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Benefits Beginner: Group Term Life Insurance

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1.
In a group term life insurance plan, the employees select the policy benefits.
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False. The employer does.
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.
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.
4.
Term life insurance premium rates are usually cheaper than whole life insurance premium rates.
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True. This is largely because term life insurance does not build up a cash value.
5.
An employer may set conditions on which employees receive a group term life insurance benefit, including that ________.
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Both A and B. Employers often set these requirements.