Is Basic Life Insurance and Standard Life Insurance considered Group Term Life Insurance

Maria — Thu, 01 Oct 2020 04:45:00 +0000

I have employer paid basic $16,250 or $25,000 coverage and standard life $38,000 or $250,000 coverage, paid by employer for employees. Do I process this like Group term life insurance? If so, am I taking the total of both basic and standard when considering the taxable on what exceeds $50,000? Or is it individually?

Insurance - American Institute of Professional Bookkeepers Forum

Is Basic Life Insurance and Standard Life Insurance considered Group Term Life Insurance