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Life Insurance

Offering life insurance is not mandatory in this country, but providing these additional benefits can significantly enhance the financial security and peace of mind for employees. The Global Life Insurance offering provides flexible coverage levels ranging from $50,000 to $600,000, tailored to meet the diverse needs and budgets of the company and its employees. This benefit includes two options: The Basic Offering provides Life Insurance coverage. In the unfortunate event of an employee’s demise, their beneficiary will receive a payout equivalent to up to 6 times the employee’s annual salary. However, this compensation is capped at a maximum of the selected cover limit. This means that the payout will not exceed the cover limit applicable, regardless of the employee’s salary. The Comprehensive Offering at Remote combines Life Insurance, Accidental Death & Dismemberment (AD&D), and Permanent Disability (PD) coverage. In cases of accidental death, dismemberment, or a permanent disability, the compensation is equivalent to up to 5 times the employee’s annual salary, subject to a predetermined limit. This compensation is capped at a maximum cover limit provided by Remote. The payout will not exceed the applicable cover limit, regardless of the employee’s salary. It is essential to be aware that in certain countries, insurance premium taxes may be applicable. This means taxes may be due to the company for the monthly premiums paid towards the life insurance coverage for employees. Additionally, life insurance benefits may be categorized as ‘Benefits in Kind’ (BIK). This categorization means that the monthly premiums paid for the life insurance coverage might be counted as part of the employee’s taxable income according to the local tax laws. When life insurance benefits are offered, they must be provided equally to all employees in the respective country. 
  • Basic

    Life Insurance

    Cover Level: Options ranging from $50,000 to $600,000

    • Provides financial protection and security for beneficiaries after the death of an insured team member.
    • In the unfortunate event of a team member’s demise, beneficiary compensation cannot exceed 6 times the team member’s annual pay or the chosen cover level (whichever is lower).
    • Example: See help article for details

    Accidental Death & Dismemberment (AD&D):

    Not covered

    Permanent Disability

    Not covered

  • Comprehensive

    Life Insurance

    Cover Level: Options ranging from $50,000 to $600,000

    • Provides financial protection and security for beneficiaries after the death of an insured team member.
    • In the unfortunate event of a team member’s demise, beneficiary compensation cannot exceed 6 times the team member’s annual pay or the chosen cover level (whichever is lower).

    Accidental Death & Dismemberment (AD&D):

    • Offers financial protection to beneficiaries in the unfortunate events of an insured team member's accidental death or dismemberment.
    • Compensation cannot exceed 5 times the team member's annual pay or the chosen cover level (whichever is lower). The exact payout varies depending on the type of injury sustained, as specified in the Accidental Dismemberment Table.

    Permanent Disability

    • Designed to offer financial support to insured team members who suffer from either permanent and total or permanent and partial disabilities as a result of an accident or illness.
    • Compensation cannot exceed 5 times the team member's annual pay or the chosen cover level (whichever is lower). The insurance provider assesses the extent of the permanent disability to determine the final compensation:
    • Disabilities below 33.33%: No compensation
    • Disabilities between 33.33% and 66.67%: Compensation calculated as a percentage of the capped amount
    • Permanent disabilities exceeding 66.67%: Full capped compensation amount

    For detailed examples of how the compensation is calculated for Life Insurance, Accidental Death & Dismemberment (AD&D), and Permanent Disability, refer to the help article for details

    If you have any questions, please email [email protected].

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