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.

  1. Group Life Insurance

    Life insurance offered by an employer or large-scale entity (i.e. ...
  2. Group Health Insurance Plan

    An insurance plan that provides healthcare coverage to a select ...
  3. Life Insurance

    A protection against the loss of income that would result if ...
  4. Whole Life Insurance Policy

    A life insurance contract with level premiums that has both an ...
  5. Automatic Premium Loan

    An insurance policy provision that allows the insurer to deduct ...
  6. Cestui Que Vie

    The individual who is the beneficiary of a trust or insurance ...
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  1. Do beneficiaries pay taxes on life insurance?

    Generally speaking, when the beneficiary of a life insurance policy receives the death benefit, this money is not counted ... Read Full Answer >>
  2. Can I borrow from my annuity to put a down payment on a house?

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    Annuities can sound enticing when pitched by a salesperson who, not coincidentally, makes huge commissions selling them. ... Read Full Answer >>
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