Group Universal Life Insurance
What Does Group Universal Life Insurance Mean?
A group universal life insurance policy is a universal life insurance policy purchased for multiple individuals. These policies are typically bought by businesses seeking to provide benefits to their employees.
By purchasing life insurance for a group, both employers and employees can benefit from reduced premiums.
Insuranceopedia Explains Group Universal Life Insurance
Obtaining life insurance coverage through a group universal life insurance policy can be much more affordable than purchasing the same coverage individually. Similar to other commercial products, bulk purchasing allows the supplier to lower prices due to the high volume of guaranteed business.
Businesses may offer group universal life insurance as a way to attract potential employees and differentiate themselves from competitors who do not offer similar benefits.
