Life 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.
Life insurance for Australian Expatriates
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Q. 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)
Q. 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
Buy Life Insurance Directly
|Policy||Maximum Cover||Maximum Entry Age||Expiry Age|
|NobleOak Direct Life Insurance||
|Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.|
|Zurich Ezicover Life Insurance||
|Get your first month’s premium waived. Plus, receive a 10% discount on the second life insured when two applications are submitted at the same time, and both policies are issued. Ts & Cs apply. Consider the PDS.|
Q. What type of life insurance cover can an Expat get?
The following products are available for Expats:
Q. 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
Q. 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.
Case StudyJohn is a 36-year-old engineer who lives and works in Singapore. He has never had insurance before but feels as he’ll be living overseas in a different environment that he should apply for cover.Working with his financial planner, John chooses Term life benefit with Trauma Cover.
John’s application is assessed and as John meets all the requirements for Ex-pat cover, his application is accepted at standard rates. John can now feel at ease while he’s working in another country knowing that he and his family will be looked after should anything happen to him.
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