Group life insurance is one of the most cost-effective employee benefits available. Basic group term life providing 1x or 2x an employee's annual salary costs…
Group life insurance is one of the most cost-effective employee benefits available. Basic group term life providing 1x or 2x an employee's annual salary costs as little as $5–$15 per employee per month, yet employees consistently rate life insurance among the most valued benefits they receive. Grou…
The first $50,000 of employer-paid group term life is excluded from taxable income. Coverage above $50,000 is taxed on the 'economic value' (Table I rates), which is typically very low for younger employees.
Most group life policies include a conversion option (convert to individual whole life within 31 days) and a portability option (continue group term coverage at a slightly higher rate). Both allow departed employees to maintain coverage without a med…