Cover is available for Non-UK residents with an insurable interest or financial liability in the UK. Examples of acceptable financial liabilities include a mortgage on a UK property, a dependant spouse and/or young children living in the UK. A UK inheritance tax liability. Being responsible for paying a relatives UK private school, university or care home fees. Or a UK company that has overseas key persons or shareholders.
If are an expat with financial liability in the UK and have a UK, Channel Islands, Isle of man or Gibraltar bank account to pay the premiums from, we are able to offer products including:
Level and decreasing (mortgage) term assurance that provides a lump sum, whole of life insurance with an open-ended term family income benefit that provides a monthly income in the event of a claim as well as three different critical illness options to suit various circumstances and budgets.
Policies can be for an individual’s own life or indeed the life of another provided the policy owner would suffer a financial loss as a result of the death of the life insured.
If you have lived with your partner for a long time you may believe that you have the same rights as married couples or those in a civil partnership. However, you would be wrong.
In the UK there is no such thing as a ‘common law marriage’ in the eyes of the law and there are no rights attached. This can mean you put you and your partner at financial risk if you don’t make proper arrangements.
For example, no matter how long you’ve been living together, if one of you dies, the other will not automatically inherit their assets. And, co-habiting partners are not automatically entitled to a share of finances after a split, or to their partner’s pension after he or she dies.
Making appropriate financial arrangements is essential but new research has found that only a small number of co-habiting couples have taken steps to protect their partner in the event of death or illness. Keep reading to find out more.
Unmarried couples less likely to take out life insurance
A new survey has found that while the number of unmarried co-habiting couples has rapidly increased in the past decade, few are likely to take out life insurance.
The study of 2,000 people by Santander Insurance found that finances were a major factor for people wanting to move in together. However, just 23 per cent of respondents would rely on life insurance in the event of the death or illness of their partner, meaning that the majority of people could find themselves under huge financial pressure if the worst were to happen.
Mark Russell, the head of marketing at Santander Insurance said: “There has been a significant increase in the number of unmarried family units and unmarried couples tend to consider life insurance less than married couples.”
If you plan to co-habit it is important that you make sure your pension and life insurance arrangements provide for your partner. For example, couples who live together, unlike married couples, are not entitled to receive the state pension or bereavement allowance for deceased partners. In addition, many occupational pensions will not pay out to unmarried partners.
Experts suggest that you take out some form of life and critical illness insurance in order to provide a lump sum for your partner were the worst to happen. If you put these policies in trust and make a will you can ensure that the proceeds are paid to your partner – even if you are not married.
While most co-habiting couples are made up of a man and a woman, there are also an estimated 69,000 families consisting of a same sex cohabiting couple and an additional 66,000 civil partnered couples in the UK.
If you live with your partner but you’re not married or in a civil partnership, the rules governing your financial arrangements are different to married couples. Next, we look at what co-habitation means to you and why co-habiting couples are more likely to leave their partners at financial risk.