Transitioning employees from the local life insurance plan to the Global Life Insurance Plan in Mexico is part of our ongoing efforts to provide enhanced benefits for employees and cost-effectiveness to our customers. This transition allows us to offer a globally consistent and competitive life insurance option while maintaining affordability. The decision to transition from the local life insurance policy in Mexico to our Global Life Insurance offering effective January 1, 2024, is driven by several compelling reasons:
- Enhanced Coverage: Our Global Life Insurance provides wider comprehensive coverage options for customers to offer employees - including Life Insurance, Accidental Death & Dismemberment (AD&D), and Permanent Disability (PD). This broader coverage ensures that employees and their beneficiaries receive robust financial protection in various circumstances, whether due to unforeseen accidents, illnesses, or permanent disabilities.
- Consistency and Quality: With our Global Life Insurance, customers can provide a consistent standard of benefits and quality of coverage to employees across 68+ countries. This ensures that employees in Mexico receive the same level of protection as their counterparts in other parts of the world under the same cover level.
- Flexibility: The Global Life Insurance offering allows customers to choose from a range of cover levels, enabling customers to tailor the coverage to meet the unique needs and budgets of their international teams. This flexibility ensures that customers can provide the right level of protection for employees in Mexico and other countries.
- Simplified Administration: Transitioning to the global insurance scheme streamlines employee benefits administration. It centralizes the management of life insurance offerings for employees across a diverse workforce, reducing administrative complexities.
We believe that this change will bring added value to companies and employees in Mexico.