Transamerica Life Insurance
P.O. Box 8063
Little Rock, AR 72203-8063
To address employee concerns about losing coverage because of a layoff. The layoff waiver protects your life insurance from lapse up to six months if you are involuntarily laid off. 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 requirement. Other conditions and limitations are outlined in the Certificate.
With this Universal Life policy, long-term care coverage is available up to 50 months. The percentage of the death benefit that is available each month is 2%. The balance, if any, will be paid to your beneficiary after your death.
The Accelerated Death Benefit for Terminal Illness 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 diagnosed 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 this feature, the death benefit and cash accumulation value are then reduced. The balance will be paid to the beneficiary following the Insured’s death. This feature terminates once the accelerated death benefit is paid.
Premiums are based on age and are classified according to smoker and non-smoker rates. Rates remain the same at the age at time of enrollment.
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