Life Insurance

Editor's Note: Make sure employees are covered with proper life insurance.

Ashley ShawOverview: Life insurance is a common benefit offered by employers to their employees. Employees who get life insurance can designate a beneficiary to receive payments on their policy in the event of their death.

With limited exceptions that are stated in the policy (a common example being suicide), the covered individual's beneficiary will receive payment if the insured dies for any reason. Getting the coverage helps reassure the policy holder that his or her family will be protected from an abrupt loss of income.

Trends: In many states, laws have been created that keep employers from discriminating against employees or potential employees for off-duty participation in undesirable but legal conduct, such as smoking. However, when it comes to life insurance, some of those laws do allow higher premiums for smokers.

Ashley Shaw, JD, Legal Editor

Latest items in Life Insurance

  • Group Life Insurance Handbook Statement

    Type:
    Employee Handbooks

    Employers seeking to identify which employees may be eligible for group life insurance and the types of life insurance available to them should consider including this model policy statement in their handbook.

  • Calculation of Excess Group Term Life - Worked Example

    Type:
    Worked Examples

    Employers are required to report the life insurance premiums applicable to employees, based on an IRS table, for employer-provided life insurance premiums with benefit amounts in excess of $50,000.

  • Taxation of Employee Compensation: Pennsylvania

    Type:
    Employment Law Manual

    In-depth review of the spectrum of Pennsylvania employment law requirements HR must follow in respect to taxation of employee compensation.

  • Taxation of Employee Compensation: California

    Type:
    Employment Law Manual

    In-depth review of the spectrum of California employment law requirements HR must follow with respect to taxation of employee compensation.

  • Taxation of Employee Compensation: Ohio

    Type:
    Employment Law Manual

    In-depth review of the spectrum of Ohio employment law requirements HR must follow with respect to taxation of employee compensation.

  • Taxation of Employee Compensation: New York

    Type:
    Employment Law Manual

    In-depth review of the spectrum of New York employment law requirements HR must follow with respect to taxation of employee compensation.

  • Life Insurance, Disability and Compensation for Time Not Worked

    Type:
    Employment Law Manual

    Employers often offer benefits that are not legally required in order to recruit and retain employees. This section provides an overview of common benefits, such as life insurance, Accidental Death and Dismemberment (AD&D) insurance, short-term and long-term disability benefits, and different forms of paid leave (e.g., vacation time, personal time, sick leave, holidays, jury duty leave, bereavement leave and sabbaticals).

  • Group Term Life Insurance

    Type:
    Employment Glossary

    Employment glossary definition of Group Term Life Insurance.

  • Inside Buildup

    Type:
    Employment Glossary

    Employment glossary definition of Inside Buildup.