Term Life Insurance Coverage

Term Life insurance Coverage

Question Hi HR professionals, Does your company purchase insurance for employees’ death? Currently if my employee passes on there is a payout of 36 times their monthly salary. I wonder if this is a common practice or is it above market? SS Reply 1 Yes we do get term life coverage for employees. But we 2 plans, for management staff 36x, all other employees 24x. Joycelyn Reply 2 Yes, we do have Term Life which is part of our Group Insurance for all our employees. Our payout is 12 times monthly salary. Rina Reply 3 We provide Term Life Insurance cover for all employees but cover 26 x basic salary. Grace Reply 4 Non mgr 24 mths. Mgr & Above 36 mths. CK Full Name* Job Title Organisation or Individual* Email Address* Contact Number* Subject* Your Message* </textarea>

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Decease Employee

Decease Employee

Question Hi HR Professionals, Is there any compensation does the employer need to contribute for the deceased employee in case there is no insurance coverage? The death is not related to any accidents incurred at all. Hope to receive some advice. Avenlin Reply 1 By right it is not mandatory to give any compensation benefit to a deceased employee if it is not work-related. However, I think it will be nice to give some money to the deceased family as a goodwill gesture. You may want to consider Group Term Life as an employee benefit. It is not expensive. EI Reply 2 The company can do it out of goodwill esp if the staff have young children at home to feed..​ Sharon Reply 3 It is not too necessary if the accident didn’t occurred in work area. But, it could be better to give compensation to the family member to overcome the sorrow and also for the goodwill. Animesh Full Name* Job Title Organisation or Individual* Email Address* Contact Number* Subject* Your Message* </textarea>

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