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TAC-$aver®Plus Universal Life
Transamerica’s Universal Life
Insurance can give you the insurance protection you need, while also giving you
the financial flexibility you want.
Plan Highlights
• Living Benefit Option
• No Physical Required
• Cash Value Accumulation
• Long Term Care Rider
Universal Life = Protection +
Portability
Voluntary Universal Life (UL)
Insurance combines life insurance protection with an ability to grow cash value.
You have the safety and security of a specified death benefit plus the
opportunity to tailor your coverage to your personal situation. Individual or
family coverage is available. You ’ll appreciate the convenience of automatic
premium payments - through payroll deduction. If you retire or leave your group,
you can take comfort in knowing the individual rate for your coverage won’t
change because you leave. You can choose direct bill or pre-authorized bank
draft.
Coverage Continuation In Case Of
Layoff 2
To address employee concerns about
losing coverage because of a layoff, Transamerica Life Insurance Company
includes a layoff feature in your TAC-$aver®Plus UL certificate. It
protects your life insurance from lapse for up to six months if you’re
involuntarily laid off.
We will waive the total monthly deductions on the certificate if the owner employee is placed on lay-off status by his or her employer. Total Monthly Deductions consist of the monthly deduction, the monthly certificate fee and any rider charge shown on the certificate data pages.
You must have been employed on a permanent, full-time basis. The layoff must be due to: a reduction in work force due to economic conditions; a decrease in your employer’s production; or, a reorganization causing a discontinuation of your job or a resulting change in job aptitude or skills requirements. Other conditions and limitations are outlined in the Certificate.
Protection and Options to Suit Your Needs
Permanent Life Insurance Protection
• Simplified underwriting
• Death Benefit Protection
• Tax-Deferred, Cash Value Growth
• Coverage is Portable
Living Benefit Coverages
• Waiver of total monthly deductions because of layoff
• Terminal Illness Accelerated Death Benefit Option Rider
Options for Family Protection
• Spouse’s Coverage*
• Children’s Coverage
*Or equivalent as defined by governing State Law
Employees Coverage
Limits:
Guaranteed Issue (GI) or Conditional Guaranteed
Issue (CGI) Maximum*: $100,000 or five times the employee’s annual base salary,
whichever is less.
Simplified Issue (SI) Maximum**: $300,000 or five times the employee’s annual base salary, whichever is less.
Employee Eligibility
An employee may apply for life insurance coverage
subject to the satisfaction of the following eligibility requirements:
General and Guaranteed Issue Requirements
1. An employee must be actively performing the regular duties of his/her job for at least 30 hours per week in the usual manner and at the usual place of employment or business. If he/she is not working due to an illness or injury, the applicant is not eligible until he or she returns to work.
2. An employee must be age 16 through 70.
Conditional
Guaranteed Issue Requirements
In the past six months prior to the application
date, an employee: a) must not have been hospitalized at any time; and b) must
have not missed more that five consecutive days of work due to accident of
illness.
Simplified Issue Requirements
An employee must satisfactorily answer the required
eligibility questions and the required evidence of insurability questions on the
application and must provide additional evidence of insurability that is
satisfactory to the insurer, if the insurer requests it.
Spouses Coverage Limits:
• Conditional Guaranteed Issue (CGI) *: $5,000
- $25,000.
• Simplified Issue (SI) Maximum** $50,000.
• An employee must participate in order for his or her eligible spouse to
qualify for CGI coverage. SI underwriting applies if a spouse does not qualify
for CGI coverage or applies for an amount in excess of the CGI
limit. SI underwriting is based on an acceptable health history and is not
guaranteed.
• The spouse cannot apply also as an employee.
Spouse Eligibility
An eligible employee may apply for life insurance
coverage on his or her spouse, subject to the satisfaction of the following
eligibility requirements:
General Requirements
1. A spouse must be legally married to the employee as determined by the laws of the state in which the employee resides.
2. The spouse must be age 16 through 65.
3. If employed, a spouse must be actively performing the regular duties of his or her job in the usual manner and at the usual place of employment or business. If the spouse is not working due to an illness or injury, the spouse is not eligible until he or she returns to work.
4. If not employed, a spouse must be able to perform the normal activities of a person of the same age and gender. A spouse who is disabled is not eligible
Dependent Children Coverage Limits:
• Conditional Guaranteed Issue (CGI) *: $12,500 or
$25,000
• Simplified Issue Maximum**: $25,000
• If an employee participates, CGI is available for all eligible children
• All children in a family must be insured equally. An employee may elect to
provide a Child’s Term Rider in lieu of the individual UL on his or her
children. If an applicant and his or her spouse are both eliegible as
employees, their child(ren) can be insured as dependents of either one, but not
both
• The child cannot apply also as an employee
General Requirements
1. A dependent child is an unmarried child financially dependent upon his or her parent(s) for support, who is:
a. An employee’s natural child, or a child for whom adoption proceedings have begun, or
b. An employee’s legally adopted child
c. A stepchild who lives with the employee, or
d. A child for whom the employee has been appointed legal guardian who lives with the employee; and
e. Age 1 year through 21 years for individual UL coverage and 15 days through 18 years for Term Rider Life Insurance.
Conditional and
Simplified Issue Requirements for Dependents
*CGI-Conditional Guaranteed Issued Requirement -
a) must not have been hospitalized in the past six months prior to application
date; b) must not have missed more than five consecutive days of work due to
accident or illness, if employed. **SI-Simplified Issue Requirements - a
dependent must satisfactorily answer the required eligibility questions and the
required evidence of insurability questions on the application and must provide
additional evidence of insurability that is satisfactory to the insurer, if the
insurer requests it.
A Special "Living Benefit" for Terminal Illness/Rider Form
Series CR100800
The Terminal Illness Accelerated Death Benefit Option
Rider lets you "tap into" your life insurance in the event of a future terminal
illness diagnosis, and still provides a benefit for your beneficiary. If you or
an insured dependent is first diagnosed on or after the effective date of this
rider and certified by a physician as having an illness or physical condition
which can reasonably be expected to result in death within 12 months, you can
receive up to 50% of the death benefit or $100,000, whichever is less. There is
no cost for this coverage until the accelerated benefit is exercised. If you use
the feature, the monthly deduction, accumulation value, net cash value,
surrender charge and maximum loan amount would be reduced. The balance will be
paid to the beneficiary following the Insured ’s death. Coverage must be in
force at the time of the original diagnosis of the terminal illness. This
feature terminates once the accelerated death benefit is paid. (Form No. 9-G701
0091 or CR100800)
Act Now to Help
Secure Your Financial Future!
If you’re looking for valuable life insurance
protection backed by a company you can count on, Transamerica Life Insurance
Company’s Voluntary Universal Life Insurance offers both...plus the advantage of
living benefit coverages. Because it’s Universal Life Insurance, it also offers
you flexibility and the option to grow tax-deferred cash value accumulation. Ask
your HR representative how to get started.
Important Information
About This Life Insurance Coverage
For all insurance coverages, benefits are not
payable for a loss sustained after the contract lapses. Coverage ends on the
earliest of: the date we receive a written request for surrender, the date you
or another Insured reaches age 95, the Certificate lapses (subject to the Grace
Period), or death. Generally, if suicide occurs during the first two years of
coverage, the death benefit is limited to the return of premiums paid.
The Accelerated Death Benefit for Terminal Illness may or may not qualify for favorable tax treatment under the Internal Revenue Code. Whether such benefits qualify depends on factors such as your life expectancy at the time benefits are accelerated, or whether you use the benefits to pay for necessary care. If the acceleration-of-life-insurance benefits qualify for favorable tax treatment, the benefits will be excludable from your income and not be subject to federal taxation. Tax laws relating to acceleration-of-life-insurance benefits are complex. You are advised to consult with a qualified tax advisor about circumstances under which you could receive acceleration-of-life-insurance benefits excludable from income under Federal law. Receipt of acceleration-of-life-insurance benefits may affect you, your spouse’s, or your family’s eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary Social Security Income (SSI) and drug assistance programs.
You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such payment will affect you, your spouse, and your family’s eligibility for public assistance.
Coverage is subject to certain conditions, limitations and exclusions, which are detailed in the Group Master Policy, Certificate and Riders (or, in some states, in the Policy and Riders); together, these constitute the legal contract. If there is a conflict between what is described in this brochure and the contract, the contract will govern.
Accelerated Death
Benefit Rider for Long-Term Care with Extension of Benefits Rider
To help with these often-exorbitant costs, our
Accelerated Death Benefit Rider for Long-Term Care with the Extension of
Benefits Rider allows an Insured to take an advance against his or her life
insurance death benefit to pay for care, and extend the death benefit payments,
if necessary.
Activation of the
Accelerated Death Benefit Rider for Long-Term Care with Extension of Benefits
Rider
Benefits under the Accelerated Death Benefit Rider
for Long-Term Care with the Extension of Benefits Rider can only be triggered by
a chronically ill diagnosis that must be certified by a licensed Health Care
Practitioner. Chronically ill means an Insured who has been certified by a
licensed Health Care Practitioner as:
(a) being unable to perform, without substantial human assistance, at least two of the six activities of daily living (ADLs) - bathing, continence, dressing, eating, toileting, and transferring - for a period of at least 90 days; or
(b) being so severely cognitively impaired that the Insured requires substantial supervision to protect the Insured from threats to his or her health and safety.
Under the Accelerated
Death Benefit Rider for Long-Term Care, the percentage of death benefit that is
available each month is:
• up to 4% of the existing death benefit if you are confined to a
licensed Nursing or Assisted Living Facility, payable for up to 25 months; or
• up to 2% of the existing death benefit if you are receiving Home Health Care
or Adult Day Care, payable up to 50 months.
Payout Example: With a 4% death benefit advance, a 35-year-old nonsmoker with $50,000 of coverage who is confined to a licensed Nursing or Assisted Living Facility would receive $2,000 per month for up to 25 months. Each benefit payment will reduce the face amount of the policy by 4% if benefits are paid for confinement in a Nursing Facility or Assisted Living Facility. A 12-month benefit period would mean a $24,000 reduction in coverage, and an adjusted face amount and death benefit of $26,000. If all benefits are paid in 25 months, the death benefit is depleted and coverage will end. With a 2% death benefit advance, a 35-year-old nonsmoker with $50,000 of coverage who is receiving Home Health Care or Adult Day Care services would receive $1,000 per month for up to 50 months. A 12-month benefit period would mean a $12,000 reduction in coverage, and an adjusted face amount and death benefit of $38,000. If all benefits are paid
We reserve the right to amend this Rider or the Contract to reflect any clarifications that may be needed or are appropriate to maintain such tax qualification or to conform this Rider or the Contract to any applicable changes in such tax qualification requirements. We will send you a copy of any such amendment.
If you refuse such an amendment, it must be by giving us written notice, and your refusal may result in adverse tax consequences. Whether any tax liability may be incurred when benefits are paid under this Rider could depend on whether you are also the Insured and how the Internal Revenue Service interprets applicable provisions of the Internal Revenue Code. As with any tax matter, the Insured and any other recipient of this benefit should each consult a tax advisor to evaluate any tax impact of this benefit.
Receipt of an accelerated death benefit MAY AFFECT MEDICAID and SUPPLEMENTAL SECURITY INCOME (SSI). Without exercising this option, the mere fact that an Accelerated Death Benefit Rider is part of the Insured’s Contract will not in of itself affect the eligibility for these government programs. However, exercising this option before applying for these programs, or while receiving government benefits, may affect the Insured’s continued eligibility. Contact the Medicaid Unit of the local Department of Public Welfare and Social Security Administration Office for more information.
TAC-$aver® Plus, Universal Life Insurance Policy is underwritten by Transamerica Life Insurance Company.
