G&M International Accident & Health coverages
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.
· Travel.
· 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 .
Website: http://www.genmedinternational.com.
Rating (max 10): Overall: 7.5. Silver
Tags: Other; G&M International