What does the term "GTL" mean on a pay stub?

Answer

The abbreviation "GTL" on a pay stub generally stands for Group Term Life, which is life insurance. Employer-provided life insurance coverage can be an excellent employee benefit, as it can help stave off financial disaster for the worker's family.

"Group" indicates everyone employed by the company receives coverage. "Term life insurance" is life insurance that, in the case of the insured's death, provides a lump-sum payment to their beneficiary. That lump-sum is intended to support their beneficiary for a set amount of time, such as 10 or 20 years. Basically, it's meant to provide the same amount of income that the insured would have made as an employee, during those 10 or 20 years.

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