{"id":868,"date":"2023-06-16T13:57:36","date_gmt":"2023-06-16T12:57:36","guid":{"rendered":"https:\/\/www.protectline.co.uk\/blog\/?p=868"},"modified":"2023-06-16T14:02:29","modified_gmt":"2023-06-16T13:02:29","slug":"google-death-benefit-10-year-life-insurance-payout","status":"publish","type":"post","link":"https:\/\/www.protectline.co.uk\/blog\/google-death-benefit-10-year-life-insurance-payout\/","title":{"rendered":"Is Google’s ‘Life Insurance’ Benefit The Best In The World?"},"content":{"rendered":"

Google is one of the world\u2019s largest companies, specialising in online advertising technologies, a search engine, cloud computing, software and hardware. With revenues of $279.8 billion<\/a> in 2022, the company has no shortage of money and chooses to spend a lot of it on keeping their 190,000 plus<\/a> employees (Googlers) happy.<\/p>\n

You\u2019ve probably already heard about some of the fantastic perks of working at Google, which the company refers to as Googley extras<\/a>. These include on-site meals and snacks, fitness centres, cooking classes, legal services and art programs. However, one perk that is often not talked about, but is potentially the most important, is the company\u2019s\u202fDeath In Service Benefit<\/strong><\/a>.<\/p>\n

What is the Google Death Benefit?<\/h2>\n

In 2012, Google announced that if a Googler in the USA dies whilst they\u2019re under the employment of Google, no matter how long their tenure has been, their spouse will receive 50% of their salary in a cheque for the next ten years.<\/p>\n

While the specifics of the benefit might have changed in the intervening decade, when it was initially announced, it was a significant and enticing perk for any potential and existing employees.<\/p>\n

Any (and each) of the children of the deceased will also receive $1,000 a month until the age of 19 (or 23 if in full-time education).<\/p>\n

The spouse will also see all stocks vested immediately.<\/p>\n

Why does Google offer this benefit, even though it\u2019s a no-win for the company?\u00a0<\/strong><\/p>\n

Google’s Chief People Officer, Laszlo Bock, said:<\/p>\n

“One of the things we realised recently was that one of the harshest but most reliable facts of life is that at some point most of us will be confronted with the death of our partners,\u201d<\/p>\n

\u201cAnd it\u2019s a horrible, difficult time no matter what, and every time we went through this as a company we tried to find ways to help the surviving spouse of the Googler who\u2019d passed away.\u201d (Forbes, 2012)<\/em><\/strong><\/a><\/p><\/blockquote>\n

\"Open<\/p>\n

Is Google\u2019s Death In Service Benefit Really Better Than The Rest?<\/h2>\n

While Google have happily discussed their Death In Service benefit in the past, Apple<\/a> and Microsoft<\/a> haven\u2019t publicly spoken about their own Death in Service benefits or if they offer one. Even though the financial packages that they offer their employees are more than attractive, like a lot of businesses, this kind of information is only disclosed to employees at the point of joining a new company and isn\u2019t public knowledge.<\/p>\n

It\u2019s understandable, but in an increasingly unpredictable world, the hard conversations are the ones we all need to have, regardless of where we work.\u00a0Is Google\u2019s Death In Service benefit the best in the world? Without other companies being more open about their own Death in Service benefits all we can say is \u201cpossibly\u201d.<\/p>\n

How Much Is the Google Death In Service Perk Worth?<\/h2>\n

If you were employed by Google, with a salary of \u00a335,000, your spouse could expect \u00a3175,000 over 10 years if you passed away. If you had 2 children aged 10, then your spouse could expect a further \u00a3216,000 \u2013 \u00a3312,000. This would bring the total payout to \u00a3391,000 \u2013 \u00a3487,000. It is worth remembering however, that whilst Google have the same philosophy in every place their Googlers work, the benefits may vary by office and\/or country.<\/p>\n

This type of scheme isn\u2019t super unique, though. Many large UK employers offer death in service payouts of 2-4x annual salary, such as the\u202fNHS \u2018Death in Membership\u2019 scheme<\/strong><\/a>. These schemes are often free or require contributions to the company pension pot.<\/p>\n

Therefore, if you were employed by one of these British firms, with the same \u00a335,000 salary, you could expect a one-off payment to your family of \u00a370,000 \u2013 \u00a3140,000 if the worst was to happen to you.<\/p>\n

Luckily, you don\u2019t have to be employed by Google, or even a British company with a Death in Service scheme, to give your family a significant payout should the worst happen to you.\u202fLife Insurance<\/strong><\/a>\u202fdoes the exact same thing, in return for a small monthly payment.<\/p>\n

This is how much Google’s Death Benefit and a UK Death in Service benefit would cost if you purchased the equivalent Life Insurance for 20 years, based on a 35-year-old with perfect health and lifestyle. Life insurance quotes were generated by Protect Line and accurate as of 16\/06\/2023.<\/p>\n\n\n\n\n\n\n
\n

Scheme<\/strong><\/p>\n<\/td>\n

Salary \/ Children<\/strong><\/td>\nPotential Payout<\/strong><\/td>\n\n

Monthly Life Insurance Cost<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Google<\/p>\n<\/td>\n

\u00a335k \/ 0 kids<\/td>\n\u00a3175,000<\/td>\n\u00a38.69<\/td>\n<\/tr>\n
\n

Google<\/p>\n<\/td>\n

\u00a335k \/ 2 @ 10 yrs old<\/td>\n\u00a3391,000<\/td>\n\n

\u00a315.46<\/p>\n<\/td>\n<\/tr>\n

Death in Service<\/td>\n\u00a335k \/ n.a<\/td>\n\u00a3140,000<\/td>\n\n

\u00a37.45<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

To discuss your requirements and get some free personalised quotes, simply follow the link below and a specialist from Protect Line will get in contact shortly. Protect Line is one of the UK’s leading life insurance brokers with 40,000+ five-star Trustpilot reviews.<\/p>\n\n

\n
\n
\n

Get a free life insurance quote today<\/h4>\n Get a free quote<\/a>\n <\/div>\n \"Family\n <\/div>\n <\/div>\n

The plan will have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Google is one of the world\u2019s largest companies, specialising in online advertising technologies, a search engine, cloud computing, software and hardware. With revenues of $279.8 billion in 2022, the company has no shortage of money and chooses to spend a lot of it on keeping their 190,000 plus employees (Googlers) happy. You\u2019ve probably already heard […]<\/p>\n","protected":false},"author":15,"featured_media":873,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,33],"tags":[],"yoast_head":"\nIs Google's 'Life Insurance' Benefit The Best In The World? - Protect Line<\/title>\n<meta name=\"description\" content=\"If you die while working at Google, your family will get half your pay for 10 years. 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