Group Universal Life Products. Universal life insurance plans sold to members of a group, such as individual employees of an employer. There are some differences between GULP plans and individual universal life plans; for instance, GULP expense charges generally are lower than those assessed against individual policies.
Group Universal Life Policy. Universal life insurance on a group basis. See: Group insurance.
Group universal life plan. group life insurance that combines two features: death benefit protection for named beneficiaries through term insurance, and an investment element that can create permanent insurance or accumulate money tax-deferred. Participation is voluntary and the employee pays the full cost.