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Group Term Life Insurance

   Also found in: Acronyms 0.01 sec.
Group Term Life Insurance
Life insurance coverage purchased by an employer for a group of employees. Such insurance is renewable on a year-to-year basis and does not accumulate in value; that is, no cash surrender value is built up. The premiums paid by the employer on such insurance are usually not taxed to an employee unless coverage exceeds $50,000.


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This provision allows employees to continue their group term life insurance without evidence of insurability at comparable rates if they are no longer employed.
It offers additional advantages that include credit card programs, major medical insurance, group term life insurance and disability income plans that are available in most states for those qualifying.
GROUP TERM LIFE INSURANCE Nobody ever has enough life insurance.
 
 
 
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