Employees have what kinds of life insurance plans available to them?
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.