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.  

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. 

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.  

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.  

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. 

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:

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. 

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.