Who pays for it?
If you need life insurance, but you are not able to afford the regular price for life insurance, then you might want to look into a death benefit only plan. These plans are designed to give you the coverage that you need the most – but you will not be getting a very broad type of coverage. Essentially, the death benefit only plan explained is this: you will be able to get coverage in the case of your death, generally from an employer, but your life insurance will not cover anything else.
This is where the name “death benefit only plan” comes from. As you can probably guess, this is not the best type of life insurance, and it is generally recommended that you get a broader type of insurance if there is any possibility that your job could be dangerous. If you think that you could end up injured so badly that you are unable to work, then you should try to get a more comprehensive plan.
However, if that is not an option for you, then you will be able to get a death benefit only plan. The death benefit only plan is purchased from an insurance company by the employer. As a result, you will not need to worry about paying for the life insurance death benefit only plan on your own. There are a few other advantages that you can get by going with a death benefit only plan. For instance, the amount of money that your employer will end up spending on the death benefit only plan will also make it so that it is very easy for your benefits to increase if your salary goes up. This is definitely a good thing if you have a family that will need the benefits after your death.
Death benefit only plans are a good idea for employers as they are tax deductible. That way, if the employer needs to pay out money to the family of a deceased worker, the employer will not be paying taxes on those benefits. There is, however, an exception to this rule, which occurs if the benefits are unusually high. For most people, this is not a problem.