June 2018 William Russell: Term International life insurance.
William Russell has updated its International Life Insurance policy and now offers life insurance up to $2m (or 20 times annual salary if lower) on an annually renewable basis to age 70. The policy is available in most countries, but not Iran, Syria, South Sudan, North Korea, Libya, Central African Republic or Yemen.
The plan pays out on death or on diagnosis of a terminal illness if life expectancy is less than 12 months.
Clients can add up to $500K of accidental benefit with a sliding scale applying. For example, the policy pays 100% of the insured benefit on accidental death or the loss of both feet or legs, down to a 3% payment for the amputation of a toe (but 10% if it’s a big toe).
For those under age 50 in good health, up to $750K of cover can be taken out with just a simple application form. In other cases, if a medical is required, the client pays but will then be reimbursed when the cover goes in-force.
Both individual and business cover is available. Clients must be office based; if not, a full description must be provided and some occupations may not be acceptable or will be rated. Any change of occupation must be notified and cover may cease if the new occupation is not acceptable (or a rating may be applied). Taking part in any hazardous activity must also be notified, and again cover may cease or a rating applied.
Premiums are age-related and increase each year.
Comment: This is simple life cover for expats. Premiums are age-related and will go up each year. which can be a disadvantage at older ages, but makes cover more affordable for younger people. For those that want it, accident benefit can be included too.
Plus points: Simple expat life cover; Optional accident benefit; Simple application only underwriting for some; Medical exam costs reimbursed if one is needed and after the policy goes in-force.
Not so plus points: Can get expensive at older ages; Premiums go up each year.
Rating (max 10): Innovation: 7. Overall: 8. Gold
Tags: Life; William Russell
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