Life Insurance for Non Residents
Life insurance firms comply with an industry standard that makes life insurance policies applicable only to permanent residents and citizens of Australia. However, most insurers now offer term life insurance to so-called non-residents of the country. There are guidelines and requirements that must be met to allow insurance applicants to obtain life insurance for non residents.
As mentioned, there are criteria set to be considered. First, the non-resident must come from South Africa, Malaysia, Thailand, India, and other Level 1 and 2 countries as classified by the Australian federal government. Second, the insurance applicant must have been living in the country for more than 12 months. It would help if the person is already applying for permanent residency. The individual should also hold an appropriate visa like 457 (business visa for long stay), 820/801 (spouse visa), 121/856 (employer nomination), and 890 (business visa).
Take note that every life insurance provider could set its own selection and qualifying criteria upon consideration of insurance applications for non-residents. There could be other terms stated by an insurer when it comes to such insurance policies. Logically, there could also be differences when it comes to rates of premiums applied and implemented to such products.
Insurance providers logically consider every non-resident’s overseas travel, especially when he/she needs to visit home country. In this regard, insurers could set out policies and terms especially if the individual comes from a country that is considered risky and unsafe by the Department of Foreign Affairs and Trade.