Engage Health Group offers professional advice and guidance on a full raft of International Insurance policies and related benefits.
As well as the core policies detailed elsewhere on our website, we also have expertise in the following areas:
An International Pension Plan (IPP) is specifically designed for expatriates and globally mobile employees. It provides a vehicle for long term savings and retirement planning, helping expats and employees working abroad avoid having multiple pension pots in several countries. The problem with scattered pension funds is that they provide unnecessary – and sometimes bewildering – complexity owing to different currency fluctuations, rules and regulations, languages and investment options. An International Pension Plan is designed to avoid that.
Expatriate numbers are on the increase and the trend is moving from short-term to long-term assignments. This is driven by a desire to reduce costs and the widening talent pool available within emerging markets. Where applicable, global businesses will need to send skilled and experienced people into countries when necessary– offering guidance and support to the overseas workforce. Such employees are business-critical and so benefits should be high on the agenda to attract and retain them.
Often local pension solutions are not the answer for expat and globally mobile staff, particularly outside of Western Europe and the US, where contribution limits may be low and statutory requirements can be restrictive. It would be unwise to have a pension in a country where you don’t intend to retire, particularly if the currency is weak or inflation is high.
In addition, businesses are increasingly seeing the benefit of having a consistent and centralised approach to benefits. This simplifies the management and provision of benefits –for HR and workforce alike. It’s the foundation through which employers can provide a robust and attractive pension scheme helping employees save for retirement, even if their career extends across several countries.
An International Pension Plan is generally very flexible and can be tailored to a company’s requirements. Some key areas to consider when choosing an IPP solution are:
Multi-national groups with separate business divisions can unify pension management under the same IPP.
Makes it possible to receive contributions for multiple payrolls in different locations if required.
Multi-currency funds are available across a wide range of sectors
Online, secure administration for employer and employees.
International Accidental Death is an insurance taken out by businesses as an addition to International Company Life Insurance. It’s designed to provide an additional lump sum to the employee’s beneficiaries if their death is due to an accident. The amount covered can either be a specific amount or a percentage of the employee’s salary.
The death of a loved one is a very difficult time for any family. If that death is sudden and unexpected then the loved ones must also deal with the shock of the event and may not have made necessary plans or provisions. By providing an additional lump sum for this scenario it can help the family cover unplanned additional costs.
International Accidental Death Insurance should be seriously considered if employees are working in an environment with a heightened risk profile or are sent on assignment to a country with an increased risk of accidents. Putting in place bespoke insurance cover will provide additional peace of mind and reassurance that, should anything happen, their loved ones will be provided for appropriately.
International Accidental Death Insurance is generally purchased as an additional option to an International Group Life policy or can be added at a later date. The death must take place within 365 days of the accident for the insurance to apply. The employee must also be actively at work at the time of the event and not working against medical advice.
International Accidental Dismemberment provides a lump sum to an employee’s beneficiaries should they suffer a loss of limb or limb function because of an accident. The amount covered can either be a specific amount or a percentage of the employee’s salary. The insurance is generally taken out in addition to International Business Life Insurance.
When an accident occurs that causes a significant injury, it can have a big impact on the life of the employee and their loved ones. It can also potentially impact their ability to do the job they performed prior to the accident. In addition to the loss of income in the short and (potentially) long term, adaptions may be required at home and in day-to-day life, which have an additional cost.
As mentioned, International Accidental Dismemberment Insurance is generally purchased as an additional option to International Group Life Insurance or can be added at a later date.
Should an insured member suffer an accident, then the loss of limb or limb function must occur within 365 days of the accident for the insurance to cover the death. The employee must also have been actively at work at the time of the event and not working against medical advice.
The policy is particularly suited to business which have employees working in an environment which poses a heightened risk, or are sent on assignment to a country with a higher risk of accidents. Providing International Accidental Dismemberment in these situations can bring additional peace of mind and reassurance to an employee, should anything happen.
Additional factors for consideration include:
This cover is also generally purchased alongside an International Group Life Insurance scheme and consists of two types of cover:
‘International Permanent and Total Disability’ can be taken on its own. However, ‘Permanent and Partial Disability’ is not available as a standalone policy – it must be taken with the other.
Both policies cover disability of either accident or illness and the benefit is paid as a lump sum in both cases. The lump sum can be set as either a specified amount or as a percentage of the employee’s gross salary. For example, if the employee earns £30,000/year and you purchase coverage for 2x salary, they will be due an insurance payout of £60,000, should the worst occur.
Permanent Disability has a significant impact on an employee’s life, and that of their loved one. This can occur via either accident or illness, so the coverage for both via International Group Permanent Disability is useful and separates it from International Group Accidental Death and International Group Accidental Dismemberment.
It is the only International Group Disability Insurance which would pay a lump sum to an employee if they became disabled via an illness. The others (International Group Income Protection / International Short and Long Term Disability) pay a monthly salary percentage. This alone may not be enough if significant life changes are needed around the time of incident, which can be expensive.
Both ‘Permanent and Total Disability’ and ‘Permanent and Partial Disability’ provide cover as the result of an accident or illness if the employee is both:
This is provided that the ‘Permanent and Total’ / ‘Partial Disablement’ is definitive and irreversible, and that the employee has suffered a significant loss of income. Significant is defined as 33.33% or more for ‘Permanent and Partial Disability’ and 66.67% for ‘Permanent and Total Disability’.
If a ‘Permanent and Partial Disability’ claim is followed by a separate ‘Permanent and Total Disability’ claim, then it will be reduced by the amount already paid out.
In summary then…
Permanent Disability is assessed on:
Assessed degree of Permanent Disability:
Where Permanent Disability is selected in addition to Short-Term Disability cover, any cover eligible for Permanent Disability will be paid after the Short-Term Disability cover finishes.