Setting Up Global Benefits at Your Firm

Posted by: Ken Slaton - Global Benefits Group on Tuesday, January 30, 2018

Employees of international, global and multinational companies face unique challenges and needs in terms of employee benefits. Your company can assist them so that they are more productive wherever they are working.

Once an employee travels outside of their home country or relocates to a foreign country as an expat/expatriate, their home country benefits may will no longer meet their unique needs. Regardless of industry, employees need comprehensive and competitive benefits so that they can focus on doing their job, not handling issues that are peripheral to it.

International benefit plans intend to copy the employer’s local benefit plan but consider other factors brought on by the global work. Expat coverage can include special Life Insurance, Accidental Death, Health Insurance, Short Term and Long Term Disability and Travel Insurance. Available insurance coverage can be global and protect employees working in almost any country around the world... with exceptions being high risk countries such as Afghanistan, Iran, North Korea, Somalia, Sudan, and Syria. Talking to an expert for every country is recommended.

The type and level of risks vary from country to country, creating the need of customized benefits solutions. This means that if a global corporation sends two employees to two different countries to do the same exact work, the benefits for each employee should be crafted in different ways... in consideration of the location and the employees.

For example, recently a U.S. employer requested customized coverage for a new hire in Italy with a base salary of 140,000 Euros. After deliberation it was determined that the level of life insurance coverage would be 1.5x annual salary, accidental death at 5x annual salary and accidental permanent total disability at 6x annual salary. At the same time, a different U.S. employer requested a policy for an Irish national residing in Ireland where the insurer developed an annual renewable life policy for US $207,000 equal to the annual salary. The long term disability coverage included a 13-week deferred period, and the benefit was equal to 2/3rds of the annual salary... to meet the company and employee needs.

Besides special policies that can be offered for international employees, it is important to consider the quality of services that can be delivered. Companies need to make sure that their employees will receive insurance and benefits in a local environment, hence offered by service providers that know the country and can overcome language and cultural challenges.

About Global Benefits Group (GBG) 

GBG provides benefit solutions not only for expatriates but also for third-country nationals (i.e. expats from another country), and local nationals. To learn more about how GBG can take care of your employees, contact Global Chamber member Ken Slaton, SVP, Global Benefits Group, via e-mail.

GBG underwrites health, life, disability, travel and other specialty insurances for groups, families, and individuals. GBG offers 24/7 assistance to answer any customer need around the world – including emergency evacuation – no matter the day or time.


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