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An employee must include in gross income for Federal income tax purposes an amount equal to the cost of group-term life insurance coverage on the employee's life to the extent that the cost of the coverage exceeds the sum of $50,000 plus the amount (if any) paid by the employee to purchase the coverage. [2]
Permanent life insurance: Permanent life insurance provides lifelong coverage as long as premiums are paid. The policy builds cash value over time, in addition to providing a death payout.
A life insurance premium is the rate you pay for life insurance coverage. Life insurance premiums are determined using factors such as age, health, policy type and coverage limits.
Premiums paid by a policyholder are not deductible from taxable income, although premiums paid via an approved pension fund registered in terms of the Income Tax Act are permitted to be deducted from personal income tax (whether these premiums are nominally being paid by the employer or employee).
More common than annual renewable term insurance is guaranteed level premium term life insurance, where the premium is guaranteed to be the same for a given period of years. The most common terms are 10, 15, 20, and 30 years. In this form, the premium paid each year remains the same for the duration of the contract.
A return of premium rider is a useful feature that can be added to several types of term life insurance. While not actually a specific life insurance policy type, adding a return of premium rider ...
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