What is the fate of your various insurance policies when you relocate to another state or country? Interstate removalists here in Melbourne would be pleased to guide you on the options you have as you plan to travel.
Whether the aim is to settle with family, further your career or just travel the world, more Australians than ever before are opting to move abroad. According to the Australian Bureau of Statistics, there was a 5.5% annual increase in the number of citizens leaving in 2016.
These figures are not inclusive of expats going back to their mother countries. Many people are also taking up Australian citizenship. As it is in the public domain, the uptake of life insurance in Australia has risen steadily in recent years.
There are numerous other types of policies available to people. Have you thought about what might happen to your plans when you decide to relocate? Which insurances do you need to focus on in this case? Let us check some popular ones below.
1. Life Insurance
Globally, there is a trend of life insurance being portable because people have become increasingly transient. Most of the policies are targeted at expatriates, but that does not mean that other cases cannot apply. It is essential to review your policy to identify the conditions in case you relocate.
Even if you are not covered, the company may be willing to survey other life insurance policies for you and your family. In case you did not have a life insurance in the first place, this might be the ideal time to get one.
2. Vehicle Insurance
Australia offers different types of car insurances, but some could be compulsory. The four major policies are Comprehensive, Fire and Theft, Compulsory Third Party, and Third Party Property. Any driver in Australia must have the Compulsory Third Party insurance.
The others are optional and cover a myriad of issues. If you are coming to Australia, you might want to check with your provider if the policy can apply in your new location.
3. Health Insurance
Whether you are immigrating or emigrating, chances are that your current health policy will be incompatible what is available in your new country. Fortunately, there are international health insurance options that you can use.
Australia does have agreements with selected countries, although the coverage can be hugely limited. The good thing is that the insurance provides the much-needed peace of mind during and immediately after relocation. Established providers will even offer cost-free quotes.
4. Travel Insurance
This is probably the most important policy, especially if you have your family and belongings in tow. Companies usually offer two-way insurance- covers back and forth aspects of the journey, but you might only need one-way option if you are emigrating.
All you need is to inform the insurer in good time because these policies can be unique. With some good negotiation, you may get an offer that is cost-friendlier than standard single-trip options.
It is no longer a secret; people are trotting and settling around the globe more than ever before. These dynamics have not spared the insurance sector. Both the providers and their clients must adapt to these changes.