William Russell Launches New International Life Insurance Product for Expatriates and High Net Worth Individuals

William Russell has announced the launch of their new individual international life insurance product, designed to meet the diverse needs of expatriates and high-net-worth individuals. This updated offering includes a guaranteed option for increasing life benefits, new optional coverages like critical illness for adults and children, and complimentary accidental death coverage during the application process. Furthermore, the product boasts a streamlined online quote process and the ability for policyholders to renew even after returning to their home country, alongside features like accepting dividend income for benefit calculations. These enhancements aim to provide comprehensive and adaptable global protection, reinforcing William Russell's commitment to serving internationally mobile individuals and their families.

Main Themes and Important Ideas:

1. Focus on the International Market (Expats and HNWIs):

• The core driver behind the new product is to cater specifically to individuals with international lifestyles. The press release repeatedly emphasizes this target audience: "Backed by our research and designed specifically to address the diverse requirements of expats and HNWIs, we’re releasing a new international life insurance product."
• The product is positioned as offering "protection that stays with our customers—offering stability no matter where life leads," appealing to the mobile nature of expats and HNWIs.
• Teresa Wighton, Commercial Director, states that their goal is to "make global protection simple" and provide "comprehensive, tailored coverage for every stage of life. No matter where our members are based or the responsibilities they have, our policies adapt to their needs..."

2. Enhanced Core Life Insurance Benefit:

• The new individual product shares a similar structure with the recently launched group life insurance but includes important new features.
• Guaranteed Benefit Increase: A significant new feature is a "Guaranteed option for policyholders to increase their life benefit by 10% each year (capped at US$50k), with no medical underwriting." This provides policyholders with the flexibility to increase their coverage as their needs evolve without further medical checks.
• Complementary Accidental Death Cover: During the application process, customers will receive "US$100k of free accidental death cover while we review the customer's application." This provides immediate peace of mind during the underwriting phase.
• Definition of Salary: The new product allows policyholders to include "Dividends from the company employing the policyholder can be included" when calculating their maximum life insurance benefit (20x annual income), offering greater flexibility for business owners and those with diverse income streams.
• Houseperson Benefit Limit: The maximum benefit for housepersons has been increased to "US$200k or £160k or €180k" from the previous limit.
• Premium Structure: Non-smokers will benefit from a "25% cheaper for non-smokers" premium structure.
• Underwriting Flexibility: "Healthy individuals under age 40 can typically purchase US$750k of life insurance cover with no medical," streamlining the application process for a significant portion of the target market.
• Policy Continuity: "Customers can continue renewing their policy even if they return home," addressing a key concern for expats who may eventually repatriate.
• International Beneficiary and Payment Options: "A customer's beneficiaries can be located in a different country, and we can pay the life benefit into offshore bank accounts," catering to the global nature of their client base.

3. Introduction of New Optional Benefits:

• The new product significantly expands its offering with four new optional benefits, providing customers with more comprehensive protection.
• Accidental Death & Permanent Disablement: Customers can increase their cover for accidental death up to US$1mn, with a sub-limit of US$500k for serious accidental injury causing permanent disablement.
• Adult Critical Illness: This optional benefit provides "up to US$100k cover for critical illness." Upon diagnosis of one of "19 specified medical conditions," a lump sum will be paid out. The coverage is described as "comparable to critical illness cover available on the domestic UK market, including cover for cancer, strokes, and heart attacks." Customers can choose benefit amounts in multiples of US$10k.
• Child Critical Illness: Available if the adult critical illness benefit is selected, this covers "up to 10 dependent children." A lump sum of "US$5k" will be paid out if an insured child is diagnosed with one of "13 specified medical conditions (including cancer and bone marrow transplants)."
• Funeral Costs & Repatriation: A benefit of "US$5k" will be released to the lead beneficiary upon the policyholder's death "to cover funeral and repatriation costs." This is highlighted as "an inexpensive way to top up the life insurance benefit, and ensure funds are available quickly to the grieving family."

4. Streamlined Processes and Resources for Brokers:

• William Russell has invested in improving the customer experience and providing better support for their broker partners.
• New Online Quote Journey: A "Brand new online quote journey" has been launched for the new product, aiming for a more efficient and user-friendly experience. William Cooper, Marketing Director, even provides a "Demo of new quote journey."
• Hands-on Broker Support: The business development team is ready to provide "hands-on training, resources, and support to broker partners," indicating a commitment to ensuring brokers are well-equipped to sell the new product.
• Supporting Resources: Several resources are being made available to brokers, including a "Detailed comparison of the new product against the old," an "Announcement blog post setting out what's new," and "Technical notes A close look at the rules for the new product."

5. Strategic Importance:

• William Russell sees "life insurance and health insurance as equally important," and this new product signifies their commitment to the growth of their "protection portfolio."
• The launch aims to provide brokers with "more flexibility and choices for their clients" and offer "comprehensive solutions" that adapt to the evolving needs of individuals with global lifestyles.
• The product is positioned to address major life milestones that often prompt individuals to consider their financial security, such as "starting a family, buying a home abroad, planning for retirement."

Conclusion

iPMI Global analyst Christopher Knight concludes, "The launch of William Russell's new individual international life insurance product represents a significant step in enhancing their protection portfolio and further solidifying their position in the international insurance market. The product offers a compelling combination of enhanced core benefits, valuable new optional coverages, and a more streamlined experience for both customers and brokers. The clear focus on the needs of expats and HNWIs, coupled with the commitment to ongoing support for their partners, suggests a strategic move towards capturing a larger share of this specialized market."