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In the previous post in this series we looked at options for health insurance plans for international schools and some important information faculty and management should consider when deciding on insurance coverage. In this week’s post we will discuss staff insurance plans for international schools.
As with other group benefit plans, international schools that offer their staff comprehensive insurance cover improve their chances of attracting and retaining high calibre teaching staff. Good quality insurance gives teachers the confidence that in the event of a misfortune or a tragedy, they and their families will be provided for.
School group life insurance
Group life insurance plans for international schools offer teaching staff the peace of mind that in the event of their death, their dependants will be provided with financial support. This is particularly important for expatriate teachers who may be a long way from home and their traditional support networks. Schools can select the level of insurance required and can choose to structure the policy in a variety of different ways; for example by fixing the level of cover according to seniority or as a multiple of salary. If required, cover can be extended to include total and permanent disability, short term disability or long term disability.
Total and permanent disability plans for schools
In the event of a member of staff becoming totally and permanently disabled after an accident or illness, disability cover provides protection for teachers not be able to work in the same capacity as before. If the teacher is partially disabled, there are options available that pay a percentage sum.
Short term disability plans for schools
In the event of injury, short term disability plans will normally pay out for a limited time. These types of policies will pay a teacher’s income whilst they are unable to work. The duration of this type of cover is usually no more than two years and is usually set at between 70 and 80% of the teacher’s salary.
Long term disability plans for schools
Long term disability plans are similar to the short term disability plans but payable over much longer periods of time – for example up to retirement age. Long term disability plans cover situations where total disability cover does not apply.
Group travel insurance
International school teachers tend to travel a great deal and offering cover through a group travel insurance plan is a very popular benefit. Group travel insurance is a cost effective way to cover staff on trip back to their home countries and can be structured to cover a whole range of frustrating and expensive mishaps such as personal accident, medical expenses, personal baggage, legal expenses and personal liability.
At Infinity, our experience of working with international schools in Asia has taught us that each school has their own unique insurance requirements. Finding the right cover can be time consuming and often confusing with a myriad of options from different policy providers. Using our knowledge of the marketplace, we can take the headache out of identifying the right policies for schools. As an independent financial services company we have access to the whole market and can negotiate the best possible deal on insurance cover. Any school looking that wanting to examine their options should get in touch for an obligation fee consultation.
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