Developed in collaboration with Pacific Prime Insurance Brokers, the facility allows expats to freeze their own personally funded health insurance plan if they become eligible for an employer funded plan, with the ability to re-activate it up to 5 years later.
Called Freedom, the new plan feature will be available to all private individuals selecting one of Allianz Worldwide Care’s international health insurance plans through Pacific Prime.
Freedom allows the policyholder to freeze their own personally funded health insurance plan if they become eligible for an employer funded plan, with the ability to re-activate it up to 5 years later. Allianz Worldwide says the option will also be helpful to those who have to be enrolled in a national healthcare scheme due to regulatory requirements in certain countries.
While medical treatment is not covered while the plan is dormant, re-activation of the plan will incur no additional underwriting or require any new application forms to be filled in, regardless of whether any new medical conditions have arisen during the dormancy period. Policyholders will pay only 30% of the full annual premium during each year of dormancy.
Susan Landers, Allianz Worldwide Care’s Head of Marketing and Client Management commented “We are delighted to work with Pacific Prime on this innovative new service which brings flexibility and convenience to our mutual clients. As a fresh and pro-active approach to improving the client experience, it is very much in line with our ethos of continuous product and client service improvement”.
Neil Raymond, Chief Executive of Pacific Prime said the introduction of an option which allows policyholders to freeze and then re-activate their international private medical insurance (iPMI) represents a significant step forward within the iPMI market.
"Expatriates may change employers up to 6 times over a 15 year period and their health insurance situation will also change, depending on their employee benefits package and location. This new option recognizes this and supports clients during these changing circumstances. We are excited to have been granted exclusive distribution of the Freedom option within Asia Pacific. This is yet another high quality service element which we can offer to clients from our bases in Shanghai, Hong Kong and Singapore”.
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