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Insurance lines expertise > Protecting people

This “package” of insurance lines is dedicated to provide full range of protection to your family or personnel of the company. Increasingly personnel insurance becomes a powerful tool not just as a mean of protection, but also as employees’ motivational instrument. Companies often use below products to motivate their employees beyond salary. BALTO LINK has considerable experience in providing its clients with following kinds of “people protection” tools:

Personal Accidents

Personal accidents insurance would cover sudden and accidental bodily injury that results in temporary or permanent disability or death of the insured person. This insurance however would absolutely exclude injury or death resulted by any disease or health disorder. 

Personal Accidents insurance can be purchased individually or on a corporate basis. Similarly to health insurance, Personal Accidents insurance could serve as a part of corporate benefits programme.

Life

Life insurance provides protection in case of death virtually due to any cause, including sudden and accidental events, as well as death due to disease, health disorder or any other natural cause. In this coverage, life insurance protection is much wider than personal accidents insurance, but also more expensive. Usually, tax benefits apply for life insurance.

Life insurance is composed of two parts:

  • Pure risk protection – guarantees payment of fixed sum insured in case of death of insured person, but no payment if insured person lives until end of insurance policy.
  • Savings – serves as instrument to accumulate funds that are to be paid either at the end of contract or at the death of insured person. Savings can earn a fixed income (traditional, guaranteed interest) or variable income (unit-linked, investment interest) or provide variable income with certain positive income guarantees.

Corporate clients mostly use life insurance products to motivate loyalty of their employees and to provide them security. Individual clients mostly use life insurance products to provide protection to their families, as well as to accumulate assets for special events (e.g. additional pension, children study fund, etc.).

Pensions

Pension insurance is another popular form of life insurance except for few modifications. Its purpose is to accumulate financial capital until Insured person reaches agreed retirement age. It does not provide risk coverage in event of death, i.e. in case of Insured person’s death only accrued capital is paid.  At policy expiration all accumulated amount is paid to Insured person either in one payment or in series of payments (annuity). Annuities can be either of fixed term or life-long (i.e. until Insured person dies). Likewise life insurance, accumulated wealth in pension funds can earn fixed income, variable income or a combination of both. In most cases tax incentives apply to pensions insurance.

In the Baltics pension systems are of 3 pillars (levels):

  • 1st pillar is compulsory and provided by state-owned enterprises that operate on redistribution (“pay-as-you-go”) system, i.e. currently working people pay pensions to currently retired people.
  • 2nd pillar is compulsory and provided either by state owned enterprises based on redistribution system or by private pension funds (operated by life insurance companies or fund managers) based on wealth accumulation principles, i.e. payments paid to private pension funds are invested until Insured person at his/her retirement and only then are paid to that Insured person.
  • 3rd pillar is voluntary and offered by private sector: life insurance companies and fund managers.

Corporate clients mostly use pension insurance products to motivate loyalty of their employees. Individual clients mostly use pension insurance products to accumulate additional capital upon retirement.

Health

Health insurance provides cover for costs and expenses sustained by the insured person in his/her daily health care, or in emergency cases.  Subject to Policyholder’s choice, the following expenses can be covered up to Policy limit: out–patient treatment, in–patient treatment, other treatments (massage, physiotherapy, medical exercises, etc.), pharmaceuticals, dental care, optical care, preventive measures, vaccination, ambulant prenatal care, wellness facilities, etc. Usually, tax benefits apply for health insurances.

In most cases health insurance policy would only allow group insurances and domestic treatment. However, in the market there are available several health insurance products that would be available to individuals and/or extend territorial scope of coverage to Europe or entire world.

Travel

Travel insurance comprises of a package of insurance lines that would help the insured person in case of an accident or emergency while travelling abroad.  Travel insurance can cover all or some of the following expenses, subject to Policyholder’s choice: necessary medical expenses, personal accidents, travel expenses (if travel is cancelled or delayed), luggage (if lost or delayed), and personal liability of the insured person.

Kidnap & Ransom

Kidnap & Ransom insurance is a highly specific and confidential insurance line available from a very limited number of providers.  This insurance line provides indemnification for amounts of money that had been or is supposed to be paid in relation to:

  • kidnap and ransom of the insured person or his/her family member
  • extortion bodily injury
  • detention
  • extortion property damage

in most cases Kidnap & Ransom insurance policy would also include the following hazards that are subject to agreed sub-limits:

  • Accidental Death and Dismemberment (Kidnap / Extortion / Detention)
  • Loss of Earnings
  • Consequential Personal Financial Loss
  • Trade Secrets Extension
  • Replacement Salary Extension
  • Computer Virus Coverage
  • Public Relations Consultant Expenses
  • Interpreter Expenses
  • Security Guard Expenses
  • Advertising / Communication / Recording Equipment Expenses
  • Reward, Reasonable Fees, Interest, Legal Expenses and Judgements, Medical Expenses
  • In-House Negotiation Expense Extension