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Employee benefit insurance plan whose objective is to provide the retired employee with life insurance. This group life insurance product is composed of two basic parts: annually renewable term life insurance until age 100; and accumulation of a reserve element while the employee is working from which premium payments will be made on the annually renewable term life insurance after the employee retires. Premium payments that the employer makes on behalf of the employee are a tax-deductible expense, not considered taxable income to the employee by the Internal Revenue Service. Should the employee terminate service prior to retirement, regardless of the reason, funds remaining in the employee's account are used to fund the benefits of the remaining employees.