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Life Cover To Protect Assets Back in SA


Swaartbaard

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Hi all,

 

Settling into Sydney well! Been challenging and rewarding at the same time.

 

I have a query - my fiance and I still own 3 x properties in South Africa. We both have life cover with Discovery back in SA to cover the value of the properties should something happen to us. We did let Discovery know we were going overseas and they upped our monthly installments slightly before we left.

 

Now that we're more settled in Oz we're trying to reduce our debit orders back in SA so we can send less money hope each month and keep it in $ instead. Wondering if it might make more sense to take out life cover in Australia and cancel Discovery. Anyone have any experience with this? The main requirement for me would be that any potential payout would need to be channeled back to SA to cover the property value over there.

 

Very confused on this one

 

Thanks!

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