Life insurance through company

Employee s Whole Life at a glance.

What is Employee’s Whole Life? Employee’s Whole Life is a life insurance policy you purchase through your employer. You pay premiums for this coverage through voluntary payroll deduction, which means premium payments are deducted directly from your paycheck (after you sign a payroll deduction authorization form). There are no checks to write or payments to mail. Because this coverage is offered to many employees at once, premiums are generally lower than they would be if you purchased the same level of whole life insurance as an individual. Employee’s Whole Life doesn’t affect any group life insurance provided by your employer, but it may be an ideal way to supplement this coverage. It...

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Why Most People Have Life Insurance at Work and They May Lose It When They Retire - South Carolina Life Health

Today, an incentive of working at many companies – both large and small – is that of obtaining employee benefits. These benefit “packages” will typically include insurance coverage such as health, disability, and life. Group term life insurance can be considered a primary tool of financial protection for employees and their families. It provides coverage for a specific period of time and pays a benefit if a covered person passes away during the term of protection. This base level of protection can be enhanced by the individual’s personal savings and other possible financial resources. The death benefit is paid income tax free to the named beneficiary....

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TPC Financial Group Ltd. Life Insurance: Should I Own it Personally or Corporately?

A recurring question that we receive from a number of clients tends to centre around the ownership of life insurance, and whether or not it is best to hold policies personally or corporately. There are many considerations that need to be made when reviewing the type, amount and duration of life insurance; this is something we can address at another time. Regardless of what type of life insurance you hold, you still need to pay for it. The question is, “Is it best for me to own and pay for the policy corporately or personally?” For simplicity, our examples will address term life insurance. Personally Held Life Insurance Life insurance that is held personally is paid for with...

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Group Life Insurance, Erie Insurance

LIFE INSURANCE OPTIONS Whether you employ two people or 200, Erie Family Life has a plan designed to provide your full-time workers with financial security. You can provide group term life, an affordable option paid by you, as a benefit to your employees. Or, you can offer your employees insurance through a voluntary payroll deduction program where they pay the life insurance premiums. GROUP TERM LIFE Typically paid in full by the employer, group term life insurance can cover employees with a policy that renews each year and provides a guaranteed death benefit. Here are some basics about group term life coverage. Talk to your local ERIE Agent for more detailed information and guidance....

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Are Life Insurance Premiums Tax Deductible?,

Life Insurance and Tax Are life insurance premiums tax-deductible? Life insurance products come in many different forms. Whether your premiums are tax deductible primarily depends on: The type of life insurance you have If you have a standalone policy or one funded through superannuation How is life insurance is taxed in Australia? Find out how tax is treated for life insurance premiums and benefits: What about trauma, TPD and income protection? Life insurance options that are tax-deductible If you want to take advantage of tax benefits when paying insurance premiums, you need to understand the types of life insurance that are tax deductible. Life insurance is an umbrella term. There are...

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Paying Life Insurance Premiums with Company Cash Flow: The Tax Effect, ThinkAdvisor

<p>Image:<a href="http://www.freedigitalphotos.net">FreeDigitalPhotos.net</a> Successful C Corp, S Corp, and LLC business owners often want to use the cash flow from their business to pay life insurance premiums. These premiums may be for either employer-owned polices or for personally owned policies, depending on the specific insurance protection needed. Tracking the income tax effect of that business cash flow is an important part of understanding how “business dollars” can be used to pay annual insurance premiums. The summary that follows highlights important income tax and FICA tax considerations producers should understand when selling business or personal insurance...

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Collective life insurance, Banasegur

You are here Collective life insurance is the most common modality in our market. The most important feature of this insurance is the grouping of several people who have some feature in common (for example, partners in a club, employees of a company, affiliated with an organization, debtors of a financial institution or company, debtors of a creditor, parents, etc.). Another advantage of the collective life insurance is that in one single policy can ensure high capitals at low cost. In the cost it has been taken into account, in particular, the average age of the group, people between 14 to 65. Payment to the beneficiaries of the hired capital in case of death of the insured Complementary...

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An Employee Dies, and the Company Collects the Insurance - The New York Times

Employees at The Orange County Register received an unsettling email from corporate headquarters this year. The owner of the newspaper, Freedom Communications, was writing to request workers’ consent to take out life insurance policies on them. But the beneficiary of each policy would not be the survivors or estate of the insured employee, but the Freedom Communications pension plan. Reporters and editors resisted, uncomfortable with the notion that the company might profit from their deaths. After an intensive lobbying campaign by Freedom Communications management, a modified plan was ultimately put in place. Yet Register employees were left shaken. The episode at The Register reflects a...

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Buying life insurance at work, Securian Financial

When you’re starting a new job or going through your employer’s annual enrollment for benefits, it’s easy to get overwhelmed with so much information thrown your way. You may never have stopped to consider whether the choices offered by your employer are the best fit for you and your family. Life insurance is an important part of how you protect your family’s finances if the unthinkable happens, but can be an overlooked option when enrolling for benefits at work. Advantages of buying life insurance at work Life insurance offered through your employer is typically “group insurance,” meaning one policy covers a defined group of people (in this case, you and other people who work for the same...

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Should you Buy Supplemental Life Insurance Through your Employer?

Open enrollment is RIGHT NOW for many employers. It’s a great time of year to do your homework and make some changes with your employee benefits. One area you may want to take an extended look at is supplemental life insurance. According to the BLS, 59% of US employers offer life insurance benefits for full-time employees, much higher than I had expected. This life insurance coverage typically comes in the form of a basic term life insurance plan that is a multiple of the employee’s annual salary (I’ve seen as low as 1X and as high as 3X, but I’m sure some go higher). This amount is paid to the listed beneficiary in the unfortunate event of the employee’s...

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