• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Go to Expat Living Hong Kong
Get our Newsletter

Lifestyle Guide To Moving To & Living in Singapore - Expat Living HomepageLifestyle Guide To Moving To & Living in Singapore - Expat Living

Moving to Singapore and not sure where to start? Expat Living is the essential lifestyle guide to living in Singapore.

Login Pelcro Shop

Menu
  • Living in Singapore
      • Living here
      • Neighbourhood Guides
      • Schools
      • Property
      • Work & Finance
      • For Guys
      • Environment
      • Readers’ Choice Awards
        • Moving house? Get your Wi-Fi connection right!
        • earth hour festival earth hour Singapore WWF SingaporeSwitch Off for Earth Hour by WWF Singapore
        • Lydia Ko plays golf tournament in singaporeWatch a women’s golf battle for the Team Series title!
        • real estate in united states owning property in USOwning Real Estate in the United States
      • View all
    Close
  • Things To Do
      • Things to do
      • EL Events
      • Calendar
      • Competitions
      • Noticeboard
        • Elke & man k9 empawer walkWhat’s on this week and beyond
        • St Patrick's Day 2023 - irish pubs and drinking spotsSt Patrick’s Day: Great bars to celebrate at
        • Lydia Ko plays golf tournament in singaporeWatch a women’s golf battle for the Team Series title!
        • 10 places for teenagers to hang out in Singapore
      • View all
    Close
  • Kids
      • Enrichment
      • Kids Things To Do
      • Mums & Babies
      • Schools
      • Tots & Toddlers
      • Tweens & Teens
        • 10 places for teenagers to hang out in Singapore
        • Mental health support for toddlers to teens
        • Fun obstacle course in Singapore for kids and adultsHomeTeamNS challenges you to the ultimate obstacle course!
        • education system in Singapore Astor international schoolAstor: Small Singapore school with big impact
      • View all
    Close
  • Homes
      • Home Decor
      • Readers’ Homes
      • Furniture
        • Beautiful interior design by Arete CultureNeed decorators, home stylists or interior designers?
        • Affordable art in SingaporeBuying affordable art in Singapore – it is possible!
        • Where to buy a really good bed and mattress in Singapore
        • co living Singapore coliwoo5 reasons to choose co-living in Singapore
      • View all
    Close
  • Travel
      • Asia
      • Australia & New Zealand
      • Rest Of World
      • News
      • Travel Offers
        • property in sydneyBuying property in Sydney
        • international health insurance for singapore expatsHealth insurance for Singapore expats
        • Travel News & Hotel Deals
        • Chloe from E&A InteriorsBuilding a holiday villa in Sri Lanka from start to finish!
      • View all
    Close
  • Wine & Dine
      • Asian Cuisine
      • Western Cuisine
      • Bars & Clubs
      • Groceries & Speciality Services
      • Recipes & Classes
        • St Patrick's Day 2023 - irish pubs and drinking spotsSt Patrick’s Day: Great bars to celebrate at
        • local desserts in singapore - Rainbow ice cream breadMust-try local desserts in Singapore
        • Best Restaurants in Singapore – Where to eat for foodies!
        • 3 Greek restaurants for your Mediterranean food fix!
      • View all
    Close
  • Style & Beauty
      • Fashion
      • Hair & Beauty
      • Beauty Offers
        • Niessing gold jewellery in SingaporeI discovered a 150-year-old jeweller in Singapore!
        • Boutique Fairs Singapore fairs in Singapore6 New brands at the Spring edition of Boutique Fairs Singapore!
        • hairdressers in singapore balayage and blonde highiightsBest salons for blonde highlights and balayage
        • ultherapy amaris bLook attractive with or without your face mask!
      • View all
    Close
  • Health & Fitness
      • Dental
      • Fitness
      • Medical
      • Wellness
        • Here’s why sleep is so important
        • core exercises in singapore7 Singapore Pilates studios for core exercises & more!
        • at-home personal training yoga in singaporeYoga classes in Singapore, and the benefits!
        • Here’s what inspires a top urologist in Singapore
      • View all
    Close
  • Shop
    • PRINT MAGAZINE
    • DIGITAL MAGAZINE
    • BOOKS
    • Close

A guide to death-in-service benefits

12th September 2018 by Expat Living 3 Min Read

https://expatliving.sg/death-in-service-benefits-singapore-globaleye/

Since touching down in Singapore, you may have been tied up finding a home and the right international school for the kids. With the busyness of settling in, you may not have had time to check on the extent of the benefits that are offered by your company. Here, Andrew Talbot of Avrio Wealth discusses the coverage of death-in-service benefits and what you need to take note of.

Globaleye business meeting death-in-service benefit
Do you know the benefits your company offers?

What does a death-in-service benefit consist of?

It pays out a lump sum to your family, usually around three or four times your annual salary, if you die while working for your company. Most companies’ death-in-service benefits are provided through an insurance scheme. The cover is normally offered free-of-charge as part of an employee benefits package and can go some way towards protecting your loved ones financially should you die while you are employed.

What should I look out for?

There can be some problems with the structure of certain schemes. The cover of the life insurance provided depends on the terms and conditions of insurance company. These are usually set to by the local office and may be different to what you would expect in your home country.

Globaleye signing forms death-in-service benefit
Find out more about the policy details

For most structures, you are allowed to nominate who your beneficiaries are and the death benefits will then be paid directly to them. Others may operate a little differently; if you die, the insurance company will pay a cheque for the amount of coverage to your company and then your company will pay it to the estate. The estate will then need to decide how this is split, depending on the will.

This can immediately cause some problems:

  • Probate: What if you don’t have a will? It will mean that you’ll need to go through probate. In Singapore, this can take as long as a couple of months. During these months, your family will not have access to insurance funds. If your family decided to leave the country and return home, they will need to liaise with an administration department that is a long way from where they now live.
  • Succession and forced heirship: There can be succession problems; it may fall into forced heirship rules that exist for certain nationalities. If you want your wishes to be observed after your death, then you will need to state this clearly in a will.
  • Tax: There may also be certain death taxes to pay. For instance, a UK citizen’s worldwide estate is subject to inheritance tax. Your company death-in-service benefits will therefore go into the estate and potentially be taxed at 40 percent.
  • Plan: If you have a company death-in-service benefit, then you need to check with the administrators what the status is and then plan accordingly. Adding a nomination of beneficiaries will solve the above problems.

So, is it enough?

Globaleye family death-in-service
Ensure your family is taken care of

With death-in-service benefits, if you were to move or lose your job, through redundancy or dismissal, for example, any benefits may be lost. Replacing this level of cover may not be easy, particularly if you were in poorer health, which could then leave your family at risk should anything happen to you.

For this very reason, death-in-service insurance may not be sufficient to cover all of your needs. It’s worthwhile to consider additional cover in the form of life insurance policies.

Set up an online consultation to see if Avrio may work out a long-term solution for you.

Brought to you by Avrio Wealth Pte Ltd
9 Battery Road, #28-01
6240 6865 | avriowealth.com

This material is intended for educational and informational purposes only. It is not intended to provide specific advice or recommendations for any individual. Additionally, you should consult with your Financial Advisor, Tax Advisor, or Attorney on your specific situation.  The views expressed in the material are that of the author and do not necessarily reflect those of any market, regulatory body, State or Federal Agency, or Association.  All efforts have been made to report or share true and accurate information.  However, the information may become materially outdated or otherwise rendered incorrect due to subsequent new research or other changes, without notice. The author nor the firm are able to always verify the content from third party sources. For additional information about the firm, please visit the MAS Website at https://www.mas.gov.sg/  and the SEC Website at www.adviserinfo.sec.gov. For a copy of the firm’s ADV Part 2 Brochure, please contact us at info@avriowealth.com 

Get more advice on Living in Singapore.

Have you updated your will recently?

Tips on investing for expats

Get the latest events, stories and special offers sent to your inbox
Get the latest events, stories and special offers sent to your inbox

Categories: Living in Singapore Work & Finance Tags: avrio wealth Business Insurance Insurance Plans Working in Singapore

Expat Living

Expat Living has everything to help you make the most of living in Singapore! We've got information on neighbourhoods, things to do and see, dining, entertainment, schools, travel, fashion, furniture, finance, health and beauty. And more!

You May Also Like

Moving house? Get your Wi-Fi connection right!

Lydia Ko plays golf tournament in singapore

Watch a women’s golf battle for the Team Series title!

A landed property in Yio Chu Kang won this family over

Primary Sidebar

  • Competitions
  • Noticeboard
  • Subscribe
  • About
  • advertise
  • Contact
  • Privacy

© 2023 Expat Living Singapore, All Rights Reserved.