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28 | Income protection
likely to find restrictions in domestic policies
which make them unsuitable for the interna- Tim Slee, Global Sales Director, Bupa EU states such as Bulgaria and Romania.
tional lifestyle. International, identifies three key themes “We see the move towards increasingly
At William Russell our Global Income that characterise the international private tailored products as the future for IPMI,
Protection plan is designed to replace up to 75 medical insurance (IPMI) market in 2009. and it is an area we are investing heavily
per cent of your salary to a maximum of “The first is that IPMI is increasingly in.
£90,000. Payments will be paid continuously subject to regulation, particularly in the “Finally, no product or service can be
until you are either fit to return to any occu- key markets of the Middle East and Asia, immune to the impact of global economic
pation or right up to retirement age if neces- as local governments look to regulate uncertainty.” However, past history
sary. international providers and protect their suggests that IPMI is likely to be relatively
Income protection policies tend to pay ben- domestic healthcare systems from being resilient as the need for good quality
efit after a waiting period of at least 3 months. overburdened by expatriates.” In turn, healthcare while working internationally
So, by taking this cover you are protecting more international providers are also is seen as essential by most employers
your salary against long-term absence from seeking partnerships with local players, in and employees and is highly valued by
work, not just a couple of weeks off to recu- order to access important expatriate those on overseas assignments. “Indeed,
perate from minor surgery. markets. our research shows that peace of mind
Different insurers offer a choice of varying “Secondly, the development of ranks as one of the top three factors
waiting, or deferment, periods. The longer the increasingly tailored IPMI products will expatriates give for taking our
period you choose, the more cost-effective allow companies and individuals to exactly international PMI.
your premiums become, but the longer you match cover to their requirements.” In “It will be challenging. The onus will be
will wait to receive benefit. For example, if line with this trend, Bupa International on providers to help customers on
your employer offers generous sickness pay for launched The European Health Plan in tightening budgets, ensure that they
six months, it would make sense to opt for a 2008, specifically designed for expatriates remain well-covered internationally at a
six month deferment period so that benefit needing international health cover in new price that works for them.”
payments continue to offer you a salary when
your employer doesn’t. On the other hand, if
you are self-employed, you might decide to circle6 Long-term benefit payments dismemberment which will pay an additional
take a short deferment period so that you Your policy should pay benefit for up to 24 lump sum if you die or suffer a permanent
receive benefit as quickly as possible. months whilst you are unable to return to disability as the result of an accident.
When selecting an income protection plan, your job. After this, if you are declared When selecting life insurance, make sure
mak
circle6
e sure that your policy includes: medically unable to return to your job or that y
World-wide cover any occupation by which you are fitted by circle6
our policy includes:
Unlike local income protection plans, inter- ways of training, education or experience, circle6
World-wide cover
Inclusion of regular commissions and
national insurance will cover every move make sure that your benefit payments will
you make. This will apply whether you are
moving internationally from contract to circle6
continue until you reach age 65. circle6
bonuses
Cover for recreational sports
Rehabilitation benefit to ease yourself Whether you enjoy ski-ing, bungee jumping
contract, travelling for business or simply back to work or scuba diving, make sure that your insur-
returning to visit relatives in your home A rehabilitation benefit will allow you to ance policy will pay out for death caused by
circle6
country. return to your job in a part-time capacity
Inclusion of regular commissions and circle6
the recreational sports you participate in.
and continue to receive partial benefit pay- Cover for terrorist attacks
bonuses ments until you are fit enough to return to With so much unrest in the world, ensure
If you rely on regular commissions and work full-time. This will ease you back to that you’re covered for terrorist attacks as
bonus payments as part of your salary, the workplace gently. an innocent bystander.
make sure that you can include these when International plans can have some exclu-
calculating your income for the payment of International life insurance for sions or limitations of cover in certain coun-
benefits. This will therefore better reflect total peace of mind tries, so check where you’re likely to need
circle6
your take home pay if you need to claim. Finally, don’t overlook life insurance. It’s an cover both in the short and long-term. The
Compound interest to escalate benefit unpleasant thought, but if you have a family portability of international insurance general-
payments each year they will need protection to provide a reliable ly means that you can keep the same policy in
This is of real value to long-term claimants, income to replace your earnings if you die force wherever you go, offering continued
as benefit payments increase to ensure that before you reach retirement age. Fortunately, cover for existing medical conditions.
claimants can survive on their benefit as the life insurance is generally low cost and you Living and working abroad offers the expat
circle6
cost of living rises. can easily buy cover providing up to 20 times an enviable way of life and excellent standards
Waiver of premium whilst you claim your annual salary for a low monthly premi- of living. By making sure that you have the
You should not be expected to pay your um. Remember, however, that as an expat right insurance plans in place to protect you
circle6
premiums whilst you claim. many domestic life insurance plans will be and your family’s finances you can ensure you
Cover reinstated on return to work unsuitable for your lifestyle. Instead look for can enjoy the lifestyle to the full.
The ability to continue your original policy an international plan designed with the expat
with the same insurer is of great merit. You in mind.
will be covered in full if you were to suffer a At William Russell our Global Life plan
relapse, whilst new cover may exclude the provides cover for up to 20 times salary to
condition that prevented you from original- a maximum of £600,000 for expatriates of Contact specialist international insurance
ly working as it would be classed as a ‘pre- all nationalities throughout the world. We provider William Russell on +44 1276 486477 or
existing condition’. also offer optional accidental death and log on to www.william-russell.com.
March 2009 Investment International www.investmentinternational.com
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