HRSINGAPORE Community Discussions

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


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