William Russell has revamped its group life offering.
Designed for companies, institutions and organisations of all sizes, the new international group life insurance plan offers several key changes.
These include an increase of the annual maximum life benefit from 5x salary to 10x salary.
It also includes automatic acceptance limits without medical underwriting of employees and cover is now available for members until the age of 75 (if they joined before age 61).
There are also larger group discounts with more favourable pricing for bigger teams.
In addition to core coverage – there are three new optional benefits and enhancements to further tailor the plan to employees’ needs.
Employers can also 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 of 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, William Russell will pay the member a lump-sum of up to US$500,000.
- Adult critical illness – in the event of a serious medical diagnosis, critical illness cover pays members a lump sum if they suffer a defined illness or if they are diagnosed with any of 19 specified medical conditions, giving members market comparable cover. Cover is available in units of US$10,000, up to a maximum of 10 units for adults up to age 64 years.
- Child critical illness – gives reassurance if a member’s child falls ill with one of the defined conditions. In this event a US$5,000 lump sum benefit will be paid out, allowing members to focus their time on their child and help with medical, travel expenses or other unexpected costs.
- Funeral costs and repatriation benefit – by including cover alongside core life insurance, if the worst should happen the lead beneficiary will be paid up to US$5,000 towards the costs of a funeral or repatriation. This is paid in addition to the life cover benefit.
For larger groups (20+ employees), an option for quarterly accounting has been added so employers can update William Russell every three months of any changes, rather than waiting for annual renewal.
Teresa Wighton, commercial director at William Russell, (pictured) said: “Navigating life insurance options can be complex, especially for corporate clients with international workforces.
“At William Russell, we understand the growing need for flexible, global solutions and remain committed to driving innovation in the international life and protection space.
“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.”
