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