🌍 Global Benefits - Allianz Life & Disability Insurance, Customer Overview

 Overview

In countries where Oyster does not offer local benefits packages, you can provide and care for your team using Global Benefits Packages by Allianz. 

There are two packages: 

  • Competitive Package
  • Best-in-class Package

Coverage Highlights

  Package Includes Coverage
Competitive • Life Insurance

• Accidental Death or Dismemberment

• Permanent Disability
$100,000
Best-in-class • Life Insurance

• Accidental Death or Dismemberment

• Permanent Disability
$200,000

Please note. Dependents cannot be covered under the Life Insurance, Accidental Death or Dismemberment, and Permanent Disability products. 

Life Insurance

Life cover provides financial protection and security for beneficiaries after the death of an insured person. The benefit amount will be paid as a lump sum. 

When proof is received that an insured employee has been diagnosed with a terminal illness (after the start date of coverage), an advance payment (50%) of the life sum insured is made for that employee's benefit.

Please note. If a separate Life claim follows the accelerated death benefit payment, we will reduce the Life cover payment by the amount already paid as an Accelerated Death benefit.

Please note. The compensation limit is set at whichever is lower: six times the employee's salary or the chosen cover level.

Accidental Death or Dismemberment

Accidental Death benefit provides an additional lump sum for the insured employee’s beneficiaries if the insured employee’s death is due to an accident and death takes place within 365 days of the date of the accident.

Accidental Dismemberment benefit provides a lump sum for the benefit of the insured employee if they lose a limb or limb function as a result of an accident, and the dismemberment takes place within 365 days of the accident. 

Please note. If an Accidental Dismemberment benefit payment is followed by a separate Accidental Death claim, we will reduce the Accidental Death payment by the amount already paid as an Accidental Dismemberment benefit.

Please note. If an Accidental Death and Accidental Dismemberment payment is followed by a separate life claim, we will reduce the Life cover payment by the amount already paid as an Accidental Death/Accidental Dismemberment benefit.

Please note. The compensation limit is set at whichever is lower: five times the employee's salary or the chosen cover level.

Permanent Disability

Permanent Disability benefit consists of two types of coverage: Permanent and Total Disability and Permanent and Partial Disability.

Permanent and Total Disability benefit

Permanent and Total Disability cover provides financial protection to insured employees who become permanently and totally disabled due to an accident or illness.

This benefit will be paid where all the following conditions apply:

  • The insured employee is unable to carry out the material and substantial duties of their own
  • occupation and unable to carry out the duties of any suitable occupation (based on their education,
    skills and experience), and
  • The permanent total disablement is irreversible, and
  • The insured employee has suffered a loss in income and
  • We assess the degree of permanent disability as more than 66.67%

Please note. Permanent and Total Disability cover will cease for a member after a Permanent & Total Disability payment has been paid to them.

Permanent and Partial Disability benefit

Permanent and Partial Disability cover provides financial protection to insured employees who become permanently and partially disabled due to an accident or illness.

This benefit will be paid where all the following conditions apply:

  • The insured employee is unable to carry out the material and substantial duties of their own
    occupation and unable to carry out the duties of any suitable occupation (based on their education,
    skills and experience), and
  • The permanent and partial disablement is irreversible, and
  • The insured employee has suffered a loss in income and
  • We assess the degree of permanent disability as more than 33.33%

Please note. If a Permanent and Partial Disability benefit payment is followed by a separate Permanent and Total Disability claim, we will reduce the Permanent and Total Disability payment by the amount already paid as Permanent and Partial Disability benefit.

Please note. If a Permanent Disability payment is followed by a separate life claim, any life benefits insured by us will be reduced by any Permanent Disability benefits already paid by us. 

Please note. The compensation limit is set at whichever is lower: five times the employee's salary or the chosen cover level.

Country Availability

Global Benefits packages by Allianz are available in 165+ countries.

Exempt Countries 

Country Reason for exclusion Oyster's recommendation to customers with Team member(s) in the excluded country/countries

Argentina

 

Allianz does not currently support Global Life Benefits packages in Argentina. Supplement through allowances

Belarus

 


OFAC-sanctioned country.

Supplement through allowances.

Brazil

 

Allianz does not currently support Global Life Benefits packages in Brazil. Supplement through allowances.

 

Cuba

 

OFAC-sanctioned country. Supplement through allowances.

Finland

 

Allianz does not currently support Global Life Benefits packages in Finland. Supplement through allowances.

France

 

Allianz does not currently support Global Life Benefits packages in France. Supplement through allowances.

Germany

 

Allianz does not currently support Global Life Benefits packages in Germany. Supplement through allowances.

 

Iran

 

OFAC-sanctioned country. Supplement through allowances.

India

 

Allianz does not currently support Global Life Benefits packages in India. Supplement through allowances.

Ireland

 

Allianz does not currently support Global Life Benefits packages in Ireland. We have partnered with Irish Life to offer local benefits in Ireland. See here for more info.

Italy

 

Allianz does not currently support Global Life Benefits packages in Italy. Supplement through allowances.


Lebanon

High Risk - Passive War Exclusion. Supplement through allowances.

 

North Korea

 

OFAC-sanctioned country. Supplement through allowances.

Pakistan

 

Allianz does not currently support Global Benefits packages in Pakistan. Supplement through allowances.

 

Russia

 

OFAC-sanctioned country. Supplement through allowances.

 

Saudi Arabia

 

Restrictions with our hiring model. Supplement through allowances.

Switzerland

 

Allianz does not currently support Global Life Benefits packages in Switzerland.

Supplement through allowances.

 

Syria

 

OFAC-sanctioned country.

Supplement through allowances.

UAE

 

Allianz does not currently support Global Life Benefits packages in the UAE.

Offer benefits through our local employment partner.


Ukraine

High Risk - Passive War Exclusion. Supplement through allowances.


United States of America

Allianz does not currently support Global Life Benefits packages in the US. Enroll in the local benefits packages. See more info here.

Please note. If you already offer Oyster's Local Benefits in your country, please check the package details. A life and/or accident Insurance product might already be included. For more details on Oyster's Local Benefits, please visit our Help Center here

Pricing

  •   Competitive Best In Class
    United Kingdom $28 $55
    Rest of World $27 $53
  •   Competitive Best-in-class
    United Kingdom €26 €51
    Rest of World €25 €49

    Prices are converted from US dollars ($) to euros () and are approximate at February 2024's exchange rate. Therefore, prices are subject to change.

  •   Competitive Best-in-class
    United Kingdom £23 £44
    Rest of World £21 £42

    Prices are converted from US dollars ($) to pounds (£) and are approximate at February 2024's exchange rate. Therefore, prices are subject to change.  

  •   Competitive Best-in-class
    United Kingdom C$38 C$75
    Rest of World C$36 C$72

    Prices are converted from US dollars ($) to Canadian dollars (C$) and are approximate at February 2024's exchange rate. Therefore, prices are subject to change.

  • These prices include local and country-specific Insurance Premium Taxes (IPT) payable by your organization.
  • These prices are quoted in USD and will be converted to local currency when invoicing.

Fees

  • Oyster charges a support fee of USD 10 / EUR 9 / GBP 8 / CAD 14 per team member per month
  • The Benefit Support Fee exists to cover the costs of handling the benefits lifecycle:
    • Market research
    • Vendor negotiation
    • Enrollment and modifications
    • Vendor management
    • General administration
    • This fee is part of our overhead as set out in our Terms & Conditions
  • Some countries charge employer taxes for benefits. These will be added on top of these costs.

Nominating Beneficiaries 

  • The Beneficiary(ies) of an insured person, for life and accidental death benefits (loss of life), shall be:
    • his/her spouse or legally declared civil partner at the time of death; failing him/her,
    • his/her legally declared child(ren) in equal shares; failing him/her/them,
    • his/her estate.
  • The percentage share allocated to all beneficiaries cannot exceed 100%.
  • If a named beneficiary dies first, their share will be transferred to the remaining surviving beneficiaries in accordance with the percentage share allocated.
  • If no beneficiaries survive, the life benefit will be paid to the insured person's estate according to the policy wording.
  • The list of beneficiaries may be amended at any time.
  • Benefits paid may be subject to tax, and the beneficiaries are advised to contact their relevant authority to settle any appropriate taxes.

Global vs Local Benefit Packages

Global benefits packages enable you to provide globally accessible care to your teams.

Local benefits packages enable you to provide locally tailored benefits to your teams.

Scenario

Recommendation

Oyster offers local benefits packages in your team member’s country.

Offer local benefits that comply with and supplement the local laws, help you remain competitive against what local employers offer, and ensure the best overall coverage.

You can also offer global benefits as an add-on. Global benefits as an add-on is especially recommended if:

  • Your Team Member frequently travels and works outside of their country. Global benefits provide coverage in 165+ countries.

  • Your Team Member is already covered by a local insurance provider through their partner or family insurance. Global benefits would be more valuable in this case.

Oyster does not offer local benefits packages in your team member’s country.

Offer global benefits packages powered by Allianz. Provide globally accessible benefits and coverage.

Migrate your team to local benefits when available in your team member’s country. Local benefits help you remain fair and competitive and provide better access to benefits for your team. You can also offer global benefits as an add-on with local benefits. 

How to enroll your Team Members in Allianz Global Health

You can enroll your team into Allianz Global Health from the hiring or in-app benefits flow. 

From the hiring flow:

  1. After you fill out the compensation details, you will be taken to the Benefits section of the hiring form.
  2. Select a benefits package based on your company’s benefits strategy. Here are some recommendations on which to choose:
    • Competitive - if you want to offer benefits that most local employers in that specific country offer and want to remain competitive. 
    • Best-in-class - if you want to offer premium benefits that set you apart. 

Enrolling all of your Team Members in the same benefits package is important to remain non-discriminatory.

  1. Make a selection to see the total estimated monthly costs. 

From the benefits flow:

  1. Click People > Benefits from the left menu in your Oyster account.
  2. Review the list of engaged Team Members on the Benefits page and their benefits enrollment status. Click Enroll benefits to enroll a Team Member in benefits
  3. The Request Benefits Enrollment page opens. Select a plan.

Local benefits plan options are listed for IndiaPoland, the United StatesCanada, the Netherlands, and Spain,

Click Send request. Wait for the success message to appear.

  1. The Oyster support team and the benefits vendors will begin the enrollment process.

Downloadable Documentation

FAQs

Onboarding and Offboarding

Can Life & Disability Insurance be offered as a stand-alone benefit?

Yes, this benefit can be offered as a stand-alone benefit to employees. 

How and when can I enroll my team into Allianz plans? 

After you initiate the enrollment process, our broker, Engage, will contact your team members to activate their plan. 

Note: The policy start date of your Allianz insurance will be the 1st of the next month of your enrollment. For instance, if you enroll on Jan 15th, your policy will start on Feb 1. 

Will employees have any options to continue the coverage after leaving the company? For example, can the employee convert the group life insurance coverage into an individual policy if they wish to continue it?

No

Can employees request a change to their life insurance package mid-year?

Employees can not, for example, request they be moved from the Competitive package to the Best-in-class package. This should be done at each renewal, not mid-year, as the cover limits cannot be changed mid-year. 

Do employees have to complete a medical questionnaire?

No

Eligibility and Coverage

Who is eligible for the coverage listed in this article?

Eligible employees of the company who are:

  • Under the term age of cover as set out in the agreement.
  • A full-time employee. 
  • Not working contrary to medical advice.

Team members in restricted countries and contractors are excluded.

What is Pre-Approved Leave?

Where Oyster has approved an employee’s application for leave (up to 6 months), Allianz will consider them eligible for cover unless the leave is related to an illness or injury preventing them from carrying out their work duties.

Examples of pre-approved leave include maternity, paternity, sabbatical, holiday leave, and unpaid leave.

Oyster must continue to pay for coverage during this pre-approved leave period, and they do not need to notify Allianz.

At what age does the coverage for Life and Disability plans end?

The Life coverage ends when the insured person reaches the age of 70.

For Accidental Death and Dismemberment, as well as for Disability cover, it ends at the age of 65

Claims

When does Oyster get involved in the claims process?

Oyster will be asked to complete a Benefit Application Form when an employee passes. However, Oyster will not be asked to process any claims after this point.

Once the claim has been approved by Allianz, Oyster will only be responsible for making onward payment to the employee.

Where possible, Allianz will make the payment directly to the beneficiaries themselves, but this can only be determined at the time of claim as it depends on the legal framework in that country at the time and Allianz’s legal obligations.

What verification checks does Allianz do on beneficiaries when they claim?

Allianz checks and verifies that all documents adhere to and meet the requirements. This is not actioned by Oyster.

What if there is no beneficiary nomination?

Allianz will follow its standard procedure, which involves investigating the rightful beneficiaries based on applicable law. If there are no clear beneficiaries, Allianz may turn to the deceased next of kin or follow the intestacy laws of the relevant jurisdiction to determine the rightful beneficiaries. Allianz will run the verification to ensure the person claiming is right to receive it.

Does having a beneficiary assigned help with the claims process?

Yes, for the employee and Allianz, having a completed beneficiary assigned will make the process smoother, but it is not a blocker for the employee's enrollment.

What will be the process to verify the claim's validity and ensure that all required documentation is in order?

Allianz will manage the collection of all documentation and carry out due diligence where required. Allianz will also liaise directly with the employee’s beneficiaries here.

Taxation

Are there any taxes applicable to my Benefits?

Employee benefits taxes might be applicable depending on the country in which you reside. Please feel free to contact Oyster support if you need any additional information.

 

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