Life Life insurance for expats

Discussion in 'Insurance not covered in other forums' started by Sagit, Jan 9, 2014.

  1. Sagit

    Sagit Registered User

    Posts:
    50
    I am trying to take out a 25-year life insurance and serious illness policy. I tried FBD, who provided some good quotes, but they found that because I currently reside in Dubai, I cannot take out a policy, even though I maintain Irish bank accounts and will some day move back to Ireland.

    Can anyone recommend some insurance providers for an expat like me?

    Thanks,
     
  2. SBarrett

    SBarrett Frequent Poster

    Posts:
    1,890
    Hi Desert

    The issue is with your residency. The sale and solicitation of the business must take place in Ireland. Central Bank rules. If you come back to Ireland, even for a break, you can take out the policy then.


    Steven
    www.bluewaterfp.ie
     
  3. Sagit

    Sagit Registered User

    Posts:
    50
    Hi Steven,

    Thanks for the reply. I think one problem with your suggestion would be that I would also want a policy for my wife, and she (a) lives with me in Dubai and (b) is not a European citizen and has never resided in Ireland. Therefore, we couldn't provide residency proof or utility bills etc.
    Any thoughts?
    I'm looking at a policy with Zurich in Dubai, but I'm getting less bang for the buck if I go with them, as it were.
     
  4. SBarrett

    SBarrett Frequent Poster

    Posts:
    1,890
    Hi Desert

    I looked into this a bit more for you. Most product providers are only licenced to transact business in the Republic of Ireland (so much for freedom of goods and services!). The test they have to satisfy is the habitual residence of the policyholder.

    As neither you nor your wife habitually reside in Ireland, even if you do use an address in Ireland, in the event of a claim, especially if death happens in Dubai, there are grounds for them to declare the contract null and void.

    You're better off paying the extra for a policy in Dubai, at least you will be sure that there will be a pay out in the event of a claim. If you come back to Ireland. you can always set up an new plan here.

    Steven
    www.bluewaterfp.ie
     
  5. Bedlam

    Bedlam Frequent Poster

    Posts:
    246
    Hi

    A married couple moving back to Ireland in late 2017 have obtained mortgage approval for a house purchase here. Require mortgage protection cover to draw down the loan but cant get it due to residency rules. It seems strange that they get the loan but not the necessary cover

    Any thoughts / suggestions

    Bedlam