DEFINITION of 'Yearly Renewable Group Term Insurance '

A type of insurance policy purchased by employers to cover several people at a time and is reviewed on a yearly basis, which helps reduce premiums paid by the employer. Yearly renewable group term insurance range from $100,000 to $1 million in increments of $25,000. This insurance does not force possible policyholders to provide medical evidence and they are only subject to basic insurability conditions.

BREAKING DOWN 'Yearly Renewable Group Term Insurance '

This plan includes an accelerated benefit provision for policyholders who are diagnosed with a terminal illness. Insurance premiums increase as the policyholder ages. Policy certificates are renewable annually until the age of 80. Unless they have previously renewed their policy, if a policyholder dies a day after the one-year term, the beneficiary will not receive benefits. Generally, new policyholders are allowed a full 30-day period to review coverage before the premium amount is due.

RELATED TERMS
  1. Conditionally Renewable Policy

    An insurance policy provision that allows the insurer to not ...
  2. Experience Refund

    The portion of an insurance company’s premiums or profits that ...
  3. Premium Balance

    The amount of premium that is owed to an insurer for a policy, ...
  4. Convertible Insurance

    A type of life insurance that allows the policyholder to change ...
  5. Mutual Insurance Company

    An insurance company that is owned by policyholders. The sole ...
  6. Return On Policyholder Surplus

    The ratio of an insurance company’s net income to its policyholder ...
Related Articles
  1. Insurance

    Dividend-Paying Whole Life Insurance: What to Know

    Many whole life insurance policies pay dividends. Here are what policyholders need to consider.
  2. Insurance

    How to Protect Your Income No Matter What

    What does it mean to insure your income? Here are a variety of ways to do it and some insights into when it might make sense to invest in income insurance.
  3. Insurance

    How Life Insurance Payouts Work

    Life insurance provides peace of mind to policyholders and their loved ones.
  4. Insurance

    Is Loan Protection Insurance Right For You?

    This coverage can keep you from defaulting on your loans when you're in financial trouble.
  5. Insurance

    Understanding Insurance Claims

    An insurance claim is a formal request made to an insurance company that asks for a payment based on the terms of the policy.
  6. Retirement

    How Whole Life Insurance Works

    Whole life insurance combines insurance and an investment component for policyholders.
  7. Insurance

    Whole or Term Life Insurance: Which Is Better?

    Learn the difference between term life insurance and whole life insurance. Understand when it is beneficial to buy each type of life insurance.
  8. Financial Advisor

    Buying a Life Insurance Policy? Read This First

    Knowing who needs life insurance, how it works and the different types of insurance can help consumers make informed decisions about this product.
RELATED FAQS
  1. What does the lapse ratio in the insurance sector measure?

    Learn about the lapse ratio, how is used in the insurance sector and what the ratio measures of insurance companies. Read Answer >>
  2. Can my insurance company refuse me coverage?

    Insurance isn't always as straightforward as other products. Insurers can deny coverage in many different instances:Non-Renewal ... Read Answer >>
  3. Should I be Worried About My Insurance Company?

    Policyholders should also take a serious look at the financial stability of their current insurance company especially if ... Read Answer >>
  4. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
Hot Definitions
  1. Cryptocurrency

    A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of ...
  2. Promissory Note

    A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on ...
  3. SEC Form 13F

    A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ...
  4. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  5. Absolute Advantage

    The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost ...
  6. Nonce

    Nonce is a number added to a hashed block, that, when rehashed, meets the difficulty level restrictions.
Trading Center