Expat Community > Kazakhstan

davidmead
Joined 2012
Posts: 1

Life cover for British workers in Kazakhstan

12 years ago

A very important consideration for many people working in Kazakhstan is their life insurance cover, and more pertinently, is the cover valid, and where do I go to arrange new or replacement cover’? Most UK based life insurance companies will consider offering cover subject to underwriting, and an applicant would have to fulfil the particular insurer’s criteria. The problem is that most workers are likely to be paying well over the odds for their cover (as their premium was loaded because they are working in Kazakhstan) and could be blissfully unaware that there maybe considerable savings to be made.

Issues that Insurance companies will take into account, apart from the applicant’s age and health would be the type of industry they work within and their job description. How many months a year do they work in Kazakhstan, and how frequently do they travel?

They will also stipulate that the premiums must be paid from a UK bank account the insured individual(s) must have a UK address.

I was recently approached by an individual who had been working in Kazakhstan for many years. His job was office based and he was travelling from the UK to Kazakhstan at least 7 – 8 times a year. Cumulatively he is working in Kazakhstan 7 months a year.

After discussing his requirements I approached most of the UK’s largest insurers to see what terms (subject to underwriting) that they might be prepared to offer, and I was amazed by the range of responses. All companies bar 1 were offering potential cover with a loading of between 100% and 200%, that is to say an increase of double or even triple on the basic premium being quoted. However there was some good news, there was one major insurance company who did offer our client standard terms (cover at the basic premium originally quoted), thus saving him over £150 per month.

The moral to this tale is very much to shop around, or find an Independent specialist broker who has experience in this area. It could save you a lot of time and wasted applications!

If you would like to discuss your options, please email me at: [email protected]
or call me in the UK on 01737 735680
Future Proof Ltd is authorised & regulated by the Financial Services Authority. FSA No. 556079

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