Group Risk from an International Perspective

Group Risk covers 3 main areas:

Group Life:

This pays a lump sum to the beneficiaries of an employee in the event of death. The benefit can be a multiple of salary or a fixed amount. Expat life insurance covers this whilst working abroad. An interesting fact is that there are over 600 providers in the USA alone!  And the total premiums are over $500 billion! The insurance than most people think and is a tax free pay out. You can also change the beneficiaries to suit your circumstances.

Group Income Protection:

This benefit provides employees with a continued source of income if they are absent from work due to illness or accident and usually becomes payable after a set time period. Normally 3, 6 or 12 months.

It is paid until the employee recovers or if they employee isn’t able to return to work is paid until retirement or death. A lot of people are put off by the percentage of salary figure that is tied to income protection. For example 65% of salary policies, some people think they would be 35% worse off if they fall ill. The reality in the UK is that all the tax you have to pay while receiving a salary are irrelevant to income protection policies so the actual amount you take home is a lot closer to your initial take home pay.

Group Critical illness:

The cost of healthcare internationally escalates year on year and dealing with a serious illness can be financially draining. Critical illness cover gives effective protection against these costs as it pays a lump sum to an employee upon diagnosis of a range of illnesses. According to the American Cancer society men have a slightly less than 1 in 2 life time chance of developing cancer. In women this is around 1 in 3.

This is also a tax free benefit.

BDHL is an experienced broker within the Uk and international marketplace – if you have any questions ask a friendly member of the team 01982 891900