The beneficiaries of an employee may collect death benefits from life insurance if the employee dies during their working years. The two main kinds of life insurance are:
- Survivor income plans that provide regular payments to survivors
- Group life insurance plans that will provide lump-sum payments to beneficiaries
The most popular plan has group term life insurance, protection provided by one-year, renewable, with no cash surrender value or paid-up insurance benefits.
Posted in: Employee Benefits