Link to William Cooper user page William Cooper Marketing Director 18 April 2025 Introduction We’re pleased to announce the launch of our new international life insurance product. We’re quoting and issuing group policies from 03 March 2025, and individual policies from 15 April 2025. The information in this post is intended for professional insurance brokers and intermediaries advising their clients on life insurance. What’s new? Maximum group life benefit increased to 10x salary (up to US$2mn) Guaranteed option to increase life benefit up to 15% (10% for individuals) at renewal with no further medical underwriting New optional critical illness benefits for adults and children Revamped optional accident benefit New optional benefit for funeral costs & repatriation costs Table of contents Group life benefit Individual life benefit Accidental death & permanent disablement benefit Adult critical illness Child critical illness Funeral costs & repatriation benefit Changes to the online quote tool Other information Group life benefit What is it? The life benefit is the core benefit of our international group life insurance product. Companies can purchase the group life benefit as an employee benefit. When is it available? We’re quoting and issuing new group life insurance policies from 03 March 2025. What’s new? Old New Maximum benefit 5x salary (up to US$2mn) 10x salary (up to US$2mn) Maximum age at entry 69 69 (74 for groups with 100+ employees) Maximum age at last renewal 69 Groups with 3-49 employees = 74 (or 69 if age at entry = 61+) Groups with 50+ employees = 74 Automatic acceptance limits (AAL) US$30k multiplied by number of employees (up to US$500k) US$250k automatic cover for 5-9 employees US$400k automatic cover for 10-19 employees US$2m automatic cover for 20+ employees Premium – 10% cheaper on average Guaranteed option to increase benefit No underwriting if benefit increase falls within AAL Up to 15% per year (capped at US$50k) per employee, regardless of AAL Administration Notify us of new employees before cover can start Simplified onboarding, with quarterly accounting for groups of 20-49 employees (and annual accounting for groups of 50+ employees) to update policy with leavers, joiners & benefit changes Other important information Smoker status is not a premium calculation factor for group life insurance (though it is for individual life insurance). Employees enjoy worldwide cover, including for trips home or travel abroad for work or leisure. There is a handful of countries where there is no cover for life insurance or any of the optional benefits (e.g., Syria, North Korea), and there is no cover when a claim arises from war, terrorism, or any act of violence in a country that the British FCDO has advised its citizens to leave. Beneficiaries can reside in other countries (including the USA or Switzerland), and we can settle the life benefit into offshore bank accounts. The automatic acceptance limit is the level of cover you can apply for before we require medical information from your employees. We will still underwrite for occupation and we require all employees to be actively at work. Only 50% of employees need to be expats or acceptable local nationals. The single event limit (previously known as the ‘catastrophe limit’) is US$6mn. This is the maximum total benefit we’ll pay from the life benefit and accidental death & permanent disablement benefit arising from claims from a single event. We can offer mixed levels of cover for different categories of employee (e.g., senior managers, directors). The new group life benefit includes a terminal illness benefit. The terminal illness benefit means the employee can choose to receive their life benefit early upon diagnosis with a terminal illness and a prognosis of less than 12 months to live. The guaranteed option to increase an employee’s life benefit means that the policyholder can increase an employee’s life benefit by up to 15% (capped at US$50k) at each renewal—without further medical underwriting. When an employee reaches the maximum age in a given policy year, we cannot include them in the group’s next renewal invitation. Individual life benefit What is it? The life benefit is the core benefit in our international individual life insurance product. When is it available? We’re quoting and issuing new individual life insurance policies from 15 April 2025. What’s new? Old New Maximum benefit 20x salary (up to US$2mn) 20x salary (up to US$2mn) Minimum benefit n/a US$50k (US$10k if age 51+) Guaranteed option to increase benefit No Up to 10% per year (capped at US$50k) Houseperson benefit limit US$160k US$200k Definition of salary Does not include dividends Dividends from the company employing the policyholder can be included Maximum age of entry 69 69 Maximum age at last renewal 69 74 (or 69 if age at entry = 61+) Smoker rates No Yes Premium – 25% cheaper on average for non-smokers Free accidental death cover during the application process only No US$100k Other important information If you want to request a quote, we need to know your client’s smoker status and salary. Smoker status is now linked to premium calculation, and salary governs rules about maximum benefit limits and optional benefit selection. Members enjoy worldwide cover, including for trips home or travel abroad for work or leisure. There is a handful of countries where there is no cover for life insurance or any of the optional benefits (e.g., Syria, North Korea), and there is no cover when a claim arises from war, terrorism, or any act of violence in a country that the British FCDO has advised its citizens to leave. Beneficiaries can reside in other countries (including the USA or Switzerland), and we can settle the life benefit into offshore bank accounts. The new individual life benefit includes a terminal illness benefit. The terminal illness benefit means the policyholder can choose to receive their life benefit early upon diagnosis with a terminal illness and a prognosis of less than 12 months to live. Proof of earning is not required at the point of sale until the life benefit exceeds US$750k. We can provide life insurance to expats, digital nomads, internationally-minded people, and acceptable local nationals. We reimburse expenses for medical examinations that we request up to US$720, provided the member purchases the policy. The guaranteed option to increase the life benefit means that the policyholder can increase their life benefit by up to 10% (capped at US$50k) at each renewal—without further medical underwriting. Once we’ve received an application, we provide free insurance cover for accidental death up to US$100k. The cover lasts 30 days, or until we accept/reject the application. When a policyholder reaches the maximum age in a given policy year, we cannot renew their policy. Accidental death & permanent disablement (AD&PD) benefit What is it? The accidental death & permanent disablement benefit is an optional benefit available with the core life benefit that pays out additional benefit for death caused by accident or when an accident causes permanent disablement. When is it available? The new AD&PD benefit is immediately available with new group life insurance policies, and will be available on new individual policies from 15 April 2025. What’s new? Old New Maximum benefit US$500k US$1mn Maximum payable for death by accident Benefit selected Benefit selected Maximum payable for serious disablement by accident Benefit selected Benefit selected (up to US$500k) Maximum age of entry 69 69 Maximum age at last renewal 69 69 Other important information Individual customers are only eligible for the accidental death & permanent disablement benefit if they select a life benefit of at least 1x salary or US$100k (whichever is lower). The same rule also applies to groups. But since employers typically select a life benefit of at least 1x salary for their employees, the employees will—in practice—almost always be eligible for the accidental death & permanent disablement benefit. When an employee reaches the maximum age in a given policy year, we cannot include the employee’s accidental death & permanent disablement benefit in the group’s next renewal invitation. When an individual policyholder reaches the maximum age in a given policy year, we cannot include the accidental death & permanent disablement benefit in their next renewal invitation. Adult critical illness What is it? The optional adult critical illness benefit pays out a benefit to the member upon their diagnosis with a defined medical condition. When is it available? The new adult critical illness benefit is immediately available with new group life insurance policies, and will be available on new individual policies from 15 April 2025. How does it work? Cover Benefit Multiples of US$10k (up to US$100k) Defined medical conditions 19 conditions, including everything you’d expect of critical illness Maximum age of entry 64 Maximum age at last renewal 64 Underwriting None beyond what’s required for the life benefit Waiting periods 7 months for certain defined medical conditions; 3 months for others Other important information Individual customers are only eligible for the adult critical benefit if they select a life benefit of at least 1x salary or US$100k (whichever is lower). The same rule also applies to groups. But since employers typically select a life benefit of at least 1x salary for their employees, the employees will—in practice—almost always be eligible for the adult critical illness benefit. When an employee reaches the maximum age in a given policy year, we cannot include the employee’s adult critical illness benefit in the group’s next renewal invitation. When an individual policyholder reaches the maximum age in a given policy year, we cannot include the adult critical illness benefit in their next renewal invitation. Child critical illness What is it? The optional child critical illness benefit pays out a benefit to the member upon an insured child’s diagnosis with a defined medical condition. When is it available? The new child critical illness benefit is immediately available on new group life insurance policies, and will be available on new individual policies from 15 April 2025. How does it work? Cover Benefit US$5k Defined medical conditions 13 conditions, including everything you’d expect of child critical illness Eligibility Ages 0-17 Maximum number of children 10 Underwriting None Waiting periods 7 months for certain defined medical conditions; 3 months for others Other important information Both group and individual customers are only eligible for the child critical illness benefit if they have also selected the adult critical illness benefit. When an employee’s child reaches the maximum age in a given policy year, we cannot include the child critical illness benefit for that child in the group’s next renewal invitation. When an individual policyholder’s child reaches the maximum age in a given policy year, we cannot include the child critical illness benefit for that child in the policyholder’s next renewal invitation. Funeral costs & repatriation benefit What is it? The optional funeral costs & repatriation benefit pays out a quick benefit to the lead beneficiary for the member’s funeral costs or repatriation. When is it available? The new funeral costs & repatriation benefit is immediately available with new group life insurance policies, and will be available on new individual policies from 15 April 2025. How does it work? Cover Benefit US$5k Maximum age of entry 69 Maximum age at last renewal 69 Underwriting None Other important information When an employee reaches the maximum age in a given policy year, we cannot include the employee’s funeral costs & repatriation benefit in the group’s next renewal invitation. When an individual policyholder reaches the maximum age in a given policy year, we cannot include the funeral costs & repatriation benefit in their next renewal invitation. Changes to the online quote tool Quote journey for life insurance Here is what’s new for the online life insurance quote journey. We’ve embedded a demonstration video below. We ask customers whether they have consumed nicotine products (including cigarettes, cigars, and vapes) in the last 12 months. The customer’s response has a bearing on the premium. We ask customers when they want their policy to start, giving broad response options (e.g., ASAP, in next 3 months, in the future). Responses feed into our CRM lead scoring model; they don’t affect the customer’s premium or actual start date. The proposed policy start date defaults to today’s date for all online quotes. We ask the customer to state their salary. The salary defines the customer’s maximum benefit limits on the plan builder page of the quote journey. We ask the customer if they’re getting a quote with the help of a broker. If the customer answers ‘yes’, we present a free text field where the customer can identify the brokerage. When a customer completes this field, the customer’s quote records in our CRM are flagged as belonging to a broker. These customers do not enter our direct sales team’s pipeline. The plan builder page of the quote journey has built-in validations to prevent the customer from making ineligible product selections. Though this a is quote journey for life insurance, the customer can add income protection to their quote. Quote journey for income protection Here is what’s new for the online income protection quote journey. We’ve embedded a demonstration video below. There are no changes to the income protection benefit, premiums, or product rules itself. We’re only upgrading the quote journey. We ask customers whether they have consumed nicotine products (including cigarettes, cigars, and vapes) in the last 12 months. The customer’s response does not impact the premium. We ask customers when they want their policy to start, giving broad response options (e.g., ASAP, in next 3 months, in the future). Responses feed into our CRM lead scoring model; they don’t affect the customer’s premium or actual start date. The proposed policy start date defaults to today’s date for all online quotes. We ask the customer to state their salary. The salary defines the customer’s maximum income benefit (80% of salary) on the plan builder page of the quote journey. We ask the customer if they’re getting a quote with the help of a broker. If the customer answers ‘yes’, we present a free text field where the customer can identify the brokerage. When a customer completes this field, the customer’s quote records in our CRM are flagged as belonging to a broker. These customers do not enter our direct sales team’s pipeline. The plan builder page of the quote journey has built-in validations to prevent the customer from making ineligible product selections. Though this a is quote journey for income protection, the customer can add life insurance to their quote. Other information Are commissions for intermediaries changing? Yes. Intermediaries will take a 15% commission for both new policies and renewing policies. This applies to both individual and group policies. This new commission arrangement supersedes any previous commission arrangements for protection insurance, but commissions on existing policies on the old life insurance product will remain unchanged. What is not changing with the new product? Here are the main features that we’ve carried across from the old product to the new product: Maximum life benefit limit of 20x salary (up to US$2mn) Terminal illness benefit International cover, with very few restrictions No re-underwriting at renewal, and guaranteed renewal until the maximum renewal age (even if the policyholder’s health deteriorates) Portable cover, meaning policyholders can continue their policy if they return home Generous non-medical limits for applicants No cancellation fees if the policyholder decides not to renew or cancel their policy Can new customers purchase the old life insurance product? No. From 03 March 2025, new groups can only purchase the new life insurance product. And from 15 April 2025, new individual customers can only purchase the new life insurance product. There are some exceptions, e.g., when a new group or individual customer has received a quote or submitted an application before the above dates. There is information elsewhere in these FAQs about these exceptions. Can existing policyholders switch to the new product? If an existing group or individual customer with the old life insurance policy wants to switch to the new life insurance product, they must submit a full application. We’ll underwrite their application anew. During their application, existing customers will not benefit from the free accidental death cover because they already benefit from insurance cover under their existing life insurance policy. My client has already applied for the old life insurance product. What will happen? Your client can choose to stick with their application for the old life insurance product, or switch to the new life insurance product. If your client wishes to stick, their application will remain valid for the usual 90-day period. If this 90-day period expires, your client will not be able to resubmit an application for the old life insurance product. They’ll need to submit a new application for the new life insurance product. If your client wishes to switch to the new life insurance product, they must complete a new application form. They don’t need to complete the health declaration, or undergo fresh medical examinations if we have requested them. We just need a name and a fresh signature on the new application form. My client recently received a quote for the old life insurance product. They can still apply for that product? Yes. Quotes are valid for 30 days. Within this validity period, your client can apply for the old life insurance product. Once they’ve submitted their application, their application will be valid for 90 days. For example, if your client received a quote for the old life insurance product on 14 April, they can submit an application for that quote until 14 May. Your client will then have 90 days (until 12 August) to complete the underwriting process for the old life insurance product. Is William Russell migrating existing policyholders to the new product? No. We are not migrating existing group and individual customers with policies on the old life insurance product to the new life insurance product. Are you launching a level term life insurance product? No. Our new international life insurance product has an annually-renewable term. We have no plans to launch a term life insurance product. What currencies are available? All the benefit limits stated on this post are in USD. We can also denominate policies in pounds sterling and Euros. Is the free accidental death cover available to groups? Yes, but only to groups with 19 employees or less. Premiums will increase at each renewal at a greater rate once a member reaches age 70. Premiums will increase at each renewal at a greater rate once a member reaches age 70. Where can I find all the documents and collateral for the new product? We’ve collected all the new policy documentation and sales collateral in a Dropbox folder. Want to learn more about our changes? 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