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Life Insurance
National Summary
Life insurance is a popular and relatively inexpensive employee benefit. Group term life insurance is the least expensive form of life insurance coverage. Employers can enhance the benefit by letting employees purchase additional insurance at group rates. A number of design issues arise when providing life insurance benefits including how much coverage to offer, how to divide premium costs between the employer and employees, and whether to allow dependent coverage. Group term life insurance also offers a tax advantage as the first $50,000 in employer-paid coverage is tax-free to the employee.
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