Group Universal Life Insurance
Definition - What does Group Universal Life Insurance mean?
A group universal life insurance policy is a universal life insurance policy that is purchased for more than one person. These policies are usually purchased by businesses who are looking for a way to provide benefits to their employees.
By purchasing life insurance for a group, employers and employees can take advantage of price reductions.
Insuranceopedia explains Group Universal Life Insurance
Getting life insurance coverage through a group universal life insurance policy can be significantly cheaper than purchasing the same coverage individually. As with many other commercial products, buying in bulk makes it easier for the supplier to reduce prices because of the high volume of guaranteed business.
Businesses may offer group universal life insurance to entice prospective employees and set themselves apart from competitors who do not provide comparable benefits.
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