January 9, 2012

kazakhstan flag

Life cover for British workers in Kazakhstan

Are you paying over the odds for your life insurance or critical illness cover?

Our client

We were 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 and back at least 7 – 8 times a year. Cumulatively he is working in Kazakhstan for 7 months in a year.

Our process and advice

We felt that we could use our wealth of insurance and overseas underwriting knowledge to help our client obtain the cover he needed.
Once we had a good understanding of his situation, requirements we started our research process.

This involves us contacting many, and in some cases all, of the UK’s leading insurers to discuss our client’s requirements. The purpose of this is to establish how they might treat his application.

By pre-underwriting as much as possible we are usually able to provide an idea of an outcome to avoid any nasty shocks.

After discussing his requirements we approached most of the UK’s largest insurers to see what terms (subject to underwriting) that they might be prepared to offer.

The bigger picture

*Thousands of British workers travel from the UK to work in Kazakhstan within industries as diverse as:

  • the financial sector
  • mining industry
  • manufacturing
  • real estate
  • renting
  • business services
  • trade
  • repair of motor vehicles
  • construction
  • transport
  • communication
  • public administration
  • education
  • health and social services
  • oil and gas industry

A very important consideration for many of these workers is their life insurance cover. More pertinently, is their current cover valid, and where do they go to arrange new or replacement cover?

Most UK based life insurance companies will consider offering cover subject to underwriting. An applicant would have to fulfil the particular insurer’s criteria.

The main problem facing most workers is that they are likely to be paying well over the odds for their cover, blissfully unaware that there may be considerable savings to be made.

Issues that insurance companies 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

The moral of this tale is very much to shop around or let us help you. We are experts who have experience in this area. It could save you a lot of time, wasted applications and money.

Our client’s outcome

We were amazed by the range of responses. All companies bar 1 were offering potential cover. However, they wanted to increase the basic monthly premium quoted by 100% or 200%.

Our client was happy that we found one major insurance company which offered him cover at the basic premium originally quoted. Saving him over £150 per month.

Please note that any premiums mentioned are indicative only. Based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

*Information sourced on the Embassy of Kazakhstan’s website Jan 2012.