Term life insurance

(redirected from Group Term Life)
Also found in: Acronyms.

Term life insurance

A contract that provides a death benefit but no cash build up or investment component. The premium remains constant only for a specified term of years, and the policy is usually renewable at the end of each term.

Term Life Insurance

A life insurance policy that provides coverage only for a certain period of time. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy. A term life insurance policy does not include some of the other benefits of a whole life policy, such as a savings component.
References in periodicals archive ?
At the group term life issuers that provided size breakdowns for both years, the number of new sales made to employers with one to nine covered lives increased 21% in 2016.
MBA will launch a brand new "Guaranteed Issue" (GI) $100,000 group term life insurance plan for National Guard members.
Voya employee benefits' group term life offering complements the company's existing portfolio of voluntary benefits solutions, which are designed with a focus on simplicity and ease of use for employers and employees.
Country: SingaporeSector: InsuranceTarget: HSBC Insurance (Singapore) Pte Ltd's group term life insurance and group medical insurance portfolios in SingaporeBuyer: AXA SA, AXA Life Insurance Singapore Private Ltd Vendor: HSBC Holdings plc , HSBC Insurance (Singapore) Pte Ltd Type: DivestmentStatus: Agreed
Beginning with a Prohibited Transaction Exemption for Columbia Energy in 2000, the Department of Labor has issued approximately 30 similar PTEs with regard to transactions in which domestic captives that do not have substantial books of unrelated business have reinsured various types of welfare benefits, such as group term life, accidental death and dismemberment and long-term disability.
3 percent) for group term life, and increased by 1 percent for both LTD and STD.
Deficit Reduction Act of 1984--Included provisions dealing with matters such as DRD limits, estate and gift tax rates, group term life, and insurance exchanges.
What are the tax benefits of employer provided group term life insurance?
If an employee owns more than 2% of the company, for income tax purposes the employee is treated as an owner, and thereby loses the traditional tax benefits of group term life insurance and long-term disability (LTD) programs.
1) In meeting the twin objectives of family security and reduced cost, most plans offer group term life insurance together with group hospital, surgical, and major medical coverage.
Plans typically offer participants a "cafeteria menu" of items, including group term life insurance, medical expense insurance, dependent group term life insurance, child care, and dental expense coverage.
Example: For example, assume that an employee, age 52, is provided with $150,000 of group term life insurance coverage in each month of the taxable year 2007.