FLPH Updates
Don’t Rely On Your Company to Protect Your Loved Ones

Don’t Rely On Your Company to Protect Your Loved Ones

As an employee of the company, most of us have insurance coverage. The only variations are the amount of coverage and the details of coverage that each companies are offering. Buying insurance for the employee involves money, so it is up to the company which package they will get for their employee. It is an added morale to employees knowing that their company are concerned and taking care of their well being.

In Singapore, they can choose on these 3 areas of coverage:
LIFE – group term coverage for death, disability, accident and critical illness
MEDICAL – group hospital and surgical coverage
DENTAL – group dental coverage

Most of the time, they choose life and medical coverage for their employees. For some big companies, they provide dental coverage.

Sometimes, companies include their employee dependents for coverage especially on MEDICAL. However for LIFE, insurance mostly cover the employees only and not the dependent. For some, employees can topup premium to get life coverage for their loved ones.

My focus on this post is about the LIFE – death coverage. In the event of employees demise, can we rely on the death benefit provided by our company insurance to protect our loved ones?

You have to take note that it is our company who are paying for the insurance. They gave us death benefit coverage to protect the business interest first and not our loved ones. In the event of employees death, insurance company issues cheque on the company not the employees beneficiary. It is up to the company if they will issue cheque for the loved ones.

This is where the problem lies. We all assume that the death coverage listed will go directly to our loved ones. Sadly, it is still subject to our company. That is why some businesses give large amount of coverage for key persons in the company. In the event such happens, the company will still have financial means to continue the business. They will use the insurance proceeds for the business.

It is really up to us to get insurance protection for our loved ones. Get your own personal insurance! Consider it bonus if the company will give benefits to our family.

If you are in Singapore, take advantage of cheap insurance rate here with worldwide coverage. Pass holders and foreigners can avail. For example, a 30 year old female non smoker can get starting life term with up to $1,000,000 coverage for death/disability for only $38 premium monthly.

Premium rates can change depending on age and various plans. For more details, email me or message me at 82235186. Let’s have coffee and discuss your policies 🙂

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

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