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.
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 it can be a bit confusing 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 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.
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.
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