Life Insurance for Australian Expats
Life insurance for Australian expatriates could now be obtained. Anyone who is intending to reside overseas or who is already living outside the country to work could be covered by an appropriate and applicable life insurance policy. However, life insurers are logically implementing several stringent policies in consideration of various situations that may apply.
First, there are clarifications on the term ‘expatriate’ (or ex-pat). In the local insurance industry, it pertains to any Australian citizen who intends to take employment overseas for a short period. It could also apply to a professional who expects to return to the country within three to five years after acceptance of the work assignment.
Second, life insurance for Australian expats could also be available to individuals who have already been working overseas prior to application for a policy. However, there are several conditions that apply. No policy could be provided to an expat who is working and temporarily living in a country that is included in the Department of Foreign Affairs and Trade (DFAT) category 5 or those considered as high-risk countries. An insurer also holds the right to evaluate applications to consider an expat’s occupation and the length of his/her stay overseas.
Different types of life insurance for Australian expats are also available. These include term life insurance, crisis recovery, total and permanent disability, business expenses, and disability income. The coverage as well as the classification of claims would be assessed by the insurer.
Other conditions are strictly implemented. All premiums and even claims proceeds should be in Australian dollars. Required medical and blood tests should be completed in the country and should be performed only by an English-speaking medical practitioner or doctor.