What Kind Of Life Insurance Policies Have PS 58 Costs?

1. 

   63333 POINTS

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   Peggy Mace

   Most of the U.S.

   PS 58 costs refer to the tax that is charged on the life insurance benefit provided by an employer. Therefore, the life insurance policies affected by these costs are group plans, split dollar plans, profit sharing plans that include life insurance, and other work related life insurance policies.

   Answered on January 23, 2014

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2. 

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   Mark Taylor

   Licensed Life Agent, Life and Finance/ 50 States, New York

   PS 58 Costs are taxes in group policy that the employer pays. In a group policy or on the job an employer will open a policy on the employees in the event the employee has a death on the job. The employer owns the policy but unlike personal policies they are taxed monthly on the accumulation. The death is to only happen on the job and the beneficiaries are paid the benefits and many times the employer is paid for the loss of the employee depending on policy.

   Answered on January 23, 2014

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