HR Glossary

What is Life Insurance?

An employer-provided benefit that pays a death benefit to an employee's designated beneficiaries, typically offering a base coverage of one to two times the employee's annual salary at no cost to the employee.

Why it matters in hiring

Life Insurance comes up whenever teams compare candidates, set policy or report on people data. Getting the definition right keeps decisions consistent, which is the same reason springhire scores every applicant against the same criteria rather than on impression.

Related terms starting with L

• Lateral Hiring
• Leadership Development Program
• Learning Management System (LMS)
• Learning Pathway
• Living Wage
• Lohnsteuer - Wage Tax (Germany)
• LWF - Labour Welfare Fund
• Learning and Development (L&D)

Part of the springhire HR glossary, 1,150+ HR, payroll and recruiting terms defined. Free, no signup.