Group Life Insurance

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Group Life Insurance

Life insurance is also known as the transfer of part of the financial loss because of a death of an insured person. After an insured’s death, the insurance company agrees to pay whatever the death benefit stated amount is or income to the insurance beneficiary. Traditionally most group life insurance plans in West Virginia are designed to provide coverage during and employees Tom at that company with coverage typically ending a pawn an employee leaving employment for any reason. Today employees have life coverage that sometimes continues at a reduced amount when termination of employment results from retirement.

Group Term Insurance

The most common form of employee group life insurance is term insurance which provides a death benefit for a limited period, usually 10 to 30 years. The life insurance expires at the end of the period without any value, like a cash value often included in whole life insurance. Group term insurance consists of yearly renewable term insurance, which means the coverage is renewed every year. Each successive sip policy is for one year. The group insurance marketplace in West Virginia is worth its widespread use of yearly renewable term contracts with the individual marketplace in which term insurance accounts for about 40% of newly issued group term insurance policies.

Dependent Group Life Insurance

Dependent life insurance provides employee resources to meet the funeral and burial costs associated with a dependence death. Therefore Ploy is automatically the beneficiary. The employee typically elects and pays for this life coverage if it is contributory. Coverage for dependents is almost always subject to employees who also have group life coverage with their company. For employee coverage to be contributory, the employee must elect coverage for themselves to be eligible to elect dependent life coverage with the group.

Group Life Insurance Options at Songer Benefits

Songer Benefits offers a wide range of group life insurance in West Virginia. We can help you determine the significance of group life insurance for your company, the nature of group term insurance. Contract provisions you may want to be aware of when selecting group life insurance for your company. Benefit schedules you may want to consider when selecting a plan design for your group life insurance. What your company and your employees can afford. We can help your employees select suitable options for themselves and their families. We work with a wide range of group life insurance companies that are all A plus rated with am best such as Cincinnati life insurance and many others. For a full consultation on group life insurance, please get in touch with us.

  • Employers must include the excess cost of group-term life insurance in employee wages for tax purposes.

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  • The amount is also subject to Social Security and Medicare taxes (FICA taxes).

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  • Employers may withhold federal income tax on the excess cost.

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