Australian expats usually consider taking life insurance cover and trauma insurance cover when they have to reside or travel abroad for a longer period of time. These policies can be obtained easily unlike the disability insurance or the income protection plan due to the complexity of the claim procedure
For insurance purposes an expatriate is one who maintains and holds permanent residency in Australia or has Australian citizenship and are working overseas for small period of time ranging from 6 months to a maximum of 5 years. They intend to return to Australia and live after 5 years. The life insurance can be taken before leaving for the overseas job or while residing in a foreign country too. To get the life insurance policy accepted you would need to establish a few criteria with the insurance company. First is the country the expat is currently working in. In some of the countries foreigners cannot purchase a policy even if it is from their own country due to licensing issues. The second criterion is the duration the expatriate has been in that country and how much longer they would be staying there. The 3rd criterion is the applicant’s occupation in the foreign country. Then there are the high risk countries that the insurance companies will not provide life insurance coverage to.
In general Australian expatriates can apply for term life insurance cover of up to $5 million. They should complete the medical and blood test in Australia itself and if they get it done outside it should be under the supervision of a English speaking doctor.
To know more about life insurance visit this website www.lifewise.org.au
