Employee Benefits: What Are the Different Types of Group Insurance?

Employee Benefits: What Are the Different Types of Group Insurance?

Employees are the lifeblood of any organisation and treating them as such would go a long way in creating a culture of care and welfare. But the Great Resignation Wave is a clear indicator that employees are discontent and are demanding for more. Many employees in Singapore are starting to place a premium on their well-being and health in a way they have not done so before, especially during the COVID-19 pandemic.

A comprehensive group insurance programme (Employee Benefits Solutions) that provides your staff with the assurance that they will be financially taken care of if something unexpected happens. A holistic employee benefits solutions offer main components: Group Inpatient (Hospitalisation & Surgical), Group Outpatient, Group Term Life, Group Critical Illness, Group Personal Accident, Group Travel and Group Dental.

In this article, we provide a guide on the different group insurance products available to you, how they benefit your employees in Singapore.

Types of Group Insurance

1. Group Medical

The costs of medical cost inflation hit 10% in 2018, 10 times the Singapore economy’s estimated 2018 inflation rate of 1 %. According to the Ministry of Health (MOH), National Healthcare Expenditure also increased from $12.9 billion in 2012 to $22.1 billion in 2017, or about 11% per annum. Without the right coverage, healthcare in Singapore can be extremely expensive. While MediShield offers SIngapore Citizens and Permanent Residents access to basic protection, it may not sufficiently cover all possible scenarios, leaving employees vulnerable in the event something unfortunate happens. With group medical, you will have access to the following:

Group Inpatient Coverage

  •  With sufficient limits to cover a Private or Semi-Private room as well as surgical procedures and treatment of chronic diseases such as Cancer and Kidney Dialysis

Group Outpatient Coverage

  • Covering GP and Specialist consultations as well as prescription medications
  • Physiotherapy and Psychiatric benefits
  • Traditional Chinese Medicine (TCM) treatment

Additionally, if you are a regional company, and require your employees to travel frequently, opt for Group Travel Insurance and International Health Medical Insurance. In this way, your employees can access top quality medical care wherever they might be in the world without having to return to Singapore to receive the right care.

2. Group Term Life

Group Term Life (GTL) covers employees in the event they pass on, become permanently disabled or are diagnosed with a terminal illness while employed. This means their beneficiaries receive a lump sum payout should this happen.

Where Group Term Life Insurance differs from Individual Term Life Insurance is that the former can be renewed on a yearly basis. To adequately gauge the total sum insured, a good benchmark is multiplying the annual salary of an individual by 2 to 3 times. These benefits provide a safety net for loved ones if a significant income source is lost.

3. Group Personal Accident

The Group Personal Accident (GPA) provides coverage against a range of injuries and accidental death. It covers and compensates insured group members, taking care of medical expenses or hospitalisation costs due to an accident, permanent and partial disability, funeral expenses and accidental death. Such protection is vital to cover work accidents, such as a forklift incident, or home accidents, like if one slips and falls, fracturing their arms or legs.

Also in the event an employee is affected by a natural catastrophe, whether a flood, landslide, earthquake, tornado, the GPA provides those insured with coverage.

Some examples include: 

  • Partial loss of bodily function
  • Loss of hearing 
  • Second and third degree burns
  • Broken bones 
  • Permanent disability

4. Group Travel

Group travel ensures your employees are adequately protected whilst they travel. When travelling, employees can experience loss of their passport or luggage, have their personal items stolen, or suffer injuries or meet with an accident. It is simply not possible to predict what will happen, but how you can prepare your employees for such a scenario, is through group travel insurance.

With this product, you can also protect your employees if they contract COVID-19 while overseas and require medical attention. This includes if they need to be hospitalised or need an emergency medical evacuation.

This policy offers coverage for: 

  • Accidental death, permanent disability and accidental burns
  • Emergency medical evacuation and repatriation 
  • Trip cancellation, curtailment and rearrangement expenses
  • Travel and baggage delay
  • Loss of personal property and baggage
  • Loss of money and travel documents
  • Personal liability and many more benefits

Learn more about Expat Insurance’s Employee Benefits Solutions

As an employer you have a duty of care to ensure that your employees are well taken care of. Whether they are experiencing a minor cold and need to see the GP or they are travelling for overseas assignments, ensure their health, safety and well-being is prioritised. With an attractive employee benefits package, you also can attract the best and brightest to your enterprise – a win for everyone.

Expat Insurance offers premium employee benefits and employee group insurance for employees in Singapore. We customise insurance packages for you based on the unique needs and preferences of your employees. We also review any current insurance policies you may be holding on to and advise how best to plug the gaps in order to provide comprehensive coverage.

Speak to someone from our team of insurance advisors to have all your questions answered and to have someone methodically guide you through the full process of insuring your employees. Start offering the best to your team. 

Authored By Oliver Ward

Employee Health & Benefits Advisor

Oliver is one of our key Employee Health & Benefits Advisor. Having graduated in General Insurance & Health Insurance from Singapore College of Insurance, attaining…

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