Consequently, corporations use executive life insurance arrangements to overcome
group term life insurance limitations.
SDLI Arrangement Defined--Under these proposals, an SDLI arrangement is defined, generally, as any arrangement that is not part of a
group term life insurance plan described in IRC Sec.
* An employer who wants to provide permanent coverage for selected employees and recognizes the inherent disadvantages with using some form of
group term life insurance plan, both from the non-discrimination-in-coverage requirements as well as the concern about loss of coverage for employees when retirement age is reached.
Insured employees must file an IRS PS-58 on their annual W-2 tax form -- meaning employees must report a small portion of taxable income if the firm's
group term life insurance premiums top $50,000, Ervin said.
Employers are also permitted to make contributions to medical savings accounts (MSAs) and provide a limited amount of
group term life insurance as well as provide certain fringe benefits (such as free employee parking).
You can't name your own price for
group term life insurance yet, but Group Life.com Inc.
Recently, the utility discovered an affordable
group term life insurance plan for lower-level employees, and began offering it three months earlier in order to retain key workers such as David, who have critical expertise and skills.
Options include major medical insurance, disability income insurance,
group term life insurance, dental insurance, group accidental death and dismemberment insurance, Section 125 plans, and retirement programs.