DEFINITION of 'Group Universal Life Policy - GULP'

Universal life insurance that is offered to on a group basis, allowing for a less expensive policy than what is typically offered to an individual. A group universal life policy is most commonly purchased by businesses looking to provide life insurance coverage for their employees.

BREAKING DOWN 'Group Universal Life Policy - GULP'

Buying a group universal life policy is similar to buying food in bulk. The cost to cover each individual is cheaper because the policy is designed to cover a large group, just as purchasing a large amount of a particular grocery item is cheaper on a per item basis than buying each item separately.

RELATED TERMS
  1. Group Carve-Out Plan

    A type of group term life insurance designed to appeal to well-paid ...
  2. Group Term Life Insurance

    A type of insurance coverage offered to a group of people. This ...
  3. Adjustable Life Insurance

    A type of life insurance that combines features of term and whole ...
  4. Equity-Indexed Universal Life Insurance

    A permanent life insurance policy that allows policyholders to ...
  5. Variable Universal Life Insurance ...

    A form of cash-value life insurance that offers both a death ...
  6. Universal Life Insurance

    A type of flexible permanent life insurance offering the low-cost ...
Related Articles
  1. Retirement

    Understanding Different Types of Life Insurance

    Understand the various types of life insurance, how each can be used in personal or business financial planning, and for whom they are best-suited.
  2. Financial Advisor

    Which Life Insurance is Right For You?

    Consumers have choices when it comes to life insurance. Knowing your future needs for cash or retirement can make the difference in what you select.
  3. Insurance

    What's Universal Life Insurance?

    Universal life insurance is permanent life insurance that offers a savings element.
  4. Retirement

    Beware the Sneaky Math of Universal Life Insurance

    Universal life insurance's cash value can be a cash cow – if there's any left. Read on to see if it'll work as an income source after you've retired.
  5. Financial Advisor

    Pros and Cons of Indexed Universal Life Insurance

    Indexed universal life insurance has its pros and cons. Here's what you need to consider before purchasing a policy.
  6. Insurance

    What's Better: Whole Life or Term Insurance?

    Life insurance can be a difficult decision to make, especially for a young adult. Here's a look at the benefits and costs of getting whole life insurance.
  7. Financial Advisor

    Getting Life Insurance in Your 20s Pays Off

    Find out how Americans in their 20s can benefit from a well-thought-out life insurance policy, especially if they are able to build cash value for retirement.
  8. Insurance

    What Is the Best Age to Get Life Insurance?

    Learn about the optimal time for purchasing personal life insurance and why delaying the buying decision may have costly consequences.
  9. Financial Advisor

    Is Life Insurance From Your Employer Enough?

    Covering the needs of the ones you would leave behind is not easy. But efforts to secure a life insurance policy outside of work should pay off.
  10. 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.
Hot Definitions
  1. Quadruple Witching

    The expiration date of various stock index futures, stock index options, stock options and single stock futures. All stock ...
  2. Co-pay

    A type of insurance policy where the insured pays a specified amount of out-of-pocket expenses for health-care services such ...
  3. Protectionism

    Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local ...
  4. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
  5. Demonetization

    Demonetization is the act of stripping a currency unit of its status as legal tender and is necessary whenever there is a ...
  6. Investment

    An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic ...
Trading Center