Permanent Residency And Applying For Life Or Income Protection Insurance In Australia
Each life insurer will have particular rules about who they will consider for cover.
For one insurer, as an example, the applicant must have permanent residency in Australia to apply for Life Cover, TPD Cover, Critical Illness Cover and Income Protection Insurance as at the time of this post. However, they will also consider applications where the insurance applicant has applied for permanent residency in Australia (but it hasn’t yet been granted) or they’re on a long term business visa (employer sponsored visa), they’ve been in Australia for more than 12 months and they have a good work history in their current role.
A territorial exclusion is usually applied. This means that any claim will only be payable while the insured person remains living in Australia.
This is general information. Contact Experien Insurance Services to find out more about what may be suitable for your own circumstances.
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. See our website for our Financial Services Guide.
