Group Universal Life Policy

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Group Universal Life Policy (GULP)

Universal life insurance on a group basis. See: Group insurance.

Group Universal Life Policy

A universal life insurance policy that one purchases as a member of a collective group. A universal life insurance policy operates much like a whole life policy, with the main difference being that the interest earned on the savings portion of the policy can be used to pay premiums. If a large number of people pool their resources to buy a universal life policy that covers them individually, they are said to buy a group universal life policy.
References in periodicals archive ?
The company offers term, group universal and variable group universal life insurance as well as executive benefit plans.
Variable group universal life insurance -- Group universal life insurance -- Group term insurance -- Coverage for spouses and children
Group Universal Life Insurance w/Accelerated Death Benefit for LTC Rider
Grief support services are now available to all group basic term life, voluntary term life and group universal life insurance beneficiaries.
Other provisions of the 3-year contract include a $3 increase in the $22 a day payment for work outside the employee's normal base; a 35-cent-an-hour night shift differential, replacing 25- and 30-cent rates; new group universal life insurance, with a cash accumulation provision; and employee eligibility for the company's savings and investment plan, beginning in 1990.
The Strategic Group Universal Life insurance product can potentially help employers reduce their over-all cost of employee life insurance by "carving out" the often older executive team that requires more coverage from the group term life insurance pool.
In addition, emphasis is placed on new and emerging employee benefit concepts such as the environment of employee benefit plans, group universal life insurance, and postretirement benefit issues.
Also, a new interest in group variable and group universal life insurance policies may develop because employees will look at these products to protect their assets and create a cash value.
Group universal life insurance is a permanent product with a cost of insurance component (term costs) that's usually paid for by the employer and included as income to the executive.
Eller's new responsibilities focus on increasing sales of Minnesota Life's Group Universal Life and Variable Group Universal Life insurance products nationally through current and alternative distribution systems.
NYSE:PRU) announced today that its Group Insurance unit has added technological enhancements that will give Group Universal Life Insurance (GUL) and Group Variable Universal Life (GVUL) plan participants online access and management of their account.