Page 3 - ACT Benefits Enrollment Kit (2)

Guaranteed Issue Universal Life Insurance with Accelerated Death Bene t for Living Bene t Rider
TransElite Universal Life Insurance
Underwritten by Transamerica Life Insurance Company
• Do you or your spouse have a plan to fund home health, assisted livng or nursing home expenses?
• Do you own a life insurance policy that is guaranteed to last to age 100? Is the face amount is
guaranteed not to decrease as you age? And does it have guaranteed level premiums as you age?
• Do you need additional bene ts for nal expenses, survivor bene ts or gifts to loved ones?
• Based on your answers, now might be time to lock in your permanent1 life insurance policy with the
TransElite Universal Life Insurance Policy from Transamerica Life Insurance Company.
TransElite Universal Life Insurance
Underwritten by Transamerica Life Insurance Company
Accelerated Death Bene t for Living Bene t Rider with Extension of Bene ts Rider
Can be used for Nursing Home, Assisted Living Facilities,
Home Health Care or Adult Day Care
If a physician certi es that you are chronically ill according to the rider de nitions, you will be paid 4% of your life insurance death bene t each month until 100% of your bene t has been used--up to 25 months.
There is a 30-day waiting period after the effective date of this policy before this bene t can be used in case of sickness or accident causing a need for chronic care. As you use this bene t, the money paid out is deducted from your life insurance death bene t, surrender charges and cash value. If you have an outstanding loan, your loan payments will be deducted from the 4% bene t amount each month. When the death bene t is exhausted, the policy ends.
Bene t Triggers - unable to perform 2 out of 6 activities of daily living or cognitive impairment.
• Bathing • Continence • Dressing • Transferring • Toileting • Eating
30 day waiting period from policy effective date 90 day elimination period once chronically ill
Make Your Money Go Further
What happens when an employee takes enough monthly advances that all of the life insurance bene t is gone? The policy has an Extension of Bene ts Rider to keep the monthly payments coming for twice as long.
Here’s how it works:
If at the end of the 25 months described above an employee
has used all of the death bene t and is still ill, the death bene t will be increased by 4% so payments can continue for up to an additional 25 months. If all of the additional death bene t amount is used, the policy will end.
Paid Up Life Insurance
In addition, your Extension of Bene ts Rider will provide a fully paid- up life insurance policy equal to 25% of the original death bene t.
Portable
The life insurance policy is yours and you may take it with you if you retire or leave your job.
PLEASE REVIEW THE BENEFIT FLOWCHART (P4)
High Cash Value policies have exible premiums and can be funded with minimum premiums, but are typically used to build up cash surrender values. Cash value growth depends on the current interest crediting rate and cost of insurance charges. HCV policies have a minimum guaranteed interest rate and a maximum guaranteed cost of insurance. The premium is expected to provide coverage to age 100, plus a cash value equal to the face amount at age 100. The premium is expected to sustain the policy - however, skipped or reduced premium payments, changes in the non-guaranteed interest rate or charges, or acquiring a policy loan, a partial surrender or a face amount increase could require additional payments.
Riders also included:
Accelerated Death Bene t For Terminal Illness Rider
Accelerates a portion of the death bene t if the insured
person is rst diagnosed with a terminal condition which, • in the best medical judgment, will result in death within 12
months.
Bene t amount = Up to 75% of the death bene t or $100,000, whichever is less.
• Waiver Of Monthly Deductions Due To Layoff Rider
Total monthly deductions for insured employee are waived
for up to six months if voluntarily laid off by employer. Layoff of
• an insured spouse or child does not qualify for this waiver. Rider available through age 55 and terminates on the member’s 60th birthday.
This is a brief summary of TransElite® Universal Life Insurance underwritten by Transamerica Life Insurance Company, Cedar Rapids, IA. Policy form series CPGUL3VA and CCGUL3VA. This is a brief summary of the Living Bene t Rider with Extension of Bene ts Rider and Paid-Up Insurance offered with TransElite® Universal Life Insurance. Rider form series CRLLT1VA and CRLEX100. Forms and form numbers may vary. This insurance may not be available in all jurisdictions. Limitations and exclusion apply. Refer to the policy, certi cate and riders for complete details.
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Policy Information & Issue Ages
Issue Ages
Employees ...................................................................................................................16-80 Spouses ..........................................................................................................................16-65 Child(ren).....................................Dependents age 15 days through 25 years
Guaranteed Issue Maximum
Members ..................................................................................................................$125,000 Spouse (as long as not currently disabled)..........................................$15,000 Child/Grandchild ...TransElite..........................................................................$25,000
...Term Rider........................................................................$10,000
Conditional Guaranteed Maximum
Members .................................................................................................................$150,000 Spouses .....................................................................................................................$25,000
Simpli ed Issue Maximum (long form required)
Members................up to 5 times your annual salary to max of $500,000 Spouses ....................................................................................................................$100,000
Please note, if member waives this insurance, spouses are subject to Simpli ed Issue Underwriting Questions.
1. In using the term “permanent,” it is important to note that insurance could lapse prior to thematurity date based on the planned periodic premiums, guaranteed interest rate and guaranteed cost of insurance charges, or for non-payment of premium.