Payroll taxes are just that: taxes. They are reported that way on your W-2 form.
If your employer pays the premium on a life insurance policy and you or your next of kin (not the employer) is listed as the beneficiary, then the premium is reported as taxable income on your W-2 form.
The key here is that real compensation only counts if the benefit accrues now, not at some unspecified point in the future when SSI may not even be solvent.
The salient point in this discussion is that they are real costs to the employer, which is really what the conversation should be about here. Just because compensation was focused on (incorrectly in my opinion) doesn’t mean that total compensation and benefits/liabilities on the employer’s side should be ignored.
If employer’s keep echoing their real costs correctly, it is then, and only then that people on a broader scale will realize that it isn’t all rainbows and unicorns being an employer.