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Life insurance policies for Irish expats

  • 07-01-2014 4:30pm
    #1
    FURET
    Closed Accounts Posts: 685 ✭✭✭


    Hi,

    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,


Comments

  • #2
    Russian Spy
    Registered Users, Registered Users 2 Posts: 19 ✭Russian Spy


    I have exactly the same problem, the insurance firms are referencing a directive from the central bank to eliminate money laundering. I would also appreciate any information people may have.


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    is there a reason you cant take a policy out where you reside ?


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    They are no licenced to sell policies outside the jurisdiction, so if you are not resident they can not do business with you. It is the same with many financial products.


  • #5
    FURET
    Closed Accounts Posts: 685 ✭✭✭FURET


    D3PO wrote: »
    is there a reason you cant take a policy out where you reside ?

    I can do so, and just did. But the terms are pretty crumby when compared with those offered by Irish insurers:
    • Critical Illness premium subject to regular review
    • Not indexed to inflation
    • No payout on second death
    • No option to renew after the term without medical test.

    In the end I went with Friends Provident, applying as a UAE-based expat. By far the best of a bunch of not-so-great offers.


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