Group Term Life Insurance (GTL)
- Group term life insurance plans are usually offered by employers or other fraternal providers to members or employees.
- A type of insurance coverage offered to a group of people. This coverage will provide a benefit to the beneficiaries if the covered individual dies during the defined covered period.
- As with other types of group benefits, group term life insurance is generally cheaper than comparable individual policy coverage. For this reason, group term life insurance is often a key component in employee benefit packages.