Life Insurance is often overlooked when you are crafting a bulletproof employee benefits scheme for your teams in Singapore, yet it offers vital protection to those dependent on your employees. Life insurance can seem like something that needs to be dealt with secondarily and often, does not fall into the remit of what the employer provides for their employees 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 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 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, 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 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 plans in Singapore 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 navigating the market can be tricky 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 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? 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.
Frequently Asked Questions About Group Term Life Insurance
How does a Group Term Life policy purchased by an employer compare with Individual Life Insurance?
Both group and individual Term Life Insurance policies 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. You will need to replace it with personal life insurance or make sure your next employer enrols you under their Group Life insurance plan.
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.
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.