Life Insurance - 457 Visa Holders
Life Insurance for Business Visa Holders in Australia
Life insurance cover is now available from several Australian insurers for professionals working on 457 and other business visas in Australia as long as they have an intention to reside permanently in Australia. Coverage is available up to a maximum of AUD2M.
Income Protection, TPD and Trauma cover is also available, with Income Protection even available to individuals on 457 visas who do not intend to reside permanently in Australia - and are, for example, just in Australia for a specific assignment. Some restrictions do apply however, such as benefits only applying for a two year period.
The premium rates applying to this insurance is usually the same as that applying to Australian citizens and this means that, if a visa holder proceeds to obtain either permanent residency or citizenship, then they can simply continue with their existing cover on an uninterrupted basis unless a change in circumstances - such as marriage or having a young family - suggests it needs to be reviewed for adequacy.
Should you wish to arrange cover, or have a question in this regard, please complete and Inquiry Form and we will arrange a prompt response.
IMPORTANT: The material contained in this website and other associated communications is only intended as general, background information and must not be relied upon. No warranty is provided in relation to any material or to the services that may be contracted through exfin.com. It is recommended that individuals seek the advice of qualified professionals before taking any action.
