Group Employee Benefit Plans for Multinational Organizations

Expat Financial offers brokerage services for Canadian, the US and other international companies with operations outside of North America which require international group insurance & pension benefits for their expatriate, third-country nationals and key local nationals. Expat group employee benefit plans are available for companies with a minimum of three employees working outside their country of residence. This is a unique and natural extension of our extensive work with clients in employee benefits. We have become a leader in providing international expat group insurance plans to clients around the world.

Expat Financial, which is a division of TFG Global Insurance Solutions Ltd., can even cover some local companies who want the security, portability and quality of an international benefit plan. More and more companies outside of N. America and Europe are looking beyond local insurance companies, where regulations permit. This is especially true in less developed countries.

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More and more Canadian and U.S. companies are opening offices in areas such as Asia, Eastern Europe, Africa, the Caribbean and South America, often in countries with limited or no local benefits coverage. In some nations where local benefits coverage may be available, local currency fluctuations for expatriate employees is a major concern along with the financial stability of the local insurance company. Most expatriate employees want to receive benefits in a major currency, especially if disabled.

A multi-national company with operations in several countries can pool the risk and administration under one plan with companies such as Zurich Life, Aetna Global, Integra Global, Met, BUPA, Allianz, Cigna, Lloyds of London & several more. This is great for companies with highly mobile employees who require portable coverage. Pooling can also lower the premium rates due to economies of scale.

  • Expat Financial can source international group insurance plans from a variety of large and respected insurance companies for multinational companies, Non-government Organizations, non-profits, governments and international schools.

    Several benefits are available, such as Group LTD, AD&D, Life Insurance, Health, Dental and Emergency Medical Evacuation & Assistance Insurance. The risk and the administration for numerous operations and countries is pooled under one plan. Benefits can be paid in several major currencies.

    For companies with less than 3 expatriate employees or individual expatriates, we can also provide individual International Health Insurance Protection as well as individual life and disability plans!

  • Expat Financial can also provide quotes for an International Pension Plan with on a defined benefit or contribution basis with a large and established insurance and financial companies. These plans are free of taxes on accumulations and there are no withholding taxes on benefits paid. A variety of investments can be made available. The administration costs are much lower for the company and the employees than setting-up an individual plan. Check with your tax advisor to confirm your tax status at your location.

  • Finally, North American companies often have people outside of North America that are “Key Personnel”, that is if they died, the local or parent company operation would suffer a profit loss, loss of confidence etc. A parent company might also need to buy out the deceased shareholder’s shares. Many financial advisors recommend using key-person life insurance to protect against these risks.

    Insurance companies don’t like to insure people who live outside of North America or who are not Canadian or US citizens. They get more nervous if that key-person lives in a risky country such as Columbia or South Africa. Expat Financial can offer an International Life Insurance policy with benefits payable in a variety of currencies to take the risk off the company’s hands and place it with a large international insurance company. A variety of plans are available, such as Term Insurance and Whole Life.

In a global village, you now have a local contractor who can protect your international operations and employees. Our firm can even quote International Employee Assistance Programs that can help your firm retain your expat workforce. Contact us for further information or a quote using email. Download the Employee Census that can then be emailed, faxed or mailed to Expat Financial. You can also fill-in the Group Questionnaire and email or fax employee information that will be required to quote: Employee Name, Income, Date of Birth, Occupation, Citizenship, Location, Number and Age of Dependents.