can life insurance be replaced with getting paid more?

Question

i dont have a job, but im looking at jobs and many of them include life insurance listed in the benefits. i am 21 years old. i dont need life insurance. i have no kids and never will.

so can people tell their employer they dont want life insurance and the boss can use that money to pay them more money?

Answer 1

It rarely happens. As you pointed out, your so young, it's probably costing the boss less than $50 a year. Plus, if it's a group policy, he probably can't elect you out of it.

Answer 2

It is always possible to ask for the money instead of the benefits. However, Employer-paid life insurance usually costs the employer less than $5.00 per month per employer. So, it will be more beneficial to you to keep the insurance. By the time you receive the money and the taxes are removed you will receive less than $30 per year in additional pay.

It also costs the employer more to exclude you from the coverage. The employer will have to pay taxes on the income paid to you instead of the tax free status of using the money for benefits. Also, the insurance company most likely requires 100% of the employees to be covered if the employer is paying the premium. If less than 100% of the employees are covered, the employer's premium wil be increased, ultimately costing the employer more to cover the other employers.

In essence, it is not worth it to you or the employer.

Answer 3

You won't find that happening. The life insurance policies handled by employers are group life policies, and the cost to add a single 21 year old to that policy is minimal. You'd be lucky to get enough to go out and buy a six pack of beer, if you could get the employer to agree to doing it.

Answer 4

If you have no one who depends on your income, you only need enough life insurance to bury you. However, you will get no additional pay by declining the life insurance. Group term insurance costs the employer only a few bucks per year per employee. Just designate your favorite charity as the beneficiary or your parents.

Answer 5

No, because you don't get the insurance or benefits until after you worked for the company for at least 3 or 6 months. Then after that period, you still have to sign up for the programs you want. Then the payment for the insurance starts getting deducted from your paycheck. Nice try, just ask for a higher hourly wage, and they will meet you somewhere in the middle. Example, ask for $14/ hr, and they might give you $12, even if they start most people off at $10.

Answer 6

Typically they only provide enough for a funeral. Usually $10K to $20K. Any additional life insureance is ellected by you and you have to pay for it.

No, they would not pay you instead. This probably cost them $5 a month or so.

Answer 7

I DO desire to procure term innshorance and not some puff piece referred to as established life or complete life or ANY style of money value life coverage. yet! directly to the debate. With all the money you have, if fact learn a $a million,000,000 coverage on him is overkill (pardon the pun) Why? properly, actuality is you do no longer want IT. era. you may desire to like it, yet you do no longer want it. in the adventure that your husband DIED the following day, (basically a hypothetical) financially, could you CARE? NO! Why? in view which you have already got been given all the money interior the international in that have faith fund. i don't have all the information i want right here to completely answer this question yet once you have no liquid money then confident a a million million dollar coverage is so as. positioned right into a secure investment of say 4-6% a three hundred and sixty 5 days it may yield you some $60,000 a three hundred and sixty 5 days till now taxes. what's your month-to-month outlay for motgage, automobile fee, food, companion and toddlers expenditures, ect? If extra then $60,000 till now taxes then you certainly could choose extra life coverage. do no longer forget approximately the destiny classes expenditures for the youngsters. a million dollars of life coverage isn't that plenty for a individual making say $250,000 a three hundred and sixty 5 days IF it is your SOLE source of earnings after his dying. if fact learn, actuarily, you husband in no longer likely to die, a minimum of no longer quickly. life coverage is in basic terms for the applications of protecting the reality of his misplaced earnings IF he could desire to die in improve. If he keeps on as a super Duper Pooper Snooper (or in spite of his area of craftsmanship is) and places sufficient materials away into the suitable savings account, in two decades of marriage you could DROP your life coverage plans and positioned THAT top rate into the savings too. SO! All in all, a million super on your case is actual somewhat small. tell him to get a grip on himself yet do no longer be positioned out if he starts off to ascertain his coffee sweetner interior the morning or if he starts off checking under the hood of the automobile till now leaving for paintings. super decrease coverage regulations could have a paranoid effect on some professionals.