Group Life Insurance in Singapore: Protecting Teams, Empowering Dreams
Note: for expat health insurance in Singapore, we focus on “best value” providers, not the cheapest ones
Understanding Group Life Insurance in singapore
Welcome to your one-stop guide to understanding Group Life Insurance in Indonesia! Here, we’ll dive into why this form of insurance is not just a corporate perk but a foundational benefit for every employee in today’s dynamic workforce. Let’s make insurance fun, creative, and insightful!
What is group life insurance
Group Life Insurance is essentially a bulk insurance policy taken out by an employer or organization to cover a group of people — typically employees. This kind of insurance offers a safety net, providing financial protection for families should the unthinkable happen. In Indonesia, where community and collective well-being are highly valued, group life insurance stands as a testament to the care companies have for their workforce.
- Affordability: Since it’s purchased in bulk, premiums are often lower than individual policies.
- Convenience: It’s automatically provided as part of your employment package, no need for medical exams or individual applications.
- Coverage: It can include death benefits, accidental death, and sometimes even disability benefits.
the benefits of group life insurance in singapore
Death
• Room & Board
• Surgeries
• Hospitalization Expenses
• Cancer
• Emergency Outpatient
• & many others
Terminal Diagnosis
• GP & Specialists
• Tests
• Treatments
• Physio & Chiro
• Mental Wellness
• Medication
Disability
• Annual Health Checks
• Child wellness
• Male/Female Exams
• Early Detection
• Preventative Tests
Critical Illness
• Check-ups & Cleaning
• Crowns, Inlays & Onlays
• Root Canals
• Major Dental Surgery
What If My Employer Doesn’t Offer Group Life Insurance?
Employees without access to group life insurance can purchase individual policies to ensure financial security for their families. Consulting an insurance expert can help identify the best options.
Implementation and Beyond
Implementing group life insurance is not just about selecting a policy—it’s about creating a comprehensive employee benefits package that fosters a culture of care and security. Regularly review and update your policies to ensure they continue to meet the needs of your workforce.
Term-Life Insurance In Vietnam
Term-life insurance is not popular option in Singapore or in any country in Asia really. Universal life products, life products with an investment element, dominate the Asian markets via the large multinational providers already mentioned that set up local entities in each country.
Term-life insurance in Singapore is available through international providers. Term-life insurance in Singapore is the most straightforward type of life insurance there is. You can take out term-life insurance:
- On one or all of your employees
- Only on certain levels of employees, such as owners, directors, partners & senior management
- On key people only, where the company is the beneficiary rather than the insured’s family
Term-life insurance in Singapore can be a personal expense, it could be paid upfront by the employee and reimbursed or it can put through & paid for by your organization.
Key Person Life Insurance in singapore
Local life insurance companies don’t have a key person life insurance policy per se. Though you could take out a high-limit individual life insurance policy.
If you want a proper key person life insurance policy, you’ll need to use an international life insurer who can easily do a key person policy on one more key people in your business. How it works:
- Your company is the policyholder
- Life insured is the key person or key people
- The beneficiary is your company
Your company owns the policy and controls it, rather than a personal policy which would be owned and controlled by an individual.
related articles
Choosing the right Group Life Insurance in singapore
Choose a professional broker like Employee Benefits Asia, a brand by Tenzing Pacific Services, to help your company navigate group life insurance in Singapore.
Whether you’re seeking a coverage for all employees, only some or a key person policy, we’ll help you find a suitable provider and plan for your employee benefits program.
We help with policy administration during the year, including adding/removing employees, answering their questions and liasing between your company, the insurer, your employee & any hospital/clinic. There are no charges for using a broker, so whether that’s us or another highly reputable broker, that is suggested (though we prefer us!)