group term life insurance (GTL)


A term life insurance policy, or life insurance that only pays off if the covered individual dies within the specified term, that covers a group of people, typically employees of a company. A group term life insurance policy provides better value to group members due to shared administrative costs and other factors.

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We got some group term life insurance and that was good because we all really needed it and had been wanting it bad.

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Our company offers a group term life insurance policy for all employees the amount of which is a function of their salary.

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group term life insurance differs from life term insurance as group term life insurance covers an individual in the event of their death in a specific window which is beneficial but it lacks some of the benefits of life term insurance.

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1040-SS Form group carve-out plan