Now you had been sponsored by your employer to apply for the working visa or permanent residency. This time you are required to have your own personal health insurance and as one of the requirement by the DIAC. I know that there are plenty of insurances in Australia that will provide you with a better cover for yourself or family (dependent). Meanwhile, try to look for an insurance that is way cheaper than the other one that have almost the same coverage with the expensive insurance company. At the same time, make sure that they can be used in the area where you will be staying while you are working.
Some of the insurance company that provides coverage for the overseas visitor for the 457 visa or permanent residency are the following. Please take note that there are many other health insurance but I will just list those that are affordable and reasonable at the same time. Also, their order in the list does not mean that the top list is the cheapest and the best. I will list it in any order.
List of Health Insurance/ Price per month
1. Bupa / AUD 89-Basic Cover
2. HIF / AUD 86.45-Intermediate Visitor
4. Iselect / AUD 485.65 quarterly
5. IMAN or NIB / AUD 76- budget visitor cover / AUD 99- Basic visitor cover
Always ask for a visa support letter since you will be needing this as one of your supporting documents in DIAC.