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Life insurance for Australian Expatriates 2021
AIA
ClearView
MetLife
OnePath
TAL
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NEOSLife insurance cover for Australian Expatriates is an excellent offer, enabling Australian Expats to protect the things that really matter in their lives. The following Q & As may assist you when considering whether or not you are eligible.Who is considered an Ex-pat?
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Who is considered an Ex-pat?
An ‘expatriate’ for insurance purposes is defined as those who maintain and continue to hold Australian Permanent Residency or Citizenship status but intend to work overseas for short periods (6 months – 3+ years) and return to live in Australia in the near future (3-5 years)
Those who maintain and continue to hold Australian Permanent Residency or Citizenship status but intend to work overseas for short periods (6 months – 3+ years) and return to live in Australia in the near future (3-5 years)
I know someone who is currently residing overseas. Can they get cover?
Yes, however generally insurers must be able to establish the following:
- The country where the expat is already working. In some countries, it can be illegal for foreigners to purchase a policy within their country of residence (due to reasons such as inappropriate licences).
- How long the applicant has already been overseas and how long they will remain overseas.
- What the applicant’s intended occupation is while overseas.
- The relevant country category from the Department of Foreign Affairs (DFAT). Generally, most insurers we work with will defer those applicants residing in a country on DFAT 5 (high-risk countries). Generally, most insurers will consider DFAT 4 countries on an individual consideration basis
What type of life insurance cover can an Expat get?
The following products are available for Expats:
What level of life insurance cover can an Ex-pat get?
Generally, the following levels of cover are available to Expats:
- Term Life Insurance – up to $5 million
- TPD Insurance – up to $3 million subject to age and occupation), and
- Trauma Insurance – up to $2 million (subject to age and occupation) from all sources
- Income Protection – up to $360,000
- Business Expenses – up to $300,000
Are there any conditions that apply for an Ex-pat?
Some of the following conditions may apply:
- The applicant must be an Australian citizen or a permanent resident
- The applicant must intend to return to and reside in Australia within 5 years of taking the policy
- Any medicals or blood tests must be completed in Australia or performed by an English speaking doctor
- All premiums and claims proceeds will be made in Australian dollars
For income protection cover you will generally need a copy of your contract outlining length/term of your work overseas. Most providers are happy to issue policies with a 30 day waiting period, and up to age 65 benefit periods.
