William Russell has unveiled a revamped version of its individual life insurance product, incorporating several significant changes designed to enhance coverage and flexibility for policyholders. The updated offering includes the introduction of smoker rates and an increase in the minimum age for the last renewal from 69 to 74, or 69 if the policyholder’s age at entry was over 61.
Among the most notable changes is the introduction of a guaranteed option that allows policyholders to increase their life insurance benefit by 10% annually, without the need for medical underwriting. This benefit is capped at US$50,000.
The product, tailored for individuals living in various countries or frequently moving between them, now includes several key features. Policyholders will receive US$100,000 of free accidental death cover while their application is under review. Additionally, the product now offers an upgraded online quote journey, along with several new optional benefits, including adult and child critical illness coverage.
The updated policy also provides healthy individuals under the age of 40 the opportunity to purchase up to US$750,000 in life insurance coverage without the requirement for a medical exam. Furthermore, the policy allows beneficiaries to reside in different countries.
New Optional Benefits
In addition to the core life insurance coverage, William Russell has introduced several optional benefits to further enhance its offering:
Accidental Death and Permanent Disablement: Policyholders can increase their coverage for accidental death by up to US$1 million, with a sub-limit of US$500,000 for serious injury resulting in permanent disablement.
Adult Critical Illness: Customers can add coverage for critical illnesses up to US$100,000. This benefit covers 19 specified medical conditions, including cancer, strokes, and heart attacks, with payouts made in a lump sum. Coverage is available in multiples of US$10,000.
Child Critical Illness: If the policyholder has added the adult critical illness benefit, they can also add child critical illness coverage for up to 10 dependent children. In the event that a child is diagnosed with one of 13 specified conditions, such as cancer or bone marrow transplants, William Russell will pay out a lump sum of US$5,000.
Funeral Costs and Repatriation: Upon the death of the policyholder, William Russell will release US$5,000 to the lead beneficiary to cover funeral and repatriation expenses.
Additional Updates
In addition to the new benefits, William Russell has streamlined its application process, allowing healthy individuals under the age of 40 to purchase up to US$750,000 of life insurance coverage with no medical exam required. The insurer also ensures that customers can continue renewing their policies even if they return to their home country. Beneficiaries can now be located in a different country, with life benefits being paid into offshore bank accounts.
Furthermore, customers can include dividends as part of their annual income when calculating their maximum life insurance benefit, which is typically 20 times their annual income. These changes are supported by the launch of a new online quote process for the updated product.
Strengthening Global Protection
Teresa Wighton, Commercial Director at William Russell, emphasized the company’s commitment to providing flexible, global protection solutions. “At William Russell, our goal is to make global protection simple. By strengthening our range of protection offerings, our comprehensive solutions provide brokers with more flexibility and choices for their clients.”
Wighton highlighted the importance of adaptable coverage for individuals with evolving needs. “Our new plans can offer global protection that moves with them,” she said. “Whether they are experiencing major life events or ensuring the future stability of their loved ones, our international life insurance solutions offer tailored coverage for every stage of life.”
The revamped product is designed to offer peace of mind to policyholders, ensuring their family’s financial future is secure, no matter where they are based or what responsibilities they have.
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