Q & APlanning to migrate to Australia 10-15 years from now. How does that impact my insurance choices today?
Jason Wong asked 8 months ago

Hi KC,
My wife and I have plans to emigrate to Australia sometime between 2030 to 2035. I’m 38 years old now and the plan is to come back after 10 years sometime between 2040 to 2045 to retire after our children have finished university and are independently working there.
What insurance would make sense for us?

3 Answers
KCLau Staff answered 8 months ago

Hi Jason,
Life insurance cover worldwide. But medical insurance only for local use.
You just need to cover your life value when your children are still depending on you.
You will also need insurance when you are in Australia.
 

Jason Wong answered 8 months ago

Considering my wife and I might be back someday – say 25 years later:

1. Would it make sense to keep our medical and CI when we emigrate there?

2. Would it make sense to start our medical and CI now? 

3. Do you still get life insurance when you’re in US right now? While keeping your Malaysia life insurance?

KCLau Staff answered 8 months ago
  1. You can keep your medical and CI coverage in Malaysia after migration. I still do, because we will be back in the future. It is beneficial so you won’t be excluded for any illness that happen in the future, if you are going to repurchase medical insurance when you are back to Malaysia
  2. Yes, insurance is required at all time, especially when you are healthy so you can get approval.
  3. Yes, I have both Malaysia insurance and US insurance.
Jason Wong replied 8 months ago

Thanks KC, this is quite clear now. Hope you get to answer my other question!

KCLau Staff replied 8 months ago

What are your other questions?