Group Term Life Insurance

Life Insurance is often overlooked when you are crafting a bulletproof employee benefits scheme for your Singapore teams, yet it offers vital protection to those dependent on your employees. Life insurance can seem like something that needs to be dealt with ‘later, at home’ and often it does not fall into the remit of the what the employer provides for their people as part of their overseas contracts despite being a common benefit in many markets. This is quite an oversight given what is at stake for an employee, particularly if they have a family, and especially when they are living away from their usual support networks. 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 teams.

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 policies are annually renewable. If the employer offers this benefit, it generally covers employees throughout their tenure with the company. 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, the group term life insurance is generally less expensive than individual term life policies. Given how affordable it is, offering this benefit provides peace of mind your globally mobile employees and their families whilst living overseas. One of our employee benefits team would be happy to talk through the details with you. Just drop us a line here and we will set a meeting to go through the ins and outs of group term life insurance with you.

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 Corporate Solutions team today. We understand that it can be a bit confusing so we are here to help clarify these details for you.

How much do the beneficiaries get paid if something happens?

This benefit can be tailored to your own organization 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. This lump sum benefit affords the employee’s family some mid-term protection against loss of household income.

The benefits 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?

If you and your team are interested in getting group term life insurance, leave your details here and one of our employee benefits teams will be in touch
We will contact you within one working day and organise a time and place to meet you to discuss the needs and expectations of your teams.
Using the information that you have given us, we will use our international network of insurance providers to find and tailor the best group term life packages for your team.
Once we have issued all of your policies, we will continue to provide our award-winning brokerage services to any one of your team members that are on policy with us.

Our team of group term life employee benefits experts will work with you to navigate what would be best for your teams while they are in living in their home away from home. Get in touch with us today and we’d be happy to help you carve out a plan that will work best for you and your people.

INTERESTED IN GROUP TERM LIFE INSURANCE?

Give your people the peace of mind that they deserve. Call us today or leave your details below to talk about Group Term Life Insurance.

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