Nothing else is important when you are employed in a foreign. You have no one to ask for help and nothing else can support you financially, but only your employer and life insurance plan. It may not be a requirement for some other countries to get life insurance plans for their employees, but in Singapore, employees are strictly provided. Life insurance is one of the benefits that an employee can get from their employers, especially working abroad. Aside from individual life insurance, some other life insurance plans are offering great deals. Providing life insurance is one way of showing employers to their employees that they are valued. It offers vital protection to the employees covering a lot of benefits.
Best life insurance plan for a group of people
Aside from the life insurance plan, the group term life insurance singapore is another type of life insurance plan offered by the employer to a group of employees. It is renewable yearly. It covers the whole time of working with the company. Circumstances like the employee becoming disabled, diagnosed with a terminal illness, or dies while still employed in the company of Singapore, the group policy will provide a lump sum payout. The lump-sum payout will be received by the employee’s beneficiaries. Unlike with the other group medical benefits, this group term life insurance plan is affordable compared to the individual term life insurance. Employees will receive ample coverage during the following events:
- Permanent disability
- Diagnosed of terminal illness
Beneficiaries must know that each of the benefits above can only be claimed once. The lump sum that the family can get will be equal to 2-3 times the employee’s annual salary. It will be enough to cover the expenses and needs of the family against the sudden loss of income in the household. Any business in Singapore can get this type of life insurance for their employees.
Is this type of life insurance plan a requirement?
Well, it is not necessarily a requirement to get this type of life insurance plan. However, given that the companies in Singapore are compulsory to get life insurance plans for their employees, they might offer this type of life insurance plan to you. Although it is not necessary to provide this type of life insurance plan, companies still have the option to provide such type of life insurance or preferred individual life insurance. But, if your company only offers the individual life insurance plan, you still have the option to get group term life insurance in Singapore.