Life Insurance for Temporary Residents in Australia
Full life insurance cover, comparable to that available to Australian citizens and permanent residents, is now available from several Australian insurance companies for individuals working on 457 and other temporary resident visas in Australia.
Income Protection, TPD and Trauma cover is also available, with Income Protection now 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 may apply however, such as benefits only applying for a two year period.
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.
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. Please note that no cost or commitment attaches to receiving a quotation for life insurance from a licensed broker.