policies on key executives. That is entirely different than what I said. On those policies, when the executive dies, Walmart gets the money. They make the payments and they get the payout.
I have worked for 11 different major employers. None of them ever offered whole life insurance as an employee benefit. They all offered term life insurance.
A couple insured me as a key executive where they made the payments and would get the payout if I croaked. That is entirely different and I have no idea whether they bought term or whole life since it did not affect me. There were tax benefits to them that do not apply to mere mortals.