William Russell has refreshed its group life insurance product to offer more comprehensive coverage including the introduction of three new optional benefits, including the addition of critical illness cover for adults and children.
In a statement today (7 March) it said that the product is now ready to provide tailored quotes, ensuring businesses can support their employees with robust and reliable protection while working and living overseas.
Traditionally, domestic group life insurance policies require employees to be permanent residents in their country of coverage and may not extend to those living and working broad for extended periods. The workplace is changing, so more companies and their teams are now distributed across the world, the statement said.
For instance, digital nomads and remote professionals often relocate globally on one- or two-year contracts. Offering international life insurance can broaden an employee’s benefits package, helping businesses to attract and retain top talent with much more geographical flexibility whilst providing employees reassurance that their loved ones will be financially protected—no matter where in the world they’re based and if the worst should happen.
Its international group life insurance can cover up to US$2 million per employee (10x an employee’s salary), paid as a lump sum. There are also early payouts if an employee is diagnosed with a terminal illness and has less than a year to live, allowing them to decide how and where to use the funds.
Teresa Wighton, commercial director said: “I’m excited to introduce new enhancements designed to simplify coverage, help businesses attract and retain top talent, and provide greater financial security for employees worldwide. As the modern workforce becomes increasingly mobile and flexible, we continue to listen to our broker partners and analyse the market to adapt our life and income protection offerings. Our enhanced solutions ensure that businesses can provide comprehensive protection, regardless of where their teams are based.
“Providing international health insurance for expats and local nationals has always been our primary focus, and we take great pride in also
offering comprehensive international protection. We know the benefits our members value in having these policies, they tell us every day.
“Because of this, we want to continue our focus on protection, ensuring as many companies and their employees can benefit from the
product and have that peace of mind for their loved ones. Especially if they’re leading a busy lifestyle living and working aboard.”
Designed for companies, institutions and organisations of all sizes, the enhanced international group life insurance plan offers several key enhancements including:
Increase of the annual maximum life benefit from 5x salary to 10x salary.
Generous automatic acceptance limits without medical underwriting of employees.
Cover now available for members until the age of 75 (if they joined before age 61).
Larger group discounts with more favourable pricing for bigger teams.
In addition to core coverage, it introduced three new optional benefits and enhancements to further tailor the plan to employees’ needs. Employers can now opt to include coverage for:
• Accidental death and permanent disablement – if accidental death cover is included, beneficiaries will receive an additional lump-sum up to a maximum US$1,000,000 in addition to the core cover of up to US$2,000,000 if the members death is caused by an accident. If they survive an accident but suffer a serious injury resulting in disability, it will pay the member a lump-sum up to US$500,000.
• Adult critical illness – in the event of a serious medical diagnosis, members can rest easy knowing they’re covered. Critical illness cover
pays a lump sum if they suffer a defined illness or if they’re diagnosed with any of the 19 specified medical conditions, giving members
market comparable cover. Cover is available in units of $10,000, up to a maximum of 10 units for adults up to age 64 years.
• Child critical illness – gives reassurance if their child falls ill with one of the defined condition. In this event, it will pay a US$5,000 lump
sum benefit, allowing members to focus their time on their child and help with medical, travel expenses or other unexpected costs.
• Funeral costs & repatriation benefit – by including cover alongside core life insurance, if the worst should happen we’ll pay the lead
beneficiary up to US$5,000 towards the costs of a funeral or repatriation. This is paid in addition to the Life cover benefit.
