Australian Insurance

Australian domestic Insurance for the Australian Expatriate

Many Australians working offshore forget to establish Australian Insurance policies prior to moving overseas.

Once there, they may be introduced to “offshore” policies, which tend to be significantly more expensive and less effective than the Australian based versions.

AES however has access to these domestic Australian insurers and hence can provide a more appropriate and cost effective strategy for expatriate Australians.

We have access to Domestic Australian Insurances for Life Cover, Term Cover, Income Protection etc. for expats.

The differences here are;

  1. Premiums tend to be 30 – 50% cheaper than offshore policies.
  2. The premiums are in AUD
  3. Premiums can be paid;
    – Via Australian bank accounts (BPAY)
    – Superannuation
    – Credit Cards

Main types of cover;


Life insurance in Australia

The January 2014 KPMG/Financial Services Council report into underinsurance found that:

  • The highest levels of underinsurance were for men and women aged between 45-64.
  • This group held between 74%–83% less than the adequate amount of insurance for their situation.
  • The 18–29- and 30–44-year age groups displayed similar levels of underinsurance with each other, holding about 50% of the adequate amount of insurance for their situations.

Term Life cover – pays a lump sum benefit in the event of death or terminal illness.

Why is life insurance so important?

The death or terminal illness of a family member can have serious financial consequences for the surviving family members. Having adequate cover in place can give you peace of mind, knowing that in the event of your death or terminal illness, your family will be financially ok and able to maintain their current standard of living.

Further, your AES insurance specialist may devise ownership strategies allowing premium funding inside existing superannuation – if deemed appropriate.

How much life insurance cover is enough?

In the event of your death or terminal illness, you may want to ensure there is enough money to pay off all debts and provide an ongoing income stream for your family. AES can help you determine what level cover is most appropriate and access domestic the top Australian providers in most situations for expatriate Aussies.

Critical Illness (Trauma Insurance) – pays a lump sum benefit upon diagnosis of a specified medical condition. There are a number of medical conditions covered under Critical Illness, however the most common conditions claimed for are: Cancer; Heart Attack; Stroke and Coronary Related. Australian insurers will generally require the Australian expat to return to Australia upon a claim.

Why is Critical Illness so important?

With the advancement of medical science, people are now surviving Critical Illness events that would have once resulted in an early death. This is great news, however we need to consider quality of life for someone after they have been diagnosed with a Critical Illness. The payment of a lump sum benefit upon diagnosis allows you to focus on your recovery, rather than worrying about your financial situation.

How much cover is enough?

You may choose to use the proceeds from Critical Illness cover to access the best medical treatment available in the world, pay off some of your debts such as a mortgage or simply take some extended leave. AES can help you determine what level cover is most appropriate and access domestic the top Australian providers in most situations for expatriate Aussies.

Income Protection – pays an ongoing monthly benefit of up to 75% of your regular income if you are unable to work as a result of sickness or injury. The benefit will continue to be paid for a specified period whilst you remain totally or partially disabled. The Australian non-resident will generally be asked to return to Australia in the event of a claim.

Why is Income Protection cover so important?

Your ability to earn an income is one of your most important assets if not the most important. Unfortunately, many of us insure our material possessions like our car and house and forget about ourselves.  If you are dependent on your income to pay your bills and maintain your current standard of living, then you should consider Income Protection cover.

Our Australian Insurance Partners


Note that specialist Accounting, Property, Mortgage and Foreign exchange services offered by our partners, Stoneturn, OFX, Hartley’s and LJ Hooker are via referral arrangement only. Australian Expatriate Services are not responsible for any advice/services provided by these Firms.