Group Universal Life

Definition

• A life insurance policy purchased by an organization, such as an employer or labour union, and offered to its members. Usually offered as a part of a benefit package, group life insurance is cost-effective way for an organization to provide a life insurance policy compared to individual life insurance policies because of their bulk-buying power. Group life insurance policies are generally offered in yearly renewable terms, but permanent life insurance is available in some group plans.

Acronyms
GUL

Related Terms and Acronyms

• Group Term Life Insurance (GTLI) — Acronym, Important,