Expat Life Insurance

Expat Life Insurance

Just a few years ago arranging life insurance for Australian expats was far from easy. Australian insurers weren't usually interested in providing cover and if they did it was relatively expensive and full of restrictions.  The only other option was to use international insurers and while they could provide the necessary cover it was often expensive and couldn't provide continuity when expats returned home to Australia.

Now things have changed! A number of Australian insurers have become much more flexible and competitive when it comes to providing a full range of life insurance products to Australian overseas - even including income protection. We have to stress that cover isn't available in all circumstances, and the broker needs to have a good understanding of what individual companies will, and will not, consider. While things have improved considerably it is still not possible, usually, to arrange cover if you are living in a country which the Australian government (see the Smartraveller website) considers that you should not visit, or should reconsider visiting.

A couple of points that might be useful to remember:

  • Life insurance rates are largely a function of your age, gender and whether you are a smoker or non-smoker. Medical examinations may sometimes be required and this is part of the reason why arranging cover before leaving Australia is preferable.
  • Do not presume your existing Australian life insurance will apply if you are resident overseas - in the great majority of cases it will continue to apply, but don't take chances and seek written confirmation from your Insurer!

Life insurance should be reviewed at regular periods, to make sure it reflects your current personal and family circumstances, and it costs nothing to arrange a quotation from a licensed Australian life insurance broker.