Extending your financial security and protecting your family while overseas can be complicated. Life insurance for Australian expats offers financial protection while living and working abroad, so you can take on new challenges with financial peace of mind.
With Curo Financial Services, we help you explore and find the suitable life insurance coverage for your lifestyle and family.
Assuming that your life insurance policy covers you while overseas, in the same way it does at home, can be very risky. While your existing policy may provide you with coverage, it might be insufficient to cover the risks of moving and working abroad–especially with policies linked to superannuation. This is where you should consider taking out expat life insurance. Additionally, the mechanics of claiming on cover that is held in a different country can be problematic, given the need to deal with time zones and possibly local medical practitioners.
Below are the common key benefits.
Overseas Coverage
A life insurance policy linked to your superannuation may not cover your current country of residence. Expat life insurance is designed to support you financially when something happens to you outside of Australia.
Comprehensive Coverage
A major benefit of life insurance for expats is having coverage when you are constantly moving to different countries. However, some insurance providers have a list of countries and regions that are excluded from coverage.
Policy Continuity
When you decide to move back to Australia, your expat life insurance policy will continue its coverage, giving you and your family greater financial security and support.
Ease of Communication with Insurer
When the time comes, and you need to process a claim or request changes in your policy, dealing with an Australian insurer is going to be helpful if this is your home.
Working overseas can be financially rewarding, but having insufficient life insurance cover can harm your finances and spoil the fact that your income has increased so drastically.
There are several types of life insurance policies that you can choose and combine to get comprehensive coverage.
Provides a lump sum benefit to you or your beneficiaries in the event of your untimely death or when diagnosed with a terminal illness. This can help your family sustain their lifestyle or pay for outstanding debts.
Provides a lump sum benefit when you become permanently disabled due to severe illness or injury. Your coverage may vary depending on the policy’s TPD definition.
This policy can help pay your medical bills, fund your ongoing treatment, or fund medical home upgrades.
Typically provides up to 70% of your pre-disability income when you are unable to work due to severe illness or injury.
Provides a lump sum benefit when you suffer severe trauma such as cancer, a heart attack, or a stroke. This policy will provide you with financial support to continue with your treatment, pay for medical care, or provide financial assistance to your family.
Navigating the world of life insurance is a daunting task. Working with an expert insurance advisor will help you determine your insurance gap and customise the right amount of coverage.
The amount of coverage you can get from your policy–and the cost of premiums–can vary depending on several personal factors. Understanding them helps you make a better assessment:
Country of Residence
Different countries and territories offer varying levels of risk and hazard. Depending on your insurance provider, higher-risk countries may give you a lower amount of coverage or additional premiums.
Nature of Work
Risks associated with your occupation overseas affect your life insurance policy application or coverage. Generally, office-based jobs can have a higher amount of coverage than high-risk jobs, such as mining, offshore work, or first responders.
Medical History
Pre-existing or past medical conditions may affect not just the amount of your coverage but also the cost of the premiums. Typically, insurance providers may request additional medical tests to prove your insurability.
Your Budget
The amount of your life insurance coverage also depends on your chosen level of premium. Choosing a higher premium will give you a higher amount of coverage.
Selecting a life insurance policy requires a careful assessment of your financial situation, your goals, and lifestyle. These considerations can help you find the right life insurance for Australian expats.
Your current life stage plays an important role in finding the right coverage. Assess your family’s needs, outstanding financial obligations, and financial goals to help you determine the right level of coverage you need when something unexpected happens.
The cost of healthcare may vary depending on your work location. If you are constantly moving, you may need more comprehensive coverage. In some countries, the cost of medical treatment and facilities may be more than in others. Having an ample amount of coverage ensures that you can have access to the best healthcare system.
Different types of life insurance policies cover different financial risks. Understanding each feature and benefit of the policies will help you determine the suitable policy for you.
Working and living abroad can be complicated when you get injured or ill, let alone having to process a claim overseas. Having the right insurer ensures that your financial support is available when you need it most. The right insurer must have financial stability, a good track record of paid claims, and worldwide coverage.
Whether you plan on moving back to Australia or to another location, select a policy that is flexible in adapting to your plans.
Possibly–the flexibility of coverage varies depending on the policy and the insurer. Some policies, especially if linked to superannuation, may not cover you if you live and work abroad long-term. It is best to confirm in writing with your insurer if your policy covers you internationally.
Most insurance providers will require you to have a plan to go back to Australia within 1 to 5 years, to ensure that you are still tied to the country. However, when you are planning to move abroad permanently, you need to consult with your adviser or insurer to confirm whether you need separate coverage.
It is a sacrifice to be away from your family for work. At Curo Financial Services, we understand your unique sacrifices in order to support your family–let us help you.
We provide expert life insurance advice to Australians working overseas. Our customised life insurance advice for expats allows you to find the right coverage to have financial peace of mind while working and living abroad. Get in touch with us and let our team help you navigate your way to financial security.
Don’t put off your insurance until it’s too late.
Call Curo now to speak to your personal advisor, on 1300 665 356.
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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