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Group universal life insurance
Group life insurance for which the insured usually
pays the full premium and can choose the amount
of premium to pay, and in which the death benefit
is determined by the amount of the premium. The
insured can vary the premium and death benefit amounts
during the life of the policy. Like individual universal
life insurance, GUL is designed to combine insurance
protection with a savings/investment element. In
addition, GUL is usually "portable," which means
that a group member who leaves the group can continue
coverage under the group plan. |
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