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Group life policies are a typical fringe benefit in larger companies with more than 100 employees. The cost of the first $50,000 in life insurance per employee is not taxed as wages and is tax deductible to the employer. However, this small fringe benefit has limits. The spouse cannot have more than half the coverage of the employee; the insurance ends 30 days after you leave the employer and can only be converted to a whole life policy at a greatly reduced coverage.
Instead, we offer the same low cost term insurance in any amount the employee needs. The cost of the first $50,000 remains untaxed when paid by the employer and the cost of that amount is tax deductible as a business expense. There are no limits on non-employee spouses or children of any age. The employee gets a policy that they can keep after termination without any required conversion. The employer can have any amount of insurance without concern for excessive fringe benefits.
We combine low cost term insurance with a savings plan for retirement as a long term package that makes you self-insured and debt free at the earliest time. Call for a free analysis and plan for your personal and business financial future.
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