Health & Protection in Australia
Living in Australia is like having a thrilling adventure with many things to see and experience, and you can enjoy your new experience even more with the assurance that you can make the most out of your life by not worrying about emergencies and gain access to services that can be costly without insurance. It is important to understand how you are protected either with a benefits package provided by your employer or by the policies that you will buy directly yourself. Learn more about how insurance can help you live your expat life to the fullest in Australia.
The importance of insurance in a country like Australia can be easily ignored by expats. There are several capable medical centres and services can be easily provided when you need it. However, what you may not think about is the massive cost that any emergency can cost you in a country like Australia where the cost of living can be quite high. You might think that the cost of insurance will only cost as much as what you will pay when you have an emergency, but that is a common misconception that can cost you a lot of money and even put you in debt. Think about the money upfront that you may need to shell out without insurance in cases of emergency. Insurance coverage can help you with saving money as well as reduce your stress and effort in managing the cost for your emergency.
Most insurance policies such as private medical insurance and life insurance can also provide more than just security and peace of mind. These types of insurance coverage can offer services or investment deals that can help you make the most out of your money while you’re living in Australia.
Getting Private Insurance
If you are not going for a work holiday visa and under a defined expatriate assignment, it is important to talk to your HR department in the Australian office. They might be able to guide you on the benefits package and who to refer to in order to secure add-ons and home-related insurance (if not yet in your package).
Australia’s insurance industry is massive and getting insurance policies, local or international should not be a problem for expats in this country. Australia has a government agency that regulates insurance companies and insurance laws in the country. The agency is known as Insurance Council of Australia. Before you sign with any insurance companies, make sure they are registered in this agency and that they adhere to its laws and practices.
General insurance in Australia can be easily acquired through Australia’s leading general insurance providers with global recognition such as GIO Insurance, and CGU (member of IAG). There are several major international insurance companies also have headquarters in Australia. Allianz has a particularly large influence in Australia and is the preferred international insurance provider among locals and expats alike. Signing up for insurance in Australia is a breeze with its prominent insurance industry. You simply need to ask for quotes online, call, or go to their offices for further inquiries.
General and life insurance coverage in Australia is governed by the Australian Prudential Regulation Authority. Make sure the company you sign in with for policies such as general and life insurance is registered and approved by this agency. You might also want to check the laws they have for general and life insurance before you sign up for any of these policies.
Australia has a very specific set of rules for insurance which also means that not all international insurance providers can offer coverage in this country. However, due to Australia’s large insurance industry, there are several local insurance companies with an international presence, making local insurance coverage feel like an international coverage. This also means that you need to be careful when you’re signing up for a policy. If you would like international coverage, be clear with the company that you want it, don’t run on the assumption that since the company has an office in your home country that you will be automatically covered even when you go home. Always double check you policy coverage.
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