Morgan Price International Healthcare has launched a new expatriate health insurance plan, ESSENTIALCare.
The insurer claimed the main driver behind the plan is to provide an option for those clients who are opting out of existing cover altogether, simply on price.
Jon Carpenter, managing director of Morgan Price said: "We have become increasingly concerned by this and clearly it is not the right answer to the problem, and can leave our expatriate clients vulnerable to financial disaster if they have to pay for treatment themselves, worse still, in some parts of the world going without cover could even be life threatening."
The product, designed to be simple, has three levels:
Level 1 - is an annually underwritten product. There is no automatic renewal or continuation of cover and the prices are pitched to reflect this. A 30 year old could have level 1 worldwide cover for £552. A 50 year old with worldwide cover would pay £1,212.00.
Level 2 & 3 - are more traditional products in that they are not re-underwritten at renewal, but both have lifetime benefits limits. The product is sold on a worldwide basis with one area of cover, and pre-existing conditions are not covered on any level from inception. In-patient excesses differentiate clients of older ages and those living in higher cost areas.
"I am sure we are not alone amongst our competitors, in being asked for the cheapest possible quotes on our products over the past 18 months, as clients struggle with the global economic conditions," said Carpenter.
"We need to provide tangible cover but also to protect the integrity of the plan design, and by using excesses to even out the higher cost countries and age groups we feel that we can do it, whilst retaining the simple one area, rate design."
Annual limits are reflected in the premiums being charged - Level 1 Annual Limit is £50,000, Level 2 £150,000 and Level 3 £300,000. Maximum age for cover is 55.
