Everything You Need to Know About Google Life Insurance & Death Benefits

If you’re looking for a great place of employment that values employee well-being, you don’t have to look any further than Google. We talk a lot about compensation benefits like RSUs and stock options, but where else does Google come through for their employees?

Google has a wide array of benefits designed to take care of you and your health, including generous maternity and paternity leave, health savings account contributions, health and dental insurance, lots of paid time off, and even free meals.

They also serve your family – even after your passing. 

Google’s life insurance policy is something that every employee should be aware of and educate their partners on so that they can take advantage of it if the unthinkable happens. Here’s what you need to know about Google’s life insurance policy and the benefits available to survivors. 

What is Google’s Life Insurance Policy? 

Losing a loved one is a terrible thing to experience, especially if they were a high-income earner at the time of their passing. Spouses and children are not only bereft, but they may also be adrift without financial support.

Google actually offers a very generous life insurance policy and death benefits to surviving spouses and children. Basic coverage is provided at three times your annual base salary including commissions. This holds for a maximum of $2,500,000, which is paid as a lump sum upon your passing.

It sounds like a lot, but this might not go very far in the grand scheme of things. But Google’s death benefits go a step further with a Survivor Income Benefit.

The Survivor Income Benefit provides spouses or partners with up to 50 percent of your base income for up to ten years to offset the loss of income. This gives your partner a chance to grieve, find employment and childcare, or anything else they need to take care of before they can get back on their feet. 

There are monthly limits to this coverage, with a maximum of $12,500 per month. Each child also receives up to $1,000 per month. 

Keep in mind that all of these calculations are based on your annual base salary. Most tech professionals have higher total compensation which includes stock options, Google RSUs, and so on.

If you were holding stock from your RSUs, it would also be vested immediately upon your passing. This enables your family to have another source of income if they need help to cover the expense of your passing or to offset financial obligations in the aftermath of losing an important income. Alternatively, they could hold onto the RSUs and use them as an investment vehicle for the future.

An Example of Google Death Benefits

Suppose your annual base salary is $145,000 (the average base salary for an entry-level software engineer at Google). You would be offered base coverage of $435,000 plus the Survivor Income Benefit, which would provide your partner $6,041 per month for ten years (a total of $725,000). 

Don’t forget that each child will also receive up to $1,000 per month and your family could sell any stock that you acquired as part of your RSUs and compensation package.

This sets them up for financial stability well into the future, even if you were the sole income provider. 

Other Related Google Benefits

While Google’s life insurance policy and death benefits are some of the most generous around, the company offers far more to their employees. Other related employee benefits are also worth mentioning in this area, including some of those listed below. 

Bereavement Leave

Under their generous paid time off packages, bereavement leave is included. This gives you the chance to grieve your loved ones and get their affairs in order without worrying about the need to return to work right away. Not only does it cover the loss of a loved one, but it also covers any miscarriages or stillbirths that you may experience. 

Accident Insurance

Accidental death and dismemberment insurance (AD&D) is another perk for Google employees. If you have a personal accident, they will still give you many of the same benefits as the traditional life insurance policy. They will give a lump sum payment of up to three times your annual salary for accidental deaths. 

This also applies to regular accidents, even if they do not result in death. A maximum sum of $2,500,000 applies to both instances. 

Disability Insurance

Sometimes, things happen that you simply cannot control. Many people opt into disability insurance to protect themselves if they receive a diagnosis that limits their ability to work and perform at the same level. Get the protection you need for your family and your personal income with disability insurance. 

Google provides disability insurance for their employees with short-term disability for up to 180 days. If you are out of work for longer, you can opt into long-term disability at up to 60 percent of your monthly earnings. There is a maximum cap of $15,000 per month on long-term disability. 

Manage Your Benefits with Consilio

Working at Google unlocks so many benefits for employees. It comes to a point where it may feel complex when reviewing your options and deciding which route is the best for your future finances and stability. If you need an extra set of experienced eyes to help advise you on your benefits and get the most from them, contact Consilio Wealth Advisors today.

We specialize in working with tech professionals, helping you make the most of complex compensation packages by navigating RSUs and stock options. Access our free Google-tailored resources and guides here for more help today!

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