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]]>Many employers offer group term life insurance to their employees. The amount typically provided is $50,000 group term life coverage that is “free” to their employees. Group term life is one part of group insurance plans. Companies can also offer “enhanced” group term life insurance, usually expressed as X times salary.
Employees can also opt into a plan to purchase group permanent life insurance. They have the option to elect a salary reduction for a portion of their payroll; similar to a 401(k) plan into the enhanced group term or group permanent life options. When the employee makes a contribution, only a portion of the contribution will be counted as income and taxed in the current year. Although the group permanent life option is traditionally used by owners and key employees because of the initial tax savings, future tax-free income, and other benefits, it is available to all qualifying employees to consider.
When your company adopts a group permanent life plan, there are significant employer advantages, among those are:
When your employees participate in a group permanent life plan, there are significant employee advantages, among those are:
A company sponsored group permanent life plan can complement your company 401(k) plan. Here’s a comparison for review:
If you’d like to learn more about group life plans and permanent group life for your organization, please contact Business Planning Group for a free consultation.
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