There’s lots of things to think about that may affect your policy. Things like managing currency risk as the value of currencies can rise and fall which may affect how much you have to live on.
You’ll need to understand what funds you can invest in if you live abroad. Reporting tax in both the UK and the country you live in can be complex so it’s important you speak to an adviser who understands the financial aspects of living abroad.
In some circumstances you may also need to employ the services of an accountant and/or solicitor with experience of expatriate markets, for people who do not live in their native country. For example, if you need advice on your will, or you have complex tax affairs that may need specialist advice.
An adviser can save you money and a lot of worry. If you haven’t yet made your move abroad and would like to find an independent financial adviser in your area, then try Unbiased.
And don’t forget to check the local tax position if you are considering taking money out of a product, as the tax treatment may be different from how it is in your new country of residence. For example, a tax-free lump sum from a pension may not be tax-free where you are.