Universal Life Insurance plan
Transamerica Life Insurance Company
A TransElite Universal Life Insurance plan available to Uplift Education employees offering flexible death benefit coverage ($10,000–$500,000), cash value accumulation with borrowing options, and living benefits riders including an Accelerated Death Benefit for Chronic Condition Rider that allows early access to the death benefit when unable to perform at least two Activities of Daily Living.
Help safeguard your family's future with life insurance that can assist with more than final expenses. With universal life insurance from Transamerica, you can build cash value that you can borrow against to help pay for childcare, college tuition, or unexpected expenses. Policy loans are tax-free provided the policy remains in force. If the policy is surrendered or lapses, the amount of the policy loan will be considered a distribution from the policy and will be taxable to the extent that such loan, plus other distributions at that time, exceed the policy basis.
Your Benefits at a Glance
| Service | Details |
|---|---|
| Coverage Details | |
| Death Benefit Amounts Available | $10,000 – $500,000, not to exceed 5x base salary |
| Guaranteed Issue Amount — Employee | Up to $100,000 |
| Guaranteed Issue Amount — Spouse | Up to $25,000 |
| Guaranteed Issue Amount — Child | Up to $20,000 |
| Portability After Employment | Yes, with portability option |
| Riders (Additional Benefits) | |
|
Accelerated Death Benefit for Chronic Condition Rider Access death benefit early if unable to perform at least 2 of 6 Activities of Daily Living; 4%/month for up to 25 months on a $50,000 policy |
Available |
| Child Term Insurance Rider | |
| Accelerated Death Benefit for Terminal Condition Rider | |
- Employees who want permanent life insurance coverage with cash value accumulation
- Employees who want flexibility in premium payments
- Employees who want living benefits for potential caregiving needs
- Employees seeking to supplement existing term life coverage
- 👨👩👧👦Dependents covered up to age 26
- 📋Death benefit not to exceed 5x base salary
- ✓1. Help your loved ones if you pass away — the death benefit provides financial security for your family
- ✓2. Borrow money to help pay for college tuition — access the cash value you have built up in your policy
- ✓3. Use the living benefit to help pay for the cost of caregiving needs — the Chronic Condition Rider lets you access your death benefit early if diagnosed with a qualifying condition
- 👤Employees who want permanent life coverage with living benefit access
- 👤Employees who want cash value they can borrow for major life expenses
- 👤Employees who want protection against the financial impact of a chronic condition
Alexis enrolled in a $50,000 universal life insurance policy through her employer. This policy includes the Chronic Condition Rider — a feature that helps provide money for care if she were to fall ill. It lets her access her death benefit early if she's diagnosed with a qualifying condition that leaves her unable to perform at least two of the six Activities of Daily Living, which include bathing, dressing, toileting, transferring (e.g., ability to get into or out of a chair or bed), continence, and eating. If Alexis is diagnosed with a qualifying condition, she can use the Chronic Condition Rider included in her policy. The hypothetical example assumes a $50,000 death benefit amount, with benefits payable at 4% per month for 25 months.
This is a brief summary of TransElite® Universal Life Insurance underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, IA. TLIC is not an authorized insurer in New York. Policy form series CPGUL300 and CCGUL300. Forms and form numbers may vary. This insurance may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate, and riders for complete details. Up-to-date information regarding our compensation practices can be found in the disclosures section of our website at tebcs.com. EB3 2241361R1 V 06/23. © 2023 Transamerica Corporation. All Rights Reserved.