Group Universal Life Policy - GULP

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.

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RELATED FAQS
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    It seems like my universal policy keeps going up each year in premiums. ... Read Answer >>
  2. What is indexed universal life insurance?

  3. Is index life insurance right for me?

    Hello, I am a 32 year old male and I am thinking of purchasing index universal life insurance, but it seems too good to be ... Read Answer >>
  4. What is the difference between term and universal life insurance?

    Term life insurance is the most basic of insurance policies. It is nothing more than an insurance policy that provides protection ... Read Answer >>
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  6. What is a convertible insurance policy?

    A convertible insurance policy is a term usually related to life insurance. To understand a convertible policy, you must ... Read Answer >>
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