Personal Accident Insurance – Working Overseas
You’ve just been awarded a new position by your company; overseas. Do you Have Personal Accident Insurance? They will be transferring you to Moscow, Russia to run the Marketing Department of your Fortune 500 Corporation. It’s a very big step up the corporate ladder and a great opportunity. You also have so many things to think about however; so many lose ends to take care of. Certainly, the last thing you want to be concerned with is your International Benefits package.
What is the International Benefits Package, does it provide Personal Accident Insurance?
You’re sure that you’ll have International Health Insurance, Workers Compensation Insurance and you’ve already signed up for the free Life Insurance that’s provided. So that’s enough, correct?
Well, unfortunately it’s not, it appears that they left out Personal Accident Insurance Personal Accident Insurance.
When a company sends their employees overseas, they generally provide the above referenced coverages in the benefits package. This is not always enough though. Reason being, you will indeed have health insurance if you or a family member becomes ill. If you’re injured on the job then of course Workers Compensation Insurance will cover you. Additionally, if you are in a declared War Zone, then Workers Compensation Insurance will provide 24 hour coverage. But what if you are not in a War Zone and God forbid, you lose a limb, or worse – your life, and you are not engaged in work activities?
Where Does International Workers Compensation Insurance Stop Covering?
Example, a 40 year old Engineer is in Saudi Arabia working on a project for his company. He comes home Friday night not feeling well, so he skips dinner and goes to bed early. The next morning, no one can reach him. A colleague is sent to check on him and finds him unresponsive. It’s later determined that he died of a heart attack. What will his family do? Workers Compensation Insurance won’t provide ANY coverage because Saudi Arabia is not a War Zone and the event didn’t happen while he was “on the job”. Essentially all his family will receive is a minimal Life Insurance settlement.
Personal Accident Insurance;
This is where Personal Accident Insurance comes in. It is critical that your company carry Personal Accident Insurance Coverage if you are on an overseas assignment. A Personal Accident Insurance policy would send a check immediately to the family for the agreed upon amount by the company. In this particular narrative, a true story, by the way, the family received a check for $500,000 along with the life settlement. They would have been devastated without this coverage as Life Settlements are rarely enough. If however you lose a limb and can’t work, the policy would also respond and pay the designated amount for a loss of limb.
What About War And Terrorism Coverage is it included in Personal Accident Insurance?
Here is the most important part: War and Terrorism ARE covered by our Personal Accident Insurance making it a very broad policy. Further, Life Insurance Always Excludes War/Terror. So, worst case scenario, you are on an overseas assignment, off work, and an IED – Improvised Explosive Device is triggered, killing you. There would be NO coverage from any Life Insurance Policy, Workers Compensation Policy, or Life Settlement Insurance Policy, unless, you are insured by Personal Accident Insurance. Unfortunately, in our current unstable political climate, this type of event happens more often than one might think.
If you should find yourself with the opportunity to work overseas, congratulations! It is the chance of a lifetime to live and work abroad. Just be sure to confirm that the Benefits Package will indeed take care of your family’s needs if something happens. Make sure they include the Personal Accident Insurance.