William Russell’s updated life policy offers life insurance up to $2m (or 20 times annual salary if lower) on an annually renewable basis up to age 70. It is available in most countries, with the exceptions of Iran, Syria, South Sudan, North Korea, Libya, Central African Republic and Yemen.
The policy pays out on death or on diagnosis of a terminal illness (where life expectancy is less than 12 months).
Clients can also add up to $500K of accidental benefit. A sliding scale applies e.g. 100% payment on accidental death or 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 clients under age 50 who are 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.
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 rated. Any change of occupation must be notified and cover may cease if the new occupation is not acceptable (or a rating applied). Taking part in any hazardous activity must be notified, and again cover may cease or a rating be applied.
Premiums are age-related and increase each year.
What They Say
Michael Lewars, head of global sales & partnerships, William Russell, said: "As part of our ongoing commitment to continuously improve our products, we’ve reduced our rates, increased our cover limit and added more benefits for our international life protection in 2018.
"Whether you are an individual expat, or a member of a corporate group, our life product will cover you as you move around the world (or your region of cover) giving you complete control and peace of mind. The enhanced benefits include international terminal illness cover - should anyone on cover receive a diagnosis of a terminal illness where the prognosis is of 12 months or less, the full benefit will be paid early, giving our customers more control, freedom and peace of mind when finances should not be the main concern.
"No one can look after your family as well as you do. But should the worst happen, William Russell will make sure that your family is financially able to maintain the lifestyle you’ve chosen."
What We Say"This is simple life cover for expats living outside their country of nationality.
"In many cases no medical examination will be necessary but, if it is, the client will have to pay upfront and then be reimbursed when the plan goes in force, which looks fair.
"For younger lives, the cost of such cover can be very low, although premiums are age-related and will rise each year. The policy also cannot run on beyond age 70 – although by that age many expats will have retired anyway and their life cover needs are likely to have fallen away or be more concerned with Inheritance Tax or legacy planning.
"The optional accident benefit will also appeal to some."