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Is key man insurance taxable to the person covered as is the case on group-term life insurance paid by an employer's company over 50K?
Wiki User
∙ 14y ago
Key person life insurance is coverage on the life of a key employee and payable to the employer upon that employee's death. The purpose is to protect the company from the financial loss associated with the loss of the employee.
Since the employee in no way benefits from a key person life insurance policy, there are no tax consequences to the employee.
Wiki User
∙ 14y ago
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