Group Life And Income Protection Insurance Should Be Included In Your Expat Health Insurance Scheme

Group Life Income Protection Insurance Expat Health Insurance

The benefits of implementing a group life and income protection scheme for any company operating in SE Asia are worthy of understanding.

This type of plan can be integrated with a medical health care plan or taken out separately.


Advantages of such a scheme:

It is clear that the implementation of a group protection plan gives benefits to both the company concerned and their employees.



Employee benefits:

Such a scheme will provide immense benefits and an all-important peace of mind for employees. It ensures they will have financial security in the event they suffer from illness, injury, or in the unfortunate event that they die while in the company’s employ.

This will be seen as a particularly attractive benefit to expats in South-East Asia who have dependents or families to provide for.

By having group life and income protection cover it ensures that a large percentage of the employees’ monthly salary is paid during the period they are unable to return to work.

Additionally, if they die from illness or injury while in company service their named beneficiaries will receive a lump sum payment. Such a payment certainly does not make up for the loss of a loved one, but it will help to ease the financial stress and worry of families and dependents affected.


Accident benefit add-on:
There is also an option for the company concerned to take out an additional ‘Accident benefit’ module. The inclusion of this ‘extra’ will further enhance the employee’s life insurance policy. This is because it covers death caused due to an accident.


Company advantages:

There are numerous advantages that a group life and income protection scheme gives to a company. Three that should not be ignored are:


Seen as a best-of-breed employer:

Make no mistake, if you are a company looking to employ quality staff it goes without saying that you will need to offer attractive salaries, but that should not be seen as the only tool in your recruitment strategy.

Offering additional benefits is an ideal way to attract the quality of staff you are looking for. The setting up and administration of a group life and income protection scheme is certainly one benefit that will be viewed positively by those you are looking to employ.


Flexible schemes to suit your company:

Any company with more than 3 employees can find a scheme that fits their needs. This means that every size of company from SME’s to Global Corporations can tailor cover to meet their needs.

The larger the number of employees you cover with a group life and income protection plan, the more comprehensive the benefits, but even at the lowest end of this scale the benefits employees will receive are more than adequate.


Medical History Disregarded (MHD) underwriting:

This is a huge benefit in terms of acceptance in any life and income protection insurance policy. It also only applies to corporate or company cover. In general, it is applicable to companies who have more than 10 employees in the group life and income protection scheme.

MHD underwriting means that an individual’s medical history is not considered when they are covered under a company plan. The upper age limit for cover can be for those as old as 70 years.

Because the medical history of any employee in the scheme is not taken into account, this also includes those who may have pre-existing medical conditions.

When a person seeks individual cover they will be subject to an extensive medical health questionnaire. Those who do have a pre-existing medical condition will have limitations and exclusions placed on whichever policy they are offered. It must also be said that life and income protection insurance companies are at liberty to refuse an application from those with such a condition.


A group life and income protection policy is a win-win situation:

As can be seen from the above, companies that put in place such a scheme are benefitting both themselves and their employees.

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