Yes! It is common for employers in many countries – particularly larger companies – to provide some life insurance cover for their staff as an employee benefit, and this is usually a fixed multiple of their annual salary (i.e. the insured amount is 4x their annual salary etc). It is relatively inexpensive for the company to provide, and it is always well received by staff members and their families.
If your staff are global nomads, it is even more important to have life insurance specifically designed for international nomads and expatriates – dealing with an unexpected early death in a foreign country is not cheap, and having a team of specialists (provided by the specialist insurance company) to sort out all the numerous complex legal requirements of repatriating a dead body to a home country from another country, is priceless.
As employee benefits go, life insurance is high on the list, after “a salary”, proper medical insurance (i.e. NOT travel insurance, it is not the same thing), and a pension plan. And it doesn’t take a genius to work out that if you proactively look after the long-term interests of your staff, your staff will be even more inclined to proactively look after the long-term needs of your business and its customers - you’ll have a much higher staff retention rate (or a lower staff turnover rate, depending on your perspective, they’re the same thing) on average which in most cases will reduce your recruitment expenses, reduce your training costs, and reduce the disruption to your business operations inevitably caused by changing employees in key positions.
Our suggestion for the best process to follow is this:
Step 1: Talk to us, find out and understand what your options are
Step 2: Discuss with your company board or corporate advisors
Step 3: Talk to your employees, listen to them, get feedback and preferences
Step 4: Talk to us again, confirm the pricing based on your preferences, and be 100% sure how it works
Step 5: Discuss the finalised details with your company board or corporate advisors again for approval
Step 6: Talk to us again to implement and set up the specific plan
Step 7: Fully inform your employees of their life insurance benefits and make sure they understand everything
Step 8: Carry on growing your business with happier staff and no life insurance-related drama after setup!
At any stage of the process we are ready, willing and able to help, so just contact us and ask us anything!