Group Benefits NC
Group life insurance for North Carolina employers
Group life insurance is a cost-effective employee benefit for NC businesses. Learn how group term life works, what it costs, and how to set it up for your team.
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Group life is one of the most cost-effective employee benefits a small business can offer. The premiums are low relative to the perceived value for employees, and employer-paid group term life up to $50,000 per employee is generally excluded from employees' taxable income. For a small NC business looking to compete for talent, adding a basic group life benefit can make a real difference in how attractive your benefits package looks, without the cost of health insurance.
Cooper Parsons, NC License #19272643
Frequently asked questions
What is group life insurance for employers?
Group life insurance is a life insurance policy that covers a group of employees under a single master contract. The employer typically pays all or most of the premium and offers the benefit to qualifying employees. Group term life is the most common form, providing coverage for the duration of employment.
How much does group life insurance cost for a small NC business?
Group term life is one of the most affordable employee benefits. For a basic benefit of one times annual salary, costs are typically a few dollars per employee per month. Exact costs depend on the group's age distribution, benefit amount, and carrier.
What is the IRS tax treatment of employer-paid group life insurance?
Employer-paid group term life coverage up to $50,000 per employee is generally excludable from employees' taxable income under IRC Section 79. Coverage above $50,000 creates imputed income for the employee based on IRS tables.
Can employees add voluntary coverage on top of basic group life?
Yes. Many group life programs include a voluntary (employee-paid) supplemental coverage option that allows employees to purchase additional life insurance, often in multiples of salary, at group rates. This is an attractive addition to basic employer-paid coverage.
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Cooper Parsons
Owner & Licensed Independent Insurance Agent
NC License #19272643 · IronHaven Insurance · Wake Forest, NC · 25+ carriers
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