You can offer different life benefits to different groups of employees. For example, you might offer your executives twice their annual salary while offering everyone else a $20,000 death benefit. You could even provide whole life or universal life to your executives and keep the rest of your ...
The policy expires after a certain period — for group life, coverage is often renewed yearly by thepolicyholder. The insurance company pays adeath benefitto a designatedbeneficiaryfor most causes of death if you die while the policy is active. ...
Employers can provide employees with up to $50,000 of tax-free group term life insurance coverage. According to Internal Revenue Service (IRS) Code Section 79, the cost of any coverage over $50,000 that is paid for by an employer must be recognized as ataxable benefitand reported on thee...
Child Life Insurance and Child Accidental Death and Dismemberment (AD&D) Insurance An eligible dependent is an individual (other than the employee covered by the Plan) who lives in the United States, Puerto Rico, or U.S. Virgin Islands, or who accompanies an employee on a Company assignment...
Required minimum distributions When you turn 73, the IRS will require you to start taking Required Minimum Distributions (RMDs) from your IRA. And with people living longer, those RMDs may disrupt your legacy plans. But some annuities feature death benefit options that can help keep your legacy...
Life A contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured’s death. LEARN MORE Disability Income replacement due to injury or sickness when a person is unable to perform the major duties of his/her occupation...
As of October 25, 2024, the Company has yet to receive any refunds or receive any correspondence from the IRS regarding the ERC filing. The Company believes that there is not reasonable assurance that any receipt of credits and compliance with the terms of the ERC will be obtained and ...
In order for PPLI policies to qualify as life insurance products under IRS regulations, there are two key requirements that must be met: first, the policy must be maintained with a minimum amount of mortality risk (death benefit); second, the policy must contain an investment portfolio ...
A type of life insurance that combines a death benefit with an investment element that accumulates tax deferred. The account value can be allocated into a variety of investment subaccounts. The investment return and principal value of the variable subaccounts will fluctuate; thus, the policy's ac...
Deferred income tax benefit (2,122) (351) Net foreign exchange gains (losses) (32) — Other (57) 18 Changes in operating assets and liabilities: Funds withheld - directly managed 10,838 1,604 Future policy benefits for life insurance and annuity contracts (669) (614) Policyholder...