Life Insurance and Income Protection For Australian Expats Living Overseas
Insurers we work with
Life in a new country has it’s challenges. Being insured doesn’t need to be one of them.
Getting the right cover in place while you are living overseas is something we have been helping Australian’s with for many years. We understand that your circumstances can change at a moments notice and that you have unique concerns given your lifestyle choices.
From 1999-2003 The Australian Bureau of Statistics estimated that there were 346,000 Australians living overseas in OECD countries. Given the way the world has been trending over the past 20 years, it is likely this number has continued to grow. Living and traveling overseas has never been more accessible which has forced financial institutions have had to evolve in the way they are able to service and provide products to those living overseas.
What do i need to consider as an Australian Expat?
Aside from ensuring that your policy covers you while you are overseas (we will come back to this later on), there are a couple of other considerations that are unique to expats.
When we provide insurance advice we map out the scenario that is likely to take place should something happen which results in a claim. Remember, you are only going to be able to claim on these insurances when you have passed away or suffered a significant injury or illness. As a result, you may well wish to have the means to travel back to Australia and seek care here. In addition to this, you may be earning significantly more overseas than you will when you return to Australia and will therefore need ensure that your levels of insurance account for the lifestyle you will lead at home.
While you are overseas, you may have certain lifestyle expenses that are covered by your employer that you would need to pay for if you moved back. We need to paint a clear picture as to what your financial life looks like while you are overseas and what it will look like when you return home.
The insurance advice that we provide you is designed to address what the rest of your life would look like should you need to claim. Although this might sound daunting, it provides you with genuine peace of mind.
Can I get Life Insurance or Income Protection Insurance while I am living overseas?
There are a number of insurance companies in Australia that are happy to provide cover to individuals who are living overseas or who are planning on moving abroad. The most fundamental requirement is that you intend to return to Australia within the next 3-5 years. Expats meeting this criteria are generally able to access Life Insurance, TPD Insurance, Income Protection and Trauma Insurance.
If your intention is to return to Australia in the next 3-5 years, there are a number of options available to you. Typically insurers will require that any disability insurance policy you have be modified to require you to return to Australia within a certain period of time after being unable to work. This clause provides insurers with peace of mind that you will be receiving treatment to Australian standards.
One of the biggest factors insurers look at when assessing applications from expats is the location you are residing in. In Australia, the most common measure of stability and safety in a region is the advice provided by Smart Traveller. Smart Traveller is branch of the Department of Foreign Affairs and Trade which offers travel advice for every country. Insurer’s are typically reluctant to offer cover to anyone that resides or works in a location with a rating equal to or worse than “reconsider your need to travel”.
It is important to remember that regions within the same country may have different travel advice warnings and these warnings change frequently given the nature of the recommendation.
There are many Australian’s that work as fly-in-fly-out workers in the Oil/Gas and Mining industries. These industries often require you to work in remote areas of the pacific islands or in Africa. We have had success in obtaining cover for those who have these types of arrangements.
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General Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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