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 tenure with the company in Singapore. 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 payout 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 to your globally mobile employees and their families whilst living overseas. 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 in Singapore with you.
A comprehensive employee benefits scheme that includes group term life should contain adequate coverage in the event of any of the following:
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 navigating the market can be tricky so we are here to help clarify these details for you.
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 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.
Interested in acquiring group term life insurance for your team? Work with us and tap on the network of international insurers we have to procure a tailored and comprehensive group term life package for your team. Continue receiving top-notch brokerage services from our team as well. It’s important to drill down the essentials to make your employees’ stay in Singapore as comfortable as possible. Get in touch with our team today.