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Life insurance for Non-Doms: April 2025 deadlines

Published On: 13 November 2024

April 2025 deadlines:

If clients are thinking of buying life insurance covering ongoing or tail liabilities and want cover pre-April 2025, they should be aware;

  • Timing of Insurance and Risk Management:
    • For clients planning to leave before April 2025, the insurance must be put in place before departure as the UK insurance market will only cover UK residents. The policy must be active and on risk while the client is still in the UK. Once on risk, the client can move anywhere in the world and not invalidate cover. However, if clients are planning to move to a war-zone, insurers may decline cover or impose additional loadings.
    • Covering the tail risk: It is crucial to assess how long clients plan to stay in the UK post-April 2025. For those planning to stay beyond the 5th April 2025, it will be necessary to work out their ongoing insurance needs based on the new IHT regulations, ensuring they are covered for the period of residency and the tail. If clients think they will want to buy insurance but the quantum is not finalised, they should commence the underwriting process as soon as possible. Settling the quantum will not be needed until we have indicative rates from insurers.
  • Time frames for Getting Insurance:
    • Insurance underwriting can take between 2-4 months, depending on various factors:
      • Medical Data: Obtaining medical records from GPs and consultants can cause delays, especially if there are outstanding medical investigations or complex medical histories.
      • Financial Underwriting: If the liability exceeds £2.5 million, the underwriting process can be more thorough and time-consuming.
    • It’s important to start the process early to ensure that clients have adequate coverage by the time they leave the UK or before the new regulations come into effect.

For quotes, discussion, or to commence the underwriting process, do be in touch with the John Lamb Hill Oldridge team:

Ken Maxwell: [email protected], Paula Steele: [email protected], Holly Hill: [email protected], Jacob Fay: [email protected].

T: 020 7633 2222

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