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Life Insurance for a 457 Visa Holder
Topic Started: Mar 26 2013, 04:09:14 PM (2,846 Views)
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I know there is a file under the subfolder on this but it is a very old thread and I'm hoping for new/more specific information.

1. What types of life insurance do 457 Visa holders qualify for? Any recommendations for providers?
2. What are the typical premiums per $100K for a 35 y/o non-smoker female? (I have $$$$$ student loans from Vet School so I need WAY more than $100K!)
3. How about a 41 y/o non-smoker male?
4. Has anyone ever tried to open a NEW life insurance policy in the USA while living in Oz? We do still own a house there which we get rental income on.

I had awesome life insurance through my previous employer so I didn't take out any personal policies. Now I realized that my hubby and I are here with our infant daughter, a load of student loan debt, and no life insurance whatsoever!

Yeah......we are sort of freaking out!

Thanks in advance!
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True Blue Mate
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Not every provider offers temp resident policies.

Check out exfin, I think they can help you.


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1. Not sure, it seems to depend on the insurer. Had a quick look at mine (Medibank) and looks like they won't cover life for TRs but will cover loss of income due to accident or disability. A Google search on "life insurance 457 visa" led me to this: http://www.madinsurance.com.au/457-visa-holders-insurance

2. I'm nearly the same age, and my premium is around $25 for something like $150K with Medibank Life. I also have private health insurance with them, so I get something like a 10% discount. Just a thought - have you checked with your health insurance provider to see if they also cover life?

3. Not sure.

4. N/A

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True Blue Mate
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We haven't been able to find an Australian company willing to fully insure someone on a 457 Visa. Right now, I'm working with someone at New York Life who is doing a bit of research for me. She said most policies will cover you anywhere in the world, but residency may be an issue. There is a physical and blood work involved, so I'm not sure how that would work either. Another agent who has more experience with expats is supposed to get in touch with me, but the time change is making it difficult. If anything pans out, I can pass on the agent's info if you like.
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There is a comparison site only for 457 visa holders called www.457visacompared.com.au.
Try their Life Insurance section for a list of the polices that cover us http://www.457visacompared.com.au/life-insurance/
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We have a 100% track record in getting those on a 457 Visa life insurance at far more affordable rates than going direct to an insurance company or using a private health fund who then tries to on-sell life insurance products. Check us out here: http://www.madinsurance.com.au/457-visa-holders-insurance.html
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I'm dealing with this issue right now - has any one else had the insurance company say that they can only insure you if you have an "intention" to stay in Australia and become a permanent resident?
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