Tips to save on insurance money transfers issued

Brits who make international money transfers to insurance policies have been issued tips on how they can save money.

Shelter Offshore recently published advice that can help to cut expats' outgoings so more funds are available to transfer money to other investments.

The financial advisor has suggested that UK citizens living abroad reconsider their insurance policies as it may be appropriate to cut some levels of cover.

For example, Brits have been urged to rethink whether they need identification (ID) theft protection insurance.

"This type of insurance doesn't even cover you for any financial loss you incur as a result of having your ID stolen," said the company.

Another policy that could be binned is mobile phone insurance as there are often many exemptions in small print, which can significantly limit cover.

Payment of funds into life insurance premiums was recently highlighted as an important money transfer for expats, according to the company.

Click here to make an International Money Transfer.

By Linsey Summers.