Group Life Insurance The Business pays a tax-deductible premium payment to the Life Insurance Company on a policy carried by the Business. Under a properly designed plan, the Employee(s) can receive up to $50,000 of life coverage, free of income taxes on the premium payment. Premiums for life coverage in excess of $50,000 are taxed according to a government valuation table. Upon the Employee’s death, the Life Insurance Company pays the death benefit directly to the Employee’s Beneficiary. |
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