Atlas Wealth Management works with industry partners who have a great deal of experience in obtaining Australian expat life insurance policies.
When you are looking to obtain life insurance as an Aussie expat it is imperative that you work with someone who has experience in dealing with insurance companies on behalf of Australian expats due to the complexities involved.
The different types of Australian expat life insurance policies include:
Income Protection Insurance
This type of policy is designed to to cover up to 75% of your regular income if you cannot work due to illness or injury.
Australian Expat Life Insurance
A life insurance policy pays a lump sum upon your death to ensure your family has the funds to pay for any current and future financial requirements including mortgage repayments, schooling as well as providing you with an income.
Total & Perminanent Disablement Insurance (TPD)
This type of cover pays a lump sum if you are permanently disabled to ensure that you are able to pay for your future medical costs as well as provide an income to support your family.
Trauma Insurance pays a lump sum if you suffer from a defined major disease or suffer a major injury. Examples include stroke, heart attack, blindness or cancer.
Up until recently it was very difficult for Australian expats to obtain life insurance cover from Australian insurance companies however there has been a change in the market place that has seen insurance providers relax their requirements and quite often offer a more comprehensive policy that is sometimes cheaper than their offshore competitors.
By arranging your life insurance cover in Australia as well as it possibly being more cost effective than overseas providers but it can also provide continuity for when you return back to Australia. Quite often you are also able to arrange your life insurance through your Australian superannuation fund.
What will determine your ability to obtain life insurance will include your age, health and occupation as well as the country that you live in. If your country of residence is listed on the Department of Foreign Affairs and Trade (DFAT) as a category 5 or those considered as high-risk countries then you may have to approach a specialist insurance provider which focuses on provider insurance in high risk areas.
The other issue that you may need to address is to review any existing life insurance policies that you setup in Australia before becoming an expat. It may not be always the case however some life insurance policies may not cover you if you are working overseas so a review of existing policies is always recommended.
As always we recommend you speak to someone who not only understands the process of obtaining life insurance for expats but actually has extensive experience in obtaining it as well. To find out more please click below to contact us.
This service is provided in conjunction with Robina Financial Solutions, Corporate Authorised Representative of Australian Advice Network Pty Ltd AFSL 472901.
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General Advice Disclaimer
The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Atlas Wealth Management Authorised Representative before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Atlas Wealth Management nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.