As a follow up on our last two (2) Ed-Posts, below are some of the additional benefits/riders that can be purchased as an extension of the Group Life Assurance Policy.
- Funeral Benefit: This is a payment made to the family of the deceased employee to cater for funeral expenses of the deceased employee. It can be granted at no additional costs or at an extra premium charge. However, this cost is usually limited to an amount specified in the policy:
- Critical Illness Cover: This provides cover for employees who are critically ill and in need of medical or surgical attention. The coverage under this extension is usually defined in the policy and can cover extreme illnesses such as costs of chemotherapy, transplants, etc.
- Spouse’s Group Life Assurance: This extension (which is normally granted on payment of an additional premium) will cover the spouse of the employee for death arising out of any cause whilst the employee is in service of the organisation and the benefit applicable will usually be a multiple of the employee’s annual emolument.
This extension/rider is not exhaustive.