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What’s the difference between Group Universal Life (GUL) and Term Life?

April 26, 2017group gul life term universal

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What’s the difference between Group Universal Life (GUL) and Term Life?

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Term life is coverage that’s available for a specified period of time and designed to meet your short-term life insurance needs. (Most employer-paid life insurance is term insurance that provides coverage for the period of time you are employed by that company.) Once that time is up or you stop paying premiums, term life insurance ends. Group Universal Life (GUL) is different. It provides long-term life insurance that lets you continue coverage after you retire or leave your job. GUL coverage builds cash value if you elect to contribute money to its tax-deferred cash fund.