Add external group term life insurance
You can add your external Group Term Life insurance policy to your account so it is properly taxed for all of your employees.
Set up a company wide benefit
- Navigate to the Benefits tab.
- In the Health & Life drop-down, select Group Term Life Insurance.
- Select Yes - we currently offer this benefit, then click Next.
- Select whether coverage is a flat amount or based on salary. If it is based on salary enter the multiplier.
- Click Save & Continue.
Customize the benefit for each employee
- Click on the employee's name.
- Enter in the total deduction per pay period and salary multiplier.
- If you need to customize anything else, click Use Custom Group Term Life Settings.
- You can enter a custom taxable income amount.
- You can make it so deductions won't reduce the taxable income amount.