Barbados-based Redbridge Insurance Company Ltd. is a global insurance and reinsurance firm rolled out in 2010.
The company provides various international health insurance and associated products intended to give quality healthcare coverage as well as financial security to individuals, families, and expats.
In this Redbridge Insurance review, we’ll discuss:
- Redbridge Insurance Company ownership
- Redbridge health insurance plans
- Expat health insurance plans
- Redbridge rates
- Redbridge insurance rating
- Is Redbridge a good insurance company?
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Who owns Redbridge Insurance?
Redbridge Insurance is an arm of Redbridge Holding Inc., a multinational corporation that specializes in the administration and management of reinsurance and insurance products.
Redbridge Insurance Products
International Health Insurance Plans
These plans offer comprehensive medical coverage for unanticipated medical costs brought on by illness or accidents, plus access to world-class hospitals and medical specialists, including those in the US.
Major hospital and treatment expenses, such as hospitalization, intensive care unit, surgery, and chemotherapy, are fully covered by majority of Redbridge health plans.
They mainly differ in coverage limits and included benefits.
For instance, RedUltra and RedSupreme provide high yearly caps worth of up to $7 million per person, while entry-level options like RedSpecial, RedProtection Care, and RedChoice Care are capped between $500,000 and $3 million.
Essential benefits like organ transplants are covered by all plans, but only up to certain limits.
Higher-end policies like RedSupreme Care and RedProtection Care also include maternity and newborn coverage.
Meanwhile, Critical Protection is a basic inpatient plan capped at $1 million. It excludes maternity benefits.
Expat Health Insurance Plans
Xpat Premium is a plan specifically for expats. It has a $1.5 million limit per annum and offers worldwide coverage, including the US.
Xpat Solution offers coverage in Latin America and the rest of the world, excluding the US. It has a lower annual cap at $500,000.
Other Insurance Plans
Redbridge OneCare is an insurance policy that offers monetary benefits for the diagnosis and treatment of certain illnesses, including cancer.
It features independent coverage designed to trim the financial strain of severe medical conditions.
There are two levels of coverage: Elite Basic and Elite Ultra, each offering different payout limits. Travel Assistance is included in both options.
Focused on accident-related medical costs, Personal Accident Insurance (Unique Solution) allows clients to select coverage between $50,000 and $250,000.
The plan also includes extra benefits: $10,000 life insurance for the insured and their spouse, $10,000 travel assistance for select trips, and $2,500 for funeral assistance.
Instead of paying claims, Rebridge Assist provides round-the-clock support. Its programs include:
- Travel Assistance
- Roadside Assistance
- Funeral Assistance
- Home Assistance
- Pharmacy Discounts
Redbridge Life is intended to pay off debts and final costs after the insured’s passing. It features the Essential Term plan, which provides coverage between $25,000 and $5 million.
Essential Term offers guarantees level premiums and waives medical exam for policies up to $300,000. Available term options for this policy are 10, 15, 20, and 30 years.
Meanwhile, Infinity Plus is a life insurance policy meant to pay for funeral costs, medical bills, and unsettled debts. Coverage ranges from $5,000 to $25,000.
Only a brief questionnaire is needed; no medical examinations are necessary.
Infinity Plus offers lifetime coverage.
Redbridge Rates
Pricing depends on the product type, coverage amount, applicant details, and selected add-ons.
Life insurance premiums are determined based on age, gender, smoking status, and coverage amount.
Redbridge Insurance Company Rating
In September 2024, AM Best reportedly maintained Redbridge Insurance Company Limited’s B++ (Good) financial strength rating as well as its “bbb” long-term issuer credit rating.
The outlook is stable.
The ratings are a reflection of Redbridge’s robust financial standing, sound management, and buildout in the Latin American and Caribbean market, especially in the health insurance sector, according to the ratings agency.
Future outcomes, however, may be impacted by certain woes in the operating backdrop. When expansion is successful, ratings may rise. Naturally, they may fall if underwriting performance deteriorates.
Is Redbridge a good insurance company?
AM Best, a reputable insurance rating agency, has given Redbridge a Strong Financial Strength Rating. The recent evaluation demonstrates Redbridge’s efficient underwriting skills.
Redbridge offers various insurance products, along with strong international coverage and access to top medical providers in Latin America and the US.
Redbridge has a competitive advantage in developing insurance markets, thanks to its focus on Latin America and the Caribbean.
The insurer also offers round-the-clock customer service globally.
Despite the positives, Redbridge cons include its smaller size, less transparency in its pricing, and regional focus. Such may be factors some clients might be concerned about.
The ideal insurance provider has a strong reputation, reasonable rates, coverage that meets your needs, stable finances, and excellent client service.
Feel free to ask different businesses for quotes and policy details to ensure you choose the best option.
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