Anyways, these are some tips that Richard, a high school mate (who's currently in Brisbane) threw out:
- If you already have life insurance policy in malaysia, just get the basic medical/hospitalization policy in Australia. This is for taxation purposes, as clients are normally not allowed to make the same insurance claim from more than 1 party.
- Insurance agents don't necessarily have to check really how many insurance policies you have, but they will do this when the client wants to lodge a claim.
- It is up to the client to be aware of this as the law does not prevent more than one provider from selling the policy to them. The law only prevents clients from making a claim with more than 1 provider.get the most basic one in australia for taxation.
- From other news I heard, it is possible to make claims on as many life insurance policies (but can you really afford it?), but claims for hospitalization/medical is limited.
The Australian Government provides a basic universal health insurance, Medicare. Private health insurance in Australia is limited to those services not covered by Medicare or to services provided in private hospitals.
The Australian Taxation system encourages middle to high income earners to take out Private Health Insurance. While most taxpayers pay a 1.5% Medicare Levy, an additional 1% Medicare Levy Surcharge is payable by those taxpayers who earn more than $50,000 and do not have Private Health Insurance. (From Wikipedia).
As such, Richard tells me that if I already have life/savings insurance in Malaysia, to just stick with it, and get the basic ones in Australia for taxation purposes.
Malaysian endownment and insurance policies are not taxable, and clients can still get their money back on maturity in the later years. They are written way better than Australian policies....!
So yeah, even if you are migrating to Australia, it is still worth thinking getting a policy (that you can service on a yearly basis), and enjoy shopping like a king on your retirement when you do come back to Malaysia for a visit!!
(This is purely my perspective, and not a financial advice. For that, you'd have to refer to your Financial Planner for more information!!)