What does “guaranteed premium” mean in an international life insurance policy?
A guaranteed premium in an International Life insurance policy means that the Selected Premium shown in your Policy Schedule is fixed from the start date of the policy and will not change for the entire policy term. Expatriate will not increase the amount you pay, regardless of changes to your occupation, lifestyle, or country of residence after the policy has started.
What this means for expats
For expats whose circumstances can change significantly over a long policy term, such as changing countries, changing jobs, or changing lifestyle, a guaranteed premium removes the uncertainty of being repriced at a later date. You know from the outset exactly what you will pay for the full duration of your cover.
The minimum premium is $50 (or the Pounds Sterling or Euro equivalent). Premiums must be paid in the policy currency on the due date and cover continues for up to 90 days if a payment is missed, but if premiums remain unpaid beyond that period, the policy may be cancelled.
The guaranteed premium works alongside guaranteed cover to the commitment that the death benefit will not be reduced during the policy term. Together, they mean that neither what you pay nor what your beneficiaries receive will change from the date cover starts, for as long as the policy runs.
Both guarantees are subject to premiums being maintained and to the terms and conditions of the policy, including provisions relating to misstatement of fact and changes in governing law.
Expatriate Group’s international life insurance locks in your cost and your cover from day one, giving you and your family financial certainty for the full policy term.
