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 ?
Are the proceeds of group term life insurance available through an employer includable in an insured's estate?
Thus, the court concluded that individual selection was involved and the insurance consequently was not group term life insurance.
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.
The highest takeovers continue to occur in the group term life and dental lines.
Our Corporate Business line offers group term life insurance and group health insurance plans.
The takeover rate varies by product, though, with group term life and dental typically having the highest takeover rates.
Warren was a federal employee, so he named Judy as the beneficiary of his group term life insurance policy.
Since its inception in 1943, Amalgamated Life has developed an excellent portfolio featuring group life insurance products ranging from basic coverage, to accidental death and dismemberment, dependent life, retiree life and group term life. The Company offers long- and short-term disability insurance, a suite of voluntary insurance products, and medical stop loss insurance.
If customers have group term life insurance through an employer, they might make a charity the beneficiary of such coverage.
3 April 2013 - UK financial major HSBC Holdings plc (LON:HSBA) said Wednesday thatA fully-controlled unit HSBC Insurance (Singapore) Pte Ltd had inked an accord to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Ltd for an undisclosed amount.
This provision was scheduled to expire on December 31, 2013, but MAP-21 extended it to December 31, 2021, and also added a provision allowing such transfers to a plan account that funds premiums for retiree group term life insurance limited to $50,000 of coverage.