If you are visiting Australia on holiday or for a short term visit, travel Insurance is recommended and can be purchased from an Insurance provider at your travel agent. Some insurance providers have special policies for non-residents visiting Australia although there is usually no cover available for pre-existing medical conditions, such as pregnancy. If you are also taking out Health Insurance it may not be necessary to take out such a high level of travel insurance.
For further Information on Australian Travel Insurance options go to www.worldnomads.com.au
Deciding to move to Australia? Health Insurance is a requirement for most overseas visitors who come to live/work or study in Australia. The type of cover required is dependant on the country you are coming from and the type of visa you have. For more details on visa types and health cover required go to the Aussie Relocation medical section.
Permanent residents and Australian citizens are encouraged to maintain private health insurance and there are associated tax benefits. Most Health Insurance Premiums have ‘waiting periods’ which means that for the ‘waiting period’ – which can be 3/6/1 months you are not covered for some treatments such as pre-existing conditions or pregnancy related services. Always be sure to check with your insurer which ‘waiting periods’ apply to your policy.
Private Health Insurance benefits include being entitled to your choice of doctor in hospital and expenses covered for hospital accommodation and additional costs such as theatre fees and medicines. Hospital visits can be very expensive without private health insurance. If Health Insurance is a requirement of your visa and you allow it to lapse you may be asked to leave the country.
For further Information on Health Insurance go to Health Insurance
In Australia, you are required by law to have CTP (compulsory third party) Insurance which is also known as a greenslip. CTP Insurance covers death and injury to people if you are involved in an accident. In all states except NSW, QLD and ACT, the state government includes this cover as part of your car registration fee. Please note each state and territory has different rules and regulations regarding this. See our Driving section for more information.
In addition to CTP Insurance you can also take out Third Party Property Insurance which covers you for damage to other people’s property, such as their car or home and your own legal costs. Third party fire and theft insurance covers damage to other people’s property as well as limited theft and fire cover to your own car. Comprehensive Insurance covers you for damage to your own car, other people’s property and cover for fire and theft.
For further information on driving, buying or renting a car in Australia go to: www.aussierelocation/travel.com
Renters or Tenants Insurance covers you for loss of contents in your home from fire damage or theft. Your Landlord should be fully insured against any damage to the property itself. If you do not own your home, this type of Insurance may suit you better than the standard Home and Contents Insurance.
Home and Contents Insurance
This Insurance is suited to home owners who want to protect themselves against damage to their home and contents. There are different levels of cover available and the quote is based on value of property and contents.
If you are bringing your four legged friend to Australia you may be smart to take out some form of pet insurance. For more information go to www.aussierelocation/pets
Life Insurance, Income Protection and other types of Long Term Insurance:
Moving to Australia as a temporary or permanent resident brings with it many challenges, not least of which are financial considerations. Usually, the issues new immigrants need to consider are:
- Personal Insurance
- Estate Planning
As a 482 Visa or other temporary visa holder you need to be aware that, should you be injured or become ill while in Australia, your sponsoring employer is not obligated to pay your salary other than statutory sick leave benefits. Personal Insurance, including Income Protection, can ensure that you and your family, are able to remain in Australia while you recover and hopefully return to work.
Even if you hold insurance in your country of origin, whether you are on a permanent or working visa, you should review your life insurance options. Why?
* In moving to Australia and leaving your employemnt in your home country, you may lose some of the insurance benefits and entitlements that came with your old job.
* Selling your home or property and extinguishing the debt may result in the loss of any life insurance that covered the mortgage. For many people this is the only life insurance they hold.
* Life Insurance policies, especially Income Protection, may no longer be valid once you make a permanent or semi-permanent move to another country. Your life insurance company may reasonably decline a claim or insist you return before assessing a claim.
* Currency fluctuation, foreign exchange rules and taxation may affect the amount of any benefit that you can actually get to Australia.