Life Insurance: Options available to Temporary Residents
The Current Status: Life Insurance for Temporary Residents in Australia
While it is possible to arrange life insurance for temporary residents in Australia, the Covid pandemic has unfortunately made access much more difficult. At the present time, access to life insurance is typically limited to temporary residents who have formally applied for Australian permanent residency. Even in that context, income protection is both difficult and relatively expensive to arrange.
Life Insurance for Temporary Residents in Australia
Full life insurance cover, comparable to that available to Australian citizens and permanent residents, is available from several Australian insurance companies for individuals working on a range of temporary resident visas in Australia.
Prior to the Covid 19 pandemic, Income Protection, TPD and Trauma cover were all available to individuals on temporary visas who did not intend to reside permanently in Australia - but cover has now become much more restrictive as per our comments above, and unless an application has been made for Australian permanent residency temporary residents may be best placed looking for life cover through their superannuation fund, although this can be restrictive.
The premium rates applying to this insurance are 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 again for adequacy.
Subject to the comments made above, if you would like to arrange cover, or have a question in this regard, please complete the Inquiry form at the bottom of this page and we will arrange a prompt response. Please note that no cost or commitment attaches to receiving a quotation for life insurance from a licensed broker.