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Mr I came to us with a need for Life Insurance, to provide his children with some financial security in the event of his death. Ian's primary residence was in the UK, but he spent most of his time working in Iran. Iran is considered to be a sanctioned territory when it comes to insurance, so we needed to arrange a specialist policy in trust, to ensure that any proceeds from a claim would be kept within the UK.

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CuraVision ABCs Iran - Video Transcript

Hi, today I'm carrying on the CuraVision ABC series with Mr. I. I'm mixing it up a little bit today.

Ian came to use a 38 year old male, non-smoker with absolutely perfect health, BMI, no issues whatsoever. His risk came from his work. Ian's primary residence was the UK. He had a couple of children here, but the majority of the time he spent in Iran, working.

There's a couple of different things that came into play when we were arranging his life insurance. We had to look at a specialist company who were able to consider the life insurance with him being in Iran. It is considered to be a high risk area in regards for a life insurance claim. It's also known as a sanctioned territory, so there is a concern in a sense, as to where any claim would be paid to if you were in Iran at the time of dying.

So what we had to do was establish his protection needs, so we came to a figure of level life insurance of £300,000, to provide fast security to his children for a number of years in the event of his death. And we put the policy in place for five years. Now that being said, it's because Ian felt that he was going to be in Iran working potentially for the next five years also. And whilst he's in Iran, the premiums for that life insurance policy are significantly higher than if he was not in Iran.

So it's level life insurance at £300,000 over five years, and that came to a monthly premium of £190 per month. Now for Ian, this was affordable it was within his budget, and he felt that that was correct for him and for the amount of coverage that he wanted to provide for his children, to insure that they could maintain their lifestyle, in the event that he were to pass.

A significantly important thing with his policy, though, was because of being a sanctioned territory, we had to make sure that the policy was put into trust, so that any proceeds from a life insurance claim would be retained within the UK to his children and wouldn't be moving outside of the UK system. And the intention is that once he isn't work in Iran anymore, we will be able to review his cover and find him something that's, it will be a much lower premium, and when he returns to the UK and can start to work in this territory.

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