ramlmmjem

I'm looking to take out some term life insurance (if I survive, they don't pay!) to cover the likely period I'd be in Australia up to retirement. I'm older and wonder if anyone has any recommendations for a good value company.

I'd be happy to take a out a policy with either a UK or an OZ company and would welcome your thoughts on this.

Thanks (as always)

Alistair

Red_V_Roger

We went with this broker as I believe they are one of the few that will arrange life cover in Oz whist on a 457 visa and they have previous recommendations on this forum. Don't know if they will have somthing to fit your circumstances, but they were/are very good to deal with:

KNM www.knmservices.com.au
phone. 07 3852 1444

They are in QLD but cover all areas.

mulben

Once in Australia your Superannuation fund provides a cover , depending on
who you are working for and the fund they subscribe to (you can change
funds at any time) it may provide a cost effective cover.
RACV used to have a very good deal
Insurance Group Australia (NRMA in a previous life) where good.
From memory about $200 to $300 for $500,00 but it escalates very quickly
after age 40, I cancelled once it went over $1100.

the Industry Super Funds probably can get the best deals.

DEEDEE01

Good post, I will be interested to know more about this one from the Oz side of things.

Me and the hubby currently have cover with the Halifax (other providers are available !) and pay about £38.00 a month, we have been told we can keep this and continue paying from Oz, we are definately going to stay with this, at least until out UK house sells anyway.

Donna.

Red_V_Roger

If you can keep your UK policy, I would. Our UK insurer would not honour the policy with us in Oz, so we had to swap to one here...being on a 457, it was much more expensive than somebody with PR as the choice of providers is very limited.

JAJ

Did the terms of the policy allow them to cancel it like that? Very unusual, if so.

Red_V_Roger

I think the answer is maybe. We had a few letters backwards and forwards and to cut a long story short, although they did not 'cancel' it they were using some pretty wooly wording about what they would or would not cover i.e. 457, country of residence, time outside the UK.

There was no way that I wanted something to happen to me and my wife be left stranded if they had chosen to call on one of these clauses. Therefore, we ended the policy and started an Oz one.

However, when I used the word 'life insurance' it was one of those policies that is really only there to clear a mortgage (though it was not insurance directly linked to a mortgage) rather than be true life cover based on amount of money paid in etc. So may be this was the reason.

harrip

Initially I had some cover via ING Direct. It was quick and easy to purchase online. However I've since moved on to get it via my super fund as its cheaper and covers me for some activities the ING insurance did not.

Cheetah7

We are looking for life insurance as well, my god they ask lots of questions about siblings/parents and stuff - I dont know lots of it.

I think you can choose terminal illness cover/unable to work due to injury cover - on top of life insurance.

I am going to speak to a broker I reckon, too confusing to get it wrong.

datamile

Australiasuper details to compare their fees if you have your super with them

http://www.australiasuper.com.au/for...insurance.aspx

JAJ

It is unusual for a policy to contain such clauses.

Red_V_Roger

From memory, the general clause was that the policy was valid while we were UK residents. Trying to explain to them that being on a 457 did not make us perm residents of Oz did not work.

I understand that some older policies used to say something like 'resident of the UK or Commomwealth Countries', but ours was UK only.

JAJ

The better policies should have a specific clause saying there are no restrictions with foreign travel or residence unless endorsed otherwise.

Red_V_Roger

I think that we had the 'cheap' policy. It was sold to me by a scouser and only cost £7.50 per month!