Australian expat life insurance is typically designed for citizens or permanent residents who intend to return to Australia within 5 years.
Insurers generally exclude coverage for expats residing in high-risk locations designated by the Department of Foreign Affairs and Trade as "Do Not Travel" destinations.
Evaluate your existing policy, family requirements, and potential repatriation costs before moving abroad to ensure your coverage remains valid.
While it's possible for Australian expats to take out life cover with an insurance provider, there are some restrictions to keep in mind. Let's take a look.
What is expat life insurance?
Expat life insurance is a type of insurance that's aimed to meet the needs of Australians who plan to return to Australia to live within 5 years of taking out a policy. Typically, applicants either be an Australian citizen or a permanent resident to be eligible for cover.
A number of other conditions may apply before you can be offered expat life cover. One example is that medical exams may have to be completed in Australia, or by an English speaking doctor if you're already abroad.
Who is recognised as an expat?
An expat is recognised as an Australian Permanent Resident or one with citizenship status who intends to live and work overseas for an extended period time, but expects to return to Australia in the foreseeable future.
There is usually a restriction on the duration of time that the applicant can stay in the country for the policy to remain in force.
In the event that the policyholder has no intention to return to permanently live in Australia, an insurer will generally recommend that they seek cover options available in their new country of residence.
Does life insurance cover deaths that occur overseas?
Whether or not an insurance provider will offer cover and on what terms is often dependent on the country that they are or intend to reside in.
Most life insurers will work through reports from the Department of Foreign Affairs when determining risk levels of countries. In most cases, they won't insure expatriates in high-risk countries (DFAT 5). Warnings on DFAT for countries range from "Exercise Normal Safety Precautions" to "Reconsider Your Need to Travel".
Reasons for countries being considered dangerous can include:
Terrorist threats
High rates of kidnapping
Political unrest
Serious crime
Military conflict
Disease.
Insurers will generally consider each country on a case-by-case basis. In some instances, insurers may place exclusions on the policy depending on the country. For example, the application of a political instability clause is common for many policies.
The country travelled to may also impact the length of time that an insurer is willing to provide cover for. You can also check Smartraveller for any travel warnings placed on a country.
Can I get expat life insurance if I reside overseas?
For Australians who are already living and working overseas, there are a number of factors that will impact whether or not you can take out cover.
This can include:
Duration of time already spent overseas. Insurers will examine the period of time that the applicant has already spent in the country and how much longer they intend to stay there.
Occupation. An insurer will consider the nature of the person's occupation while overseas in their assessment on whether or not to provide cover. Occupations that may be considered to carry an extra level of risk (especially in the country being applied for) may carry an extra premium or even be refused.
Legal Requirements of Country. The country may have certain legislation in place that will prevent foreign workers from buying a life insurance policy from within their country, due to licensing issues.
How do I find a policy? Buying expat life insurance from an Australian provider may be more challenging during COVID. To best find cover for your needs, we recommend you speak to an insurance specialist. They can find you personalised cover for your circumstances.
4 key things to consider when looking at expat life insurance
Existing life insurance. If you have existing life insurance, you should check if your provider will provide cover if you become an overseas resident. You may find that they will not cover you if you're overseas or they might have conditions where your cover expires after a certain period of being out of Australia.
Family considerations. If you move overseas for work, you need to consider your family arrangements. Do you have a partner and are they coming overseas? Will they be reliant on your income only? What about other dependants like children? If you are going to be the primary income earner while living overseas, you may need to think about increasing your cover to ensure your family will be able to survive if something happens to you.
Increased income and expenses. You might find that after moving overseas for work, your income and costs will often increase. Things like private schooling, international health insurance and potentially the maintenance of overseas property mean you will need to consider your level of cover to make sure these costs can be maintained if you become sick, disabled or pass away.
Unplanned return to Australia. If you become injured, sick or die, will you need to return to Australia? How will you cover those costs, especially if you need special assistance? You should consider looking for insurance that will help you cover these costs if needed. For example, some life insurance policies offer a funeral advance benefit that could be used to help cover the repatriation of a deceased person which can be extremely costly. Always check the conditions to make sure you will be covered while overseas.
So, am I eligible to take out expat life insurance cover?
Some general requirements for expats looking to take out protective cover include:
Applicant must be an Australian citizen or have permanent residency.
Applicant must have plans to return to Australian after a period of 5 years. Applicants that decide to stay overseas may be required to take out a policy in their country of residence.
Any additional medical examination that is required during the underwriting process must be carried out in Australia by an approved medical practitioner.
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Frequently asked questions
If you decide not to return permanently within this timeframe, your policy may no longer be valid, or an insurer might recommend you seek cover options available in your country of residence. It is important to inform your insurer of any changes to your intentions or residency status.
If a medical examination is required as part of the underwriting process for expat life insurance, it must generally be completed in Australia by an approved medical practitioner. In some specific cases, insurers may accept examinations conducted overseas by an English-speaking doctor. Always confirm the exact requirements with your insurer or an insurance specialist.
Most life insurers will not provide cover for expatriates residing in countries with a Level 5 classification from the Department of Foreign Affairs and Trade (DFAT). These high-risk countries are typically identified due to factors such as terrorist threats, high rates of kidnapping, political unrest, serious crime, military conflict, or widespread disease. Insurers assess countries on a case-by-case basis and may apply specific exclusions.
Some expat life insurance policies may offer a funeral advance benefit or a similar provision that could assist with the significant costs associated with repatriating a deceased person to Australia. It is crucial to check the specific terms and conditions of your Product Disclosure Statement to understand if and how such costs are covered. Not all policies include this benefit as standard.
Your occupation while overseas is a significant factor insurers consider. Roles deemed to carry a higher level of risk, especially in the country you reside in, may result in increased premiums or even a refusal of cover. Examples of high-risk occupations can include roles in dangerous industries, conflict zones, or areas with political instability. Always disclose your occupation accurately during the application process.
Yes, in most cases, Australian permanent residents are eligible to apply for expat life insurance. Eligibility typically requires you to be either an Australian citizen or a permanent resident who intends to return to Australia within the specified policy timeframe. It is always best to confirm your specific eligibility with an insurance provider or specialist.
Richard Laycock is Finder’s insights editor after spending the last five years writing and editing articles about insurance. His musings can be found across the web including on MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University and The Missouri School of Journalism and has a Tier 1 Certification in General Advice for Life Insurance.
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James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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