group term life insurance (GTL)

Definition

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.

Use this term in a sentence

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

​ Was this Helpful? YES  NO 10 people found this helpful.

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

​ Was this Helpful? YES  NO 4 people found this helpful.

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.

​ Was this Helpful? YES  NO 4 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
941-SS Form 1040-SS Form