Additional International Products

Please take a look at our additional International Products below.

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International Pension Plan for expatriate and globally mobile employees

What is an International Pension Plan?

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 globally mobile employees avoid having multiple pension pots in several countries, with different currency fluctuations, rules and regulations, languages and investment options. 

Why would a business want to implement an International Pension Plan?

Expatriate numbers are on the increase and the trend is away from short term assignments and towards long terms assignments, driven by a desire to reduce costs and the talent available directly in emerging markets. Global businesses still need to send skilled and experienced people into countries where there business is changing, having issues, or expanding and benefits are high on the agenda to attract and retain these employees. 

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 maybe low and statutory requirements can be restrictive. Put simply, having a pension in a country which you don’t intend to retire in, particularly if the currency is weak or inflation’s high, is not an overly attractive option. 

In addition to this, businesses are increasingly seeing the benefit of having a consistent and centralised approach to benefits, where possible, and are keen to ensure they are socially responsible in providing employees a robust and attractive solution to save for retirement, even if their career extends across work in several countries.

How does an International Pension Plan work?

An International Pension Plan is generally very flexible and can be tailored to a company’s specific requirements. Some key areas to consider when choosing an IPP solution are;

  • Flexible plan design – being able to set up with or without a trust, segmentation to allow different employee and employee contributions and voluntary contributions in different locations, different investment strategies and end of service options.
  • Multi-Currency options – enabling companies to design a plan that fits their business structure and aligns currencies to their global footprint. Each members account can be arranged so that their contributions and investments align in currency to avoid any currency conversion costs.
  • Multi payroll options – able to receive contributions for multiple payrolls in different locations if required.
  • A choice of International Investments – multi currency funds available across a wide range of sectors
  • Easy Access to plan administration – online, secure, administration for employer and employees. 
International Group Accidental Death Insurance

What is International Group Accidental Death Insurance?

International Accidental Death is an insurance taken out by businesses as an addition to International Company Life Insurance to provide an additional lump sum to the employees beneficiaries if their death is due to an accident. The amount covered can either be a specific amo0unt or a percentage of the employee’s salary.

Why would a business want to implement International Group Accidental Death Insurance?

The death of a loved one is always a very difficult time for any family. If that death is sudden and unexpected then the loved ones also have to 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 additional costs which are unplanned for.

If employees are working in an environment which has risks, or are sent on assignment to a country with an increased risk of accidents, then providing International Accidental Death to an employee can bring additional peace of mind and reassurance that, should anything happen, their loved ones will be provided for appropriately. 

How does International Group Accidental Death Insurance work?

International Accidental Death 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 death has to take place within 365 days of the occurrence of the accident for the insurance to cover the death. The employee also has to be actively at work at the time of the event and not working against medical advice.

International Group Accidental Dismemberment Insurance

What is International Group Accidental Dismemberment Insurance?

International Accidental Dismemberment is an insurance taken out by a business generally in addition to International Business Life Insurance and it provides a lump sum to the employees beneficiaries in the event that they suffer a loss of limb or limb function as a result of an accident. The amount covered can either be a specific amo0unt or a percentage of the employee’s salary.

Why would a business want to implement International Group Accidental Dismemberment Insurance?

When an accident occurs that causes a significant injury, it can have a big impact on the life of the employees loved ones and also potentially impact their ability to do the job they had prior to the accident. Not only may there be loss of income in the short and, potentially, long term, but adaptions may be required at home and in day to day life, which have an additional cost.

How does International Group Accidental Dismemberment Insurance work?

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 has to take place within 365 days of the occurrence of the accident for the insurance to cover the death. The employee also has to be actively at work at the time of the event and not working against medical advice.

If employees are working in an environment which has risks, or are sent on assignment to a country with an increased risk of accidents, then providing International Accidental Dismemberment to an employee can bring additional peace of mind and reassurance that, should anything happen, they and their loved ones will be provided for appropriately. 

Additional factors for consideration include;

  • Several injuries affecting the same limb – each injury will be assessed separately, however the total sum cannot excess the maximum benefit specified for the full loss of limb. 
  • Accidental Dismemberment Reference table – will be used as a guide to assess the degree of injury. If the injury isn’t listed it will assessed in accordance with a comparable injury in the reference table.
  • Aggravating facts – if an employee’s condition is aggravated by an existing illness or injury it will have no impact on the decision making and it will generally be assessed the same as if the accident had struck a heathy limb / organ.
International Group Permanent Disability Insurance

What is International Group Permanent Disability Insurance?

This cover is also generally purchased alongside an International Group Life Insurance scheme and consists of two types of cover;

  • Permanent and Total Disability, and;
  • Permanent and Partial Disability

International Permanent and Total Disability can be taken on its own, although, Permanent and Partial Disability can only be taken in addition to Permanent and Total Disability. Both cover disability of either accident or illness and the benefit is paid for both of these as a lump sum, which can either be a specified amount or as a percentage of the employees gross salary.

Why would a business want to implement International Group Permanent Disability Insurance?

Permanent Disability has a significant impact on an employees life, and that of their loved one. This can occur via either accident or illness, so the coverage for both via International Group Permanent Disaility 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 become 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.

How does International Group Permanent Disability Insurance work?

Both Permanent and Total Disability and Permanent and Partial Disability provide cover as the result of an accident or illness if the employee is;

  • Unable to perform  the duties of their own occupation, and;
  • Unable to perform any suited occupation based on their education skills and experience)

Provided that;

  • The Permanent and Total / Partial Disablement is definitive and irreversible
  • The employee has suffered a loss of income, the degree of permanent disability is assess as more than 33.33% 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.

Permanent Disability is assessed on;

  • The functional or physical disability of the employee
  • The occupational disability of the employee

Assessed degree of Permanent Disability;

  • Less than 33.33% – No benefit due
  • Between 33.33% and 66.67% – Permanent and Partial Disability only – The amount of disability allowance will be calculated as the rate of disability multiplied by the sum insured.
  • Over 66.67% – Permanent and Total Disability – if the degree of disability exceeds 66.67% then it is considered to be a permanent and total disability. In this case 100% of the sum assured is paid. 

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.

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