Regarding expatriates living abroad, insurance companies have revised their stance on providing life, total and permanent disability (TPD), trauma, or income protection insurance to Australians residing overseas.

There are a few things to consider before looking into this further.

• Are you an Australian citizen

• Are you working overseas for a set period of time

• Is the set period of time is no more than 5 years

• Is there a planned/clear return date to Australia

• Have you got a working contract in place

The life insurance provider will also assess the country or region where you are travelling to or residing, taking into account the travel warnings associated with it.

There are four levels of travel warnings :

• Exercise normal safety precautions (Green)

• High degree of caution (Yellow)

• Reconsider your need to travel (Orange)

• Do not Travel (Red)

In general, insurance companies deem regions categorised as Green or Yellow as acceptable. Regions marked as Orange will require a case-by-case evaluation, and if a region is designated as Red, they typically cannot provide coverage. However, it is still advisable to inquire for further clarification.

For income protection policies, it is advisable to provide the following information:

• Your occupation

• Your qualifications

• Current income

• Whether you are an employee or self-employed

Please note that insurance companies also commonly include a repatriation clause for income protection benefits.

Lastly, it has been noted that several insurance providers now require the application to be signed or completed in Australia before the client departs the country or during their visit for business or vacation. Additionally, if the insurer requests any medical requirements, they must be fulfilled in Australia.