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You can get income protection if you're an expat or are working overseas. But some insurers are specific about the eligibility criteria, so it pays to be informed.
Yes, many policies can. To be eligible for income protection while working overseas, you will generally need to do one of the following:
Provider | Conditions | Apply |
---|---|---|
![]() AIA Income Protection | If you travel overseas, AIA's income protection policy covers you 24 hours a day, seven days a week, anywhere in the world. You will need to inform the insurer of your travel plans when you apply for cover as this may alter the cost of your premiums. | |
![]() AMP Elevate Income Insurance | When you are accepted for cover, AMP will offer insurance protection 24 hours a day, seven days a week, anywhere in the world. However, if you fall ill or are injured outside Australia or New Zealand, you may need to provide additional medical documentation and/or undergo an additional medical examination by a medical practitioner chosen by AMP. | |
![]() Asteron Income Protection | When you apply for cover, you'll need to provide details about your travel plans, including your destinations and the purpose of your trip(s). 24/7 worldwide cover is available from Asteron, although special loadings and exclusions may apply to cover. | |
![]() BT - Income Protection | BT income protection cover offers protection anywhere in the world all year round. However, special loadings and exclusions may apply to cover. | |
![]() ClearView LifeSolutions Income Protection Cover | Unless the policyholder and the insurer agree on special cover terms at the time of application, ClearView offers income protection cover anywhere in the world. | |
![]() Comminsure Income Protection | Cover is provided 24 hours a day, seven days a week, anywhere in the world. However, specific exclusions may be applied to your policy for injuries sustained in certain countries, or specific circumstances (eg, terrorism) in certain countries that could lead to an injury. | |
![]() MLC Income Protection Insurance | When applying for cover, you'll need to provide details about your travel plans including your destinations, duration of trips and purpose of travel. Cover is offered 24 hours a day all around the world, but specific exclusion and loadings may be applied depending on where you are planning on visiting. | |
![]() OnePath OneCare Income Secure Cover | OnePath offers protection 365 days a year anywhere in the world, subject to any specific terms and exclusions which may apply to your policy. | |
![]() TAL Accelerated Protection - Income Protection Insurance | Worldwide injury and illness cover is offered by TAL, while the 'Premier' policy even includes reimbursement of travel costs if you are injured or fall ill overseas. Of course, depending on your circumstances, exclusions and premium loadings may apply. | |
![]() Zurich Income Replacement Insurance | Zurich Wealth Protection policies provide cover all year long, all around the world. However, if you are claiming income replacement benefits you will need to have a medical examination every 12 months in order to continue receiving benefits. |
With so many Australians working overseas in industries such as oil, gas and mining, there are plenty of insurance companies happy to cover Australians working abroad for periods at a time. The main requirement is that you can show you intend to return within three to five years.
An adviser can help you find cover from trusted life insurance brands.
Yes, life insurance can cover you while you are overseas. Here's a breakdown of how it works:
There are two other important types of insurance you need to consider when travelling overseas.
Travel insurance can fill in the gaps between life, income and health insurance, covering you against risks and events that other types of policies do not. It covers:
Medicare doesn't provide any cover overseas, so if you're travelling, working or living abroad, you need to think about health insurance for expats. It can cover you for the following:
Australia also has reciprocal health care agreements in place with 11 other countries which can be a helpful supplement to health insurance. These countries include:
If you plan to go overseas for a significant period of time, then you need to let your insurer know. This is because it won't have factored the added risks of being overseas into your cover. As a result, you risk not being covered if something happens.
When you let your insurer know that you're going to be overseas, it's likely to raise your premiums to account for the added risk (and the potential cost of repatriation) and it may introduce specific conditions where you won't be covered.
Probably not. Many travel insurance policies provide a limited benefit for loss of income, which may not be enough in the long run. The table below shows how much you can receive for loss of income with some of the top providers and policies available on Finder.
Provider | Maximum amount |
---|---|
Amex ultimate | $400/week, maximum $10,400 |
Cover-More premium | Maximum $10,400 (up to $1,733.33 per month) |
Kit comprehensive | $12,000 |
Fast Cover comprehensive | Maximum 25 weeks up to $10,000 |
World2Cover top cover | $400 per week for 26 weeks |
If you do plan to rely solely on travel insurance, make sure your insurer does not exclude cover for working overseas. Check before you purchase a policy.
Picture: GettyImages
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