G&M International has launched worldwide Accident & Health cover, providing insurance solutions for a wide range of professions, including what it calls distressed occupations such as surgeons, fire fighters, expatriates and professional sports. Large groups, expats, doctors and attorneys can also be covered. The solutions could appeal to organisations such as brokers and life insurers that want to offer GI style benefits too.
Cover options include:
· Temporary disability, caused by accident and/or sickness.
· Permanent disability, caused by accident and/or sickness.
· Accidental death.
· Medical expenses (including evacuation and repatriation).
· Kidnap and ransom.
· Life cover.
· Duty of care insurance. This one-stop cover offers a wide range of benefits for employees travelling abroad on behalf of their employer. It covers accidental death and dismemberment; permanent disability; temporary disability; medical expenses cover (including evacuation and repatriation); kidnap and ransom cover, emergency security and natural disaster evacuation.
· Trauma insurance. This can pay up to £25K to individuals of work for more than six weeks and is paid regardless of other insurances in force. It can provide 24/7 or at work only cover
Some of the key benefits of the cover include Permanent and Temporary disability caused by accidents/and or illness, Kidnap & Ransom, Accidental death and Medical Expenses.
G&M International is part of the General & Medical Group and is a Lloyd’s accredited broker.
Comment: This is a wholesale rather than retail protection proposition, but it does illustrate an opportunity for some brokers/advisers – or even life insurers - that want to offer a wider protection proposition.
G&M can offer a bespoke package, but there are two elements we’d highlight.
First is trauma insurance – this is in some ways similar to a hospitalisation benefit but pays out if the insured has been off work for six weeks. It can pay up to £25K, which is a very useful sum of cash to have when needed.
The other is duty of care insurance. Aimed at employers, it covers situations where employees have to travel abroad for their business.
G&M is not unique in offering many of these covers, but the potential for protection brokers to offer more than just ‘standard’ long term covers is one that perhaps could be further developed – at least for some.
Our rating reflects the fact that this is not a complete retail-ready product, although it has the potential to score even higher, depending on what benefits package and prices are put together.
Plus points: A wide range of GI covers can be packaged to meet a broker’s or life insurer’s needs; Trauma cover is an interesting concept; As is duty of care cover.
Not so plus points: Few life/GI hybrids have succeeded in the market so far; Most protection brokers are not (yet?) into offering white label GI covers .
Rating (max 10): Overall: 7.5. Silver
Tags: Other; G&M International
I Mark: No
Paycare Protect is the Wolverhampton based health cash plan provider’s new entry-level plan. It aims to help businesses support employees’ mental, physical and financial wellbeing.
Available to businesses employing over 20 employees, the plan costs around £1 a week (£4.18 a month) for each employee.
Benefits include 100% cashback on dental (max £50pa), optical (£50), chiropody and professional therapy bills, including physiotherapy, hypnotherapy and chiropractic (max £125pa). Protect also pays up to £150 for specialist consultations and tests, £55 for a health screen and includes an online Lifestyle Assessment.
Redundancy Premium Protection for six months is included, as is free cover for children under 18. Paycare Perks is an online platform enabling members to access discounts, vouchers and rewards on everyday purchases such as insurance, travel and entertainment.
Optionally, employers can add an Employee Assistance Programme (EAP) for 40p per employee each month (about 2p per working day). This provides a confidential support service for any employees with mental, physical or financial worries.
Comment: The £1 a week HCP market runs the risk to providers that they make no money out of such business. However, having a minimum scheme size of 20 members helps avoid some of that and the challenge is then to get employers or employees to choose to pay for more cover.
For employers, the plan covers many of their duty of care needs and all for around £50 a year per employee. Add in the nicely named Paycare Perks, and it adds up to an attractive package.
Plus points: Good HCP benefits for the equivalent of £1 week per employee; Simple to understand, set up and administer; Paycare Perks is an easy to remember package of discounts that can be further built on in future; Covers some duty of care needs too .
Not so plus points: An extra costs for employees; Does not cover very small firms (which make up the vast majority of SMEs); Benefits are relatively low; Just one cover level.
Rating (max 10): Overall: 8. Gold
Tags: HCP; Paycare
I Mark: No