GROUP TERM LIFE INSURANCE POLICIES IN SINGAPORE
Life Insurance is often overlooked when you are designing an employee benefits program for your employees, yet it is a feature that offers vital protection to the family and those dependent on your employees. Â
Offering this kind of financial security is also a fantastic opportunity for employers to show their people that they are genuinely valued. Give one of our employee benefits experts a call today, and they can walk you through the options that are available to you and your team.Â
WHAT IS GROUP TERM LIFE INSURANCE?
This is a type of life insurance that is offered to a group of people by an employer. Unlike Individual Term Life policies, Group Term Life insurance policies are annually renewable. If the employer offers this benefit, it generally covers employees throughout their time with the company. Â
In the unlikely event that an employee dies, becomes permanently disabled or is diagnosed with a terminal illness whilst employed, this group policy provides a lump sum pay-out to the beneficiaries of that employee.  As with most group medical benefits, group term life insurance plans are generally less expensive than individual term life policies.  Given how affordable it is, offering this benefit provides peace of mind to your employees and their families. Â
Our employee benefits team would be happy to talk through the details with you. Contact us and we will set a meeting to go through the ins and outs of group term life insurance plans  in  Singapore with you.Â
WHAT'S INCLUDED IN A GROUP TERM LIFE INSURANCE POLICY?
A comprehensive employee benefits scheme that includes group term life should contain adequate coverage in the event of any of the following:
- Death due to any cause
- Total and permanent disability
- Upon diagnosis of a terminal illness
A beneficiary can only claim once for each one of the above on any given policy. If you need to find out more, contact our Employee Benefits team today. We understand that navigating the market can be tricky so we are here to help clarify these details for you.Â
HOW MUCH DO THE BENEFICIARIES GET PAID IF SOMETHING HAPPENS?
This benefit can be tailored to your company’s needs and this will be something that you can discuss with our team. It is common in Singapore for the sum insured to be an amount equivalent to two or three times the annual salary of the employee.
The benefits of the group term life insurance can be tiered and aligned to the level role within the company. Our team will work with you on the best combination for your business.
HOW DO I GET GROUP TERM LIFE INSURANCE FOR MY TEAMS IN SINGAPORE?
Interested in acquiring group term life insurance for your team? By working with us you can tap into the extensive network of insurers we can access for a tailored and comprehensive group term life package for your team. Large or small we can tailor a plan to suit your company’s needs
FREQUENTLY ASKED QUESTIONS
How does a Group Term Life policy purchased by an employer compare with individual life insurance?
Both group and individual Term Life Insurance plans operate in the same way. Group Term Life Insurance is simply a way for an employer to expand the benefits they offer to their employees by providing life insurance on a group basis. As the premium pool for such policies is larger, the employer is often able to offer better cover than what an individual could negotiate.
What happens to my life insurance policy if I leave my employer?
Your cover under your employer’s Group Life policy will likely terminate on the same date as your employment, as your employer will no longer be paying the premiums. In some instances there is a continuation option that allows the employee to take the same cover directly with the insurer when they depart. Contact us and we can tell you more
What if my current employer does not offer Group Life insurance?
If your current employer does not offer Group Life Insurance, you can purchase an individual term life insurance policy to protect you and your loved ones. To find out which option is more suitable for you, reach out to our experts at Expat Insurance. Our experienced brokers are dedicated to understanding your needs and connecting you to suitable insurance providers. Beyond this, you can ensure that all of your insurance needs are met in one place with Expat Insurance. Whether it’s maternity insurance to hospitalisation insurance for foreigners in Singapore, our team can find a custom-fit solution for any situation.
INTERESTED IN GROUP TERM LIFE INSURANCE?
Give your people the peace of mind that they deserve. Call us at +65 6439 8026 today or leave your details below to talk about Group Term Life Insurance in Singapore.