The figure for life insurance was a significant increase from the previous year’s finding of 16% and indicates that British expats now have more options to find adequate life insurance to meet their needs.
Chris Morgan, lead financial adviser of Unusual Risks said, “Over the last year there has been a marked increase in the availability of life insurance products for British expats. Although most of the mainstream UK insurers such as Legal & General, Friends Life and Aviva have withdrawn from offering this type of cover, there are now new options for expats seeing life insurance.
“There are still many groups of British expats 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 expats who require life assurance to protect family members and children who are still resident in the UK.”
Unusual Risks is encouraged by the new availability of critical illness cover for British expats after this had been withdrawn by insurers over the last few years. The company has recently arranged critical illness cover for UK citizens living in countries in Europe and Asia.