Group Life insurance plans
A robust Group Life insurance program is one of the best ways to look after your employees and attract the brightest talent. Whatever the size of your business, we can find you one that fits.
What are Group Life insurance plans?
Group Life insurance plans are insurance policies offered by employers or organizations to provide coverage for their employees. These plans typically offer life insurance for employees to ensure their financial protection in the event of death or disability.
The Group Life insurance in the Philippines is a valuable employee benefit. It allows companies to safeguard their workforce while attracting and retaining talent. Plans can be customized to meet the specific needs of businesses, with coverage options for death, disability, and other related benefits.
Our group life products
Plan key benefits and features
Group life insurance plans offer several key benefits that help businesses provide financial security for their employees.
Comprehensive coverage: Provides life insurance coverage for employees in the event of death or disability.
Affordable premiums: Offers cost-effective premiums for businesses to provide essential benefits.
Customizable options: Businesses can tailor the coverage to suit their specific needs.
Simple enrollment process: Easy and quick enrollment without complex medical underwriting.
Employee retention: Helps businesses attract and retain talent with valuable employee benefits.
Plan options and comparison
Below is a comparison of the Group Life insurance plans available, tailored to meet the needs of different businesses and organizations:
Plan option
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Coverage type
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Key benefits
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Premium type
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Employee Security Program
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Death & disability coverage with optional riders
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Provides basic life coverage with additional accident benefits.
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Fixed premiums per employee
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Manulife Group Protect
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Death & disability coverage with optional riders
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Affordable group plans for basic life protection and additional benefits.
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Flexible premiums for businesses
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Manulife Group Student Protect Plan
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Death & disability coverage for students
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Life insurance protection for students with affordable premiums.
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Fixed premiums for student groups
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Manulife Worksite
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Death & disability coverage with optional riders
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Comprehensive coverage for employees, including optional accident and critical illness riders.
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Flexible, based on company size and needs
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Who should consider Manulife Group Life plans?
Manulife’s Group Life insurance plans are ideal for businesses looking to offer affordable protection to their employees.
Small to Medium Enterprises (SMEs): Protect your workforce with affordable group coverage.
Large corporations: Provide comprehensive life insurance benefits to employees as part of your benefits package.
Organizations with a diverse workforce: Offer flexible options to meet the needs of various employees.
Educational institutions: Cover students with Group Life insurance for added security.
Regular employees: Save your hard-earned money through various options.
5 steps to choose Group Life insurance
Your choice of Group Life insurance plans should support your company’s needs and your employees’ welfare. Follow these steps to select the right solution:
1. Assess your workforce needs
Identify the size of your team and the types of coverage your employees need, such as basic life and disability benefits.
2. Determine coverage priorities
Decide what benefits you want to include, such as death benefits, accident protection, or disability support.
3. Set a budget
Establish how much your business can allocate for premiums while still offering meaningful protection to your employees.
4. Compare available plans
Review different Group Life insurance plans from Manulife to see which features align best with your company’s goals and employee needs.
5. Review and update regularly
Reassess your plan periodically to ensure it continues to meet your workforce’s changing needs.
Frequently asked questions
Group life insurance provides coverage for a group of employees under a single policy, while individual life insurance is a personalized policy for one person. Group plans tend to be more affordable and offer broader coverage options for employees.
Yes, Group Life insurance plans can be customized to suit your business needs, offering different coverage options and the ability to add riders like accidental death or critical illness coverage.
Employers should offer Group Life insurance to provide affordable protection for their employees, enhance their benefits package, and improve employee retention. It also demonstrates a commitment to employee well-being.
The minimum group size varies depending on the Group Life insurance plan selected.
Employee Security Program: Minimum group size of 10 employees.
Manulife Group Protect: Groups of 5 to 100 employees.
Manulife Student Protect: Groups of students must be at least 26 with 100% participation rate.
Worksite: Consult a Manulife advisor for exact eligibility requirements, as they vary by program and employer arrangement.
Yes, Group Life insurance plans in the Philippines can be customized with optional riders, such as accidental death, critical illness, and other coverage enhancements.
The cost of insurance can vary depending on several factors, such as the type of coverage, the level of protection selected, and individual circumstances. Because needs and situations differ from one person to another, insurance costs are best understood by exploring options that align with your personal goals and priorities. For more details, you may speak with a Manulife financial advisor to better understand the options available to you.
To add additional coverage to your group life insurance plan, speak with your employer or the plan administrator to see if supplemental coverage options are available. Additional coverage may come with extra costs, and eligibility could depend on factors such as your employment status and health.
Group life insurance is not typically mandatory for companies; however, it may be required under specific labor laws or collective bargaining agreements. Many employers provide it as a benefit to attract and retain employees, but this depends on the company’s policies.
If an employee leaves the company, they may be able to convert their group life insurance to an individual policy, often at their own expense. The specific terms of this option will depend on the employer’s insurance plan, and the employee should consult with the HR or benefits department.
Group life insurance premiums paid by employers may generally be treated as a business expense, subject to applicable tax laws and regulations. Tax treatment can vary depending on policy structure, so consulting a qualified tax professional is recommended.
Want to learn more about how to plan for a better, longer life?
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