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The cost of employer-provided group-term life insurance on the life of an employee's spouse or dependent, paid by the employer, is not taxable to the employee if the face amount of the coverage does not exceed $2,000. This coverage is excluded as a de minimis fringe benefit. Some cases may allow more. [5]
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or 403(b) accounts).
The most important exceptions (i.e., state laws that survive despite the fact that they may relate to an employee benefit plan) are state insurance, banking, or securities laws, generally applicable criminal laws, and domestic relations orders that meet ERISA's qualification requirements. [18]
Whole or universal life insurance: These types of permanent life insurance policies provide coverage for your entire life (up to a coverage age of 95 to 121) as long as premiums are paid. While ...
Permanent life insurance policies, like whole life and universal life, have long coverage periods (typically to ages 95 to 121) but may still lapse if your premium isn’t paid or the policy doesn ...
Premiums also differ between term and life policies, because a term life policy may expire before any death benefit is paid out while a whole life policy almost always guarantees a paid claim.
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