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.

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 8 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 11 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 3 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 group carve-out plan