1 Conversion Rights When Your Group Life Insurance Terminates or Usc Form

Instructions and help about 1 Conversion Rights When Your Group Life Insurance Terminates Or Usc

we're going to talk about the taxation of group life insurance plans so and uh employer life insurance so what this means is if you are employed somewhere and there is a life insurance policy that every single person can access so if you want to check out my other video on group life insurance then I'll post a link in the in the video or in the description for the group life insurance video but essentially it's if you work somewhere there's a plan that everyone who works in the company can participate in and usually it's a smaller face amount policy and you only have it while you're employed and the employer owns it so since the employer owns it they pay a premium on every employee and if the employee dies then the employee can name the beneficiary of that death benefit so since the employer is not really benefiting from it in terms of them receiving any of the money if the employee dies it's strictly a benefit for the employee and their family which means that the employer can actuall