What kind of Insurance Plans are available for Foreign National Workers in Singapore? Group Term Life Insurance, Term Life Insurance
This day and age in the world today demands assurance and security. Everything experienced here has minimal chances of having a favorable and clear foreseen outcome for anyone. For an employee, mainly those overseas working, these matters are not discussed as much with their employer.
Remember that Businesses heavily rely on local and foreign talents to align with their business ideas; commit their time and efforts to produce results for the organization, and contribute high value-added skills to tasks. This deserves to recognized and compensated.
In Singapore, there is an existing working culture wherein they provide Insurances and employee benefit Insurance Plans in certain companies. Employees can express their gratitude and show how much they value a particular asset they have gained to work with them through these.
What are they exactly?
Group Term Life Insurance
An employee benefit plan that employers offer to their talents and local or foreign hires. This plan or benefit offers adequate support or coverage in events, instances, or circumstances wherein group term life insurance in Singapore is prepared for such as Disabilities (permanent or total), Unexpected Deaths, or even when diagnosed with an illness. When offered, this means that the insurance policies adhered to by the organization or employer can now applied to the employee during their whole tenure and can be renewed each year accordingly.
Unlike others, this type of Insurance Plans is affordable yet very customizable. Employers can craft the policies that will cover their hired talents depending on the organization’s parameters in the budget; company regulations, and local governance and employment rules. With this, beneficiaries can be able to claim once for each policy covered. For this, the compensation is equivalent to double or triple the annual salary of the employee depending on their level or role within the organization.
Term Life Insurance
This plan, on the other hand, can considered as a foreign worker a safety net for financial inconveniences brought; about by circumstances or situations not foreseen to have happened. It may compared to a group term life insurance in Singapore; however, the extra or add on’s to the policy are solely covered by the ex-pat employee.
A protection tool to be able to ensure peace of mind for their families abroad; while they provide them with better means of living while overseas. This plan has added flexibility as ex-pat employees can add increased protection to their current Insurance Plans; while staying as affordable as it has no surrender value-added.
When employers focus on giving their hires benefits, they provide solutions for better work culture; and company perks lead to a more productive and reliable set of the workforce; even if they source for talents abroad to fill in the need for organizational excellence.
This is a crucial employee benefit plan that ensures total coverage of damages, illness; and accidents that allow flexible plans and policies that best fits the tailored organizational structure of the company; while being able to provide a secure working culture and conditions supported by insurances.