Google Employees Have Death Benefits

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If you die while working for Google, your spouse will get a check for 50% of your salary every year... for the next ten years. :eek:

Instead, Bock, who joined the company in 2006 after a stint with General Electric, blew me away by disclosing a never-before-made-public-perk: Should a Googler pass away while under the employ of the 14-year old search giant, their surviving spouse or domestic partner will receive a check for 50% of their salary every year for the next decade.
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Guess we'll keep an eye out for increase death rates for Google employees do to "accidents".
 
Nice.

I don't know about the rest of the members here, but I've always liked Google...at least to the extent that one can like a multi-billion dollar corporation! :p
 
Everyone has death benefits. The benefit is that when you die, you won't have to work anymore.
 
Obviously this refers to death while in Google employ, but I interpreted the headline as "death while doing you job" and suddently imagined Googlers doing System Shock style cyber-battle against Chinese hackers.

I really hope there's actually a division that does that.
 
djsb said:
Obviously this refers to death while in Google employ, but I interpreted the headline as "death while doing you job" and suddently imagined Googlers doing System Shock style cyber-battle against Chinese hackers.

I really hope there's actually a division that does that.
Click to expand...

Confirming that Google engages in underground cyber warfare with the Chinese, but only so they can invade the mainland and exploit a new, untainted land by analyzing and profiling it to target it with advertisements.
 
This really isn't that uncommon. I serve on the board of directors for a credit union, and we do this for all of our executives. It's just an insurance policy written with the business as the first beneficiary. In our case, we pay the family a portion of the salary, and use what's left over to find/hire/train their replacement.
 
joblo37pam said:
This really isn't that uncommon. I serve on the board of directors for a credit union, and we do this for all of our executives. It's just an insurance policy written with the business as the first beneficiary. In our case, we pay the family a portion of the salary, and use what's left over to find/hire/train their replacement.
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The difference seems to be that Google does it for all their employees, not just executives.
 
joblo37pam said:
It's just an insurance policy written with the business as the first beneficiary. In our case, we pay the family a portion of the salary, and use what's left over to find/hire/train their replacement.
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Basically this.
Many companies offer thier employees life insurance.
This is basically a life insurance policy that pays out 5x the salary.

Still a nice benefit I wouldn't mind having as it would eliminate most the need for seperate life insurance.
 
Sounds like life insurance to me. Many employers have this, though maybe not enough. This still doesn't sound like enough to support a family on if you were to pass. You would still need more life insurance if your spouse is stay at home or your have a kid that will need to go through college.
 
Yep, most large companies have it, either as a free benefit or at a minimal cost of a few bucks per payslip, the company pays the rest.
You can sometimes choose how much life insurance coverage you want, but then it's out of your pocket if you want more.
 
Pretty much all big companies do it. Mine is an annual salary payment with low cost option to double it. The Google plan is pretty good, because mine is only just enough to pay the house off and put the kid through college. I would not recommend exercising these options though. :)
 
Where I currently work it's just your previous years yearly compensation, and the option to buy more if you want it. 10 years is nice, but it makes me wonder how much they are getting in benefit. It's just another form of Dead Peasants insurance.
 
When I worked for one company death in service benefit was 3.5 times your salary to a nominated person.
 
Its just a life insurance... Google's just a bigger one... I wonder if they have their own life insurance company.. 'GOOGLE Life' I can see it with the colors and what not.
I wish I could purchase more at the rate my employer can get, it is an excellent rate.. its just not as big as Google's in terms of benefits. (Its about 2x yearly for peanuts)
 
Yeah, really not that uncommon. Even as a grad student working as a tutor my University has some small death benefits for me, and if I were actually a full time employee (rather than on a government stipend ) my death would pay a decent amount.

My neighbour who worked as a mechanical engineer had a pretty good death insurance policy through his work and when he died of a brain tumor his wife and 2 kids lived comfortably off the benefits for about 10-12 years without her working and probably could have comfortably lived off it for 20 years if she didn't drink and gamble huge amounts of it away.
 
Did anyone read the article?

It seems quite a bit more than just "life insurance".

In addition to the 50% pay for 10 years to the surviving partner..
"surviving spouses will see all stocks vested immediately and any children will receive a $1,000 monthly payment from the company until they reach the age of 19 (or 23 if the child is a full-time student)"
 
The two large employers I have last worked for both offer this benefit. Couple things I liked to point out:

1. Don't assume that the employer is not getting a share of the policy. Like mentioned earlier, most keep some of the total benefit and only advertise to the employee what amount they pass down. For example, Google in this example *might* be keeping the other 50% for themselves. Remember, Google is most likely paying all or most of the cost for the insurance, they have a right to some of it.
2. If you are the type of person who believes in Life insurance, don't rely on your employers coverage. Now days people don't tend to get the opportunity to work for a company for life. What if you lose a job at age 50 plus when it becomes very expensive to obtain life insurance? What if you change a job and the new employer does not have this benefit (or in some cases does not share the proceeds). I recommend buying a term policy when you are young and it is cheap, assuming you believe in life insurance.
 
chrispix said:
Did anyone read the article?

It seems quite a bit more than just "life insurance".

In addition to the 50% pay for 10 years to the surviving partner..
"surviving spouses will see all stocks vested immediately and any children will receive a $1,000 monthly payment from the company until they reach the age of 19 (or 23 if the child is a full-time student)"
Click to expand...

What I don't get is why it was 'not made public' before.. does this means the employees did not know?... that is the only thing I find weird.. and yes, its 'just life insurance' these things you can setup in a million different ways... I can get a policy that gives my wife 50k a year for 10 years, or setup 250k first year with 250k invested in fixed returns for a long time, and all kinds of crap, I didn't look too hard into it, but options started to show up quickly, if you are a company I am sure there is even more options, if you pay things yourself you can do whatever you want I guess.
 
Az Syndicate said:
The two large employers I have last worked for both offer this benefit. Couple things I liked to point out:

2. If you are the type of person who believes in Life insurance, don't rely on your employers coverage. Now days people don't tend to get the opportunity to work for a company for life. What if you lose a job at age 50 plus when it becomes very expensive to obtain life insurance? What if you change a job and the new employer does not have this benefit (or in some cases does not share the proceeds). I recommend buying a term policy when you are young and it is cheap, assuming you believe in life insurance.
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This. True. Why I am looking into extra insurance just recently.
 
chrispix said:
Did anyone read the article?

It seems quite a bit more than just "life insurance".

In addition to the 50% pay for 10 years to the surviving partner..
"surviving spouses will see all stocks vested immediately and any children will receive a $1,000 monthly payment from the company until they reach the age of 19 (or 23 if the child is a full-time student)"
Click to expand...

More than likely, Google is able to pay for this by some sort of life insurance policy. Remember this is the company using Finance loopholes to take enormous tax breaks for profits. My guess is same financial wizards are making use of methods to maximize profit with the least risk.
 
chrispix said:
Did anyone read the article?

It seems quite a bit more than just "life insurance".

In addition to the 50% pay for 10 years to the surviving partner..
"surviving spouses will see all stocks vested immediately and any children will receive a $1,000 monthly payment from the company until they reach the age of 19 (or 23 if the child is a full-time student)"
Click to expand...

I think the military should have a policy like that.
 
Uvaman said:
What I don't get is why it was 'not made public' before.. does this means the employees did not know?
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Possibly. Google has a ton of benefits and perks. The more likely explanation, however, is simply that why would they talk about it? Like, who does that anyway?
 
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