Significant advantages for Insurope’s multinational clients

Mon, 05/11/2018

 

Significant advantages for Insurope’s multinational clients

As a leading pooling network, Insurope and its Network Members have decided to increase the Free Cover Limits and Rating Limits for all our contracts in order to further improve our offering to clients and their employees.

Higher free cover and rating limits for pooled plans will be effective as of January 1, 2019. From a free cover perspective, these limits facilitate local employee’s affiliation conditions with more liberal underwriting conditions (higher insured amounts without medical evidence) where the Rating Limits determine the maximum pooling level.

Currently these limits are linked to the pooling system in place (multi-employer pool or Stand-Alone pool) and the total size of the pooled lives insured for death and/or disability benefits.  This has resulted in challenges in the underwriting of new employees by the Insurope Members when the pooling system changed between Multipool and a Stand-Alone pool. To simplify things for our clients, the Insurope Network has decided to not only not link to the pooling system and unify, but to increase the limits.

The limits applicable effective January 1, 2019 can be found below which forms an integral part of the existing Multinational Program. You will also find HERE a comparison between the 2018 limits and the higher limits for 2019.

 

Limits applicable as of January 1, 2019 in EUR (*)

Free Cover and Rating Limits for Multipool and for Stand-Alone pools with less than 5,000 lives pooled for death and/or disability benefits

Sum assured on death or on total and permanent disablement rider*

 

€850,000

Disability pension benefit (per annum) or

 

€70,000

Sum assured on separate total and permanent disablement    

 

€850,000


Free Cover and Rating Limits for Stand-Alone pools with 5,000 lives and more pooled for death and/or disability benefits    

 

Sum assured on death or on total and permanent disablement rider*

 

€1,250,000

Disability pension benefit (per annum) or

 

€90,000

Sum assured on separate total and permanent disablement    

 

€1,250,000

For further information please contact Aki Quashie