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Benefits Beginner: Group Term Life Insurance

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1.
Under IRS rules, the first ________ of group term life insurance provided as an employee benefit is tax-free to the employee.
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$50,000. Anything above that amount is taxable.
2.
When you receive insurance through a group term life insurance plan, you may have to pay for _______.
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Any of the above. There may be great variation among arrangements.
3.
If you are insured under a group term life insurance policy, you generally dont have to undergo a physical or answer questions about your health to qualify for coverage.
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True. Under individual term insurance, you usually do.
4.
Features of group term life insurance policies may include _______.
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Both A and B. Disability insurance wont be included.
5.
Whole life insurance premium rates are more expensive than term insurance rates because _______.
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You are funding investments that will pay for the policys cash value if you terminate the policy. This will naturally cost you more.