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Group Life Insurance is a key element in any employee benefits package. Studies show that many employees no longer own individual life insurance and instead rely on the coverage's available to them through their employer. Employer-paid group life and accidental death & dismemberment (AD&D), coupled with supplemental term or permanent life insurance, provides a foundation of planning for your employees, at affordable rates with ease of underwriting. An employer is allowed to provide up to $50,000 in group term life insurance to employees, tax-free. Offering life insurance face amounts of two or three times salary is also common; the drawback is that the premiums paid by the employer must be included in the employees taxable wages. Many employers offer a supplemental life plan, either with term insurance or permanent coverage. Life insurance premiums are not pre-taxable under a Section 125 Plan. (Note: Some health carriers now require the purchase of life insurance with a medical plan. While this is a good deal for the carrier, in most respects it isn't a good deal for the employer. Better value is achieved by developing a stand-alone life program with both group and voluntary supplemental elements. All things considered, choosing a health plan that does not require life insurance is often a better value.) Group term and voluntary life insurance is made available on a simplified issue basis, sometimes with guaranteed issue limits. This is especially attractive to employees who might otherwise be uninsurable, depending on group size. double indemnity, AD&D, common carrier provisions, and travel accident coverage can also be arranged on these plans. We represent many excellent companies, including AIG, MetLife, Assurant, Standard, Jefferson Pilot, and The Principal. Most of these companies offer both group term and permanent coverage that may be portable. For more information: |
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