Life Insurance for Expatriates

Just a few quick comments regarding life insurance. For those interested, there is more detail available on this area in Exfin.

Firstly, it is usually much easier and cheaper to arrange life insurance while you are still in Australia, before going overseas. Becoming an expatriate should be one of those times, just like when you get married or had children, when you ask yourself whether you have enough life insurance in place. Once overseas it is still possible to arrange life insurance through an Australian insurer, except in two broad situations:

1. You are living in a country which the Australian government (see the Smartraveller website) considers that you should not visit, or should reconsider visiting, or

2. You don't intend returning to Australia within the medium term; usually within the next three to five years.

Life insurance rates are largely a function of your age, gender and whether you are a smoker or non-smoker. Medical examinations may sometimes be required and this is part of the reason why arranging cover before leaving Australia is preferable.

Lastly, do not presume your Australian life insurance will apply if you are resident overseas - in the great majority of cases it will continue to apply, but don't take chances and seek confirmation from your Insurer!
 

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