If you do this is usually fine if it’s for a short trip, but there are some locations that will lead insurers to decline your application.
Instead of asking if you go on short trips, some insurers will ask you if you spend more than X amount of days or months outside of the UK each year. If you do spend a significant amount of time outside of the UK, that isn’t necessarily an issue, but the insurer will look at your application more in regards to your residency status.
2. Your residency is important
Insurers in the UK want to insure people that live in the UK. Sometimes they are able to insure people living outside of the UK, if they have a UK liability.
There are a number of reasons for this, but a key one is trying to understand why a person wants UK insurance and not insurance in the country that they live in. This could simply be because a person is a UK expat and feels more comfortable with insurance documents they can read in their native language. But, people can also ask for it because they are trying to be a bit naughty and the insurers want to prevent this.
Being a UK tax payer goes a long way into proving that you are a UK resident. There are some occupations where you might not be a UK tax payer, but you can still be classed as UK resident. It’s always worth asking and if need be we can place your life insurance with an international insurance provider.
3. Your GP details are important too
A lot of life insurance applications will need to include details of your GP, in order to process the application. Insurers might ask if you have been with your current GP for at least 6 months, and registered with a UK GP for at least 2 years.
This is so that they know that they can get a clear picture of your health, if they need to speak with your GP about your medical history. It’s also incredibly useful if there is a claim on your life insurance as they should be able to access a good amount of your medical history on record, to assess a claim.
4. Insurers react quickly to world events
5. Different insurers have different views
6. You will be asked on the travel that you intend to do
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Categories: Life Insurance
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