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Group Term Life Insurance |
Also found in: Acronyms | 0.01 sec. |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Lower pricing and guaranteed issue are great benefits but the real reason most employers offer group term life insurance is simple. This provision allows employees to continue their group term life insurance without evidence of insurability at comparable rates if they are no longer employed. Some of the new requirements of these regulations deal with nondiscrimination testing, permissible benefits, elections, substantiation, group term life insurance, health savings accounts, and flexible spending accounts. |
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