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 ?
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.
Question--Can "group universal life insurance programs" (sometimes referred to as "GULP") be used in a Section 79 group-term plan?
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.
One type of pool-rated life insurance program, which is marketed effectively by some carriers, is group universal life insurance. GUL plans, as their names imply, are first and foremost permanent group universal life insurance plans designed to insure and protect the executives' financial future.
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.
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.