What Is A Group Universal Life Insurance Policy?

  1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    Group universal life is similar to individual universal life. Group policies involve the plan sponsor, often an employer, holding the master policy while the individual participants receive a certificate of insurance. It is a convenient and voluntary way to acquire cash value life insurance through the workplace. Usually the employee pays all premiums in which case all benefits would be immediately and fully vested. At employment termination portability features in these products generally allow for coverage to be taken by the participant as an individual policy.
    Answered on May 9, 2013
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