Life insurance for Australian Expatriates
xLife can now offer expat life insurance cover to Australian Expatriates. This is an excellent offer which enables Australian Expats to protect the things that really matter with a life insurance policy.
The following Q & As may assist you when considering whether or not you are eligible.
Q. Who is considered an Ex-pat?
A. 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)
Q. I know someone who is currently residing overseas. Can they get cover?
A. 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.
Q. What type of life insurance cover can an Expat get?
A. The following products are available for Expats:
Q. What level of life insurance cover can an Ex-pat get?
A. 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?
A. 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 we will generally need the following:
- Copy of contract outlining length/term of the contract if available
- Most providers are happy to issue policies with a 30 day waiting period, and up to age 65 benefit periods.
John 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.
This is a summary only to get further detailed information on expat life insurance and quotes please contact an xLife adviser on 1300 135 205.
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