SJT Posted April 16, 2013 Report Share Posted April 16, 2013 Hello I am sure someone out there must know the answer to this one. We are planning on keeping our life insurance going once we move to Perth, I have spoken to them and they have confirmed that as long as we pay our premiums from a UK bank account the policy will still be in force. Now the question I need answering is, if god forbid the worse happens and one of us dies, do we pay tax to the Australian government on the payout of the policy as it is not an Oz policy or is it not classed as "income" as such and not taxable. Thanks for any help you can give. SJ Quote Link to comment Share on other sites More sharing options...
Guest guest9824 Posted April 16, 2013 Report Share Posted April 16, 2013 Hello I am sure someone out there must know the answer to this one. We are planning on keeping our life insurance going once we move to Perth, I have spoken to them and they have confirmed that as long as we pay our premiums from a UK bank account the policy will still be in force. Now the question I need answering is, if god forbid the worse happens and one of us dies, do we pay tax to the Australian government on the payout of the policy as it is not an Oz policy or is it not classed as "income" as such and not taxable. Thanks for any help you can give. SJ SJT I would be interested in replies to this, we have a endowment policy ,maturing next year after 25 years, :ssign19:wonder if that is subject to oz tax when it's paid out. pea Quote Link to comment Share on other sites More sharing options...
Rossmoyne Posted April 21, 2013 Report Share Posted April 21, 2013 Well I had an endowment policy in UK but it was with an Australian Insurance Company (AMP)... Didnt pay tax on the payout, but sure would not recommend that bunch of whatsits to anyone ever. Quote Link to comment Share on other sites More sharing options...
John Goldie Posted May 3, 2013 Report Share Posted May 3, 2013 SJ , payouts from insurance policies in Australia are not taxable (as long as no-one has claimed a tax deduction on the premiums) . This begs the question , why keep what you have ? Residency status does effect the insured interest . If there was a claim , and the insurance company did pay , it would be in the UK and in Pounds . It would then be a transfer of capital . Keep your cover in force for now , then checkout what's available here , and the cost and make an informed decision ? I can help , but certainly don't want to push anything ! Cheers JG Quote Link to comment Share on other sites More sharing options...
SJT Posted May 3, 2013 Author Report Share Posted May 3, 2013 Hi John Thank you for the advice. I just could not see changing something until we have sorted ourselves out in Perth. In the next year or so we are hoping to build so will rearrange all insurances once we know exactly what we are doing, but wanted to make sure I had something in plan, just in case the worse happens. Sarah Quote Link to comment Share on other sites More sharing options...
Guest Comparelife Posted October 5, 2013 Report Share Posted October 5, 2013 Hello I am sure someone out there must know the answer to this one. We are planning on keeping our life insurance going once we move to Perth, I have spoken to them and they have confirmed that as long as we pay our premiums from a UK bank account the policy will still be in force. Now the question I need answering is, if god forbid the worse happens and one of us dies, do we pay tax to the Australian government on the payout of the policy as it is not an Oz policy or is it not classed as "income" as such and not taxable. Thanks for any help you can give. SJ Hi SJ, I think you get your proper answer by visiting Website [comparelifeinsurance.com.au/life-insurance]. Hope this will be help you about your tax paying. Thanking you ---------------- Compare Life Insurance Quote Link to comment Share on other sites More sharing options...
Nikkis2000 Posted October 5, 2013 Report Share Posted October 5, 2013 Fabulous timing on this thread - we too have been pondering the question of whether or not to cancel our UK policy when we arrive. Will look at the websites!! Quote Link to comment Share on other sites More sharing options...
Guest gold vision financial Posted November 9, 2013 Report Share Posted November 9, 2013 (edited) SJT and Nikkis The main issue for yourselves is to firstly ensure your insurance covers you whilst in Australia and to also maintain this cover. Do not cancel any UK Cover until you have replacement Life Cover or Income protection in Place in Australia. In reviewing your insurance levels you should take into account new or increased levels of debt commitments such as a home loan and ensure that your insurance covers these additional debt levels. cash flow may be an issue for you whilst purchasing or paying off a home and as such most Life insurances can be held and paid by a Australian super Fund. You also mentioned that you may be looking at purchasing a home in the near future and we can also assist in preparing yourselves for a home loan and sourcing the most appropriate loan for you at the time. As most people on this site have emigrated or are preparing to come over we also can move your existing UK Pension Funds over to your Australian Super Fund or into a SMSF which we can set up as well. Should you need assistance with any of the above please do not hesitate to contact I hope the above is of some assistance to you both. Cheers John Horvath Edited November 9, 2013 by portlaunay Advertising Quote Link to comment Share on other sites More sharing options...
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