What is group universal life insurance?

Group universal life insurance is a type of permanent life insurance that is typically offered to employees as part of a group benefits package by their employer. This type of insurance provides a death benefit to the policyholder's beneficiaries, as well as a cash value component that can grow over time.

One of the key features of group universal life insurance is that it offers more flexibility than traditional group term life insurance. Policyholders have the ability to adjust their death benefit, premiums, and cash value accumulation based on their individual needs and financial situation.

Group universal life insurance also offers the potential for policyholders to build cash value over time, which can be accessed through policy loans or withdrawals to help with financial needs such as supplementing retirement income, paying for college expenses, or covering emergency expenses.

Overall, group universal life insurance provides coverage for the policyholder's entire life, as long as premiums are paid, and can offer both financial protection for loved ones in the event of death, as well as a way to build savings for the future.