group carve-out plan


A specialized term life insurance plan that employers may offer to a select group of high-value employees (such as executives). The plan has several benefits over traditional group term life insurance for coverage amounts in excess of $50,000. It does not expire upon retirement, it builds cash value, and it is employee-owned and therefore readily portable. With some plans, the premium amount may also be locked in so it does not increase with age.
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group annuity group certificate