Allianz has developed a dormancy option for its international private medical insurance (IPMI) clients that will allow them to take up to a five year break from their personal plan.
The Freedom option has been developed in collaboration with Pacific Prime Insurance Brokers and is available on any Allianz plans sold through the brokerage.
The provider believes the feature will be suitable for those who become eligible for either employer funded health insurance or have to be enrolled in a national healthcare scheme due to regulatory requirements in certain countries.
Although medical treatment is not covered while the plan is dormant, re-activation of the plan will incur no additional underwriting or require any new application forms to be filled in.
This is regardless of whether any new medical conditions have arisen during the dormancy period.
Policyholders will pay only 30% of the full annual premium during each year of dormancy.
Susan Landers, head of marketing and client management at Allianz Worldwide Care, said the insurer was delighted to work with Pacific Prime on the new service.
Neil Raymond, chief executive of Pacific Prime, added: "The introduction of an option which allows policyholders to freeze and then re-activate their IPMI represents a significant step forward within the market.
"Expatriates may change employers up to six times over a 15 year period and their health insurance situation will also change, depending on their employee benefits package and location.
"This new option recognizes this and supports clients during these changing circumstances."
