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Trans Select® 10 Year Term Life Insurance 

Underwritten by Transamerica Life Insurance Company, Home Office: Cedar Rapids, Iowa

The Trans Select 10 Year Term Life Insurance policy is unlike any other term policies available.

Here’s why!

Guaranteed Renewable without Medical Evidence

10 Year Term Period. Very Important – At the end of each term, the coverage will automatically renew unless canceled by the owner. The new premium rate, based on the attained age of the insured and the death benefit, will be presented. The premium change will occur on the group renewal date. Subsequent term periods are 10 or 20 years or until the expiration date, if earlier.

All other term policies require new underwriting to lock into the term rates or it turns into a policy where the premiums increase each year called an annual renewable term policy.

Accelerated Death Benefit for Critical Care Condition Rider

Allows you to receive an early payout of the life insurance death benefit in the event of these critical care conditions:   Cancer – Heart Attack – Major Organ Transplant Surgery – Renal Failure – Stroke

If an insured employee or spouse1 is diagnosed for the first time and certified by a physician as having one of the critical care conditions, the insured can receive an early lump-sum payment of up to 25% of the death benefit, or $100,000, whichever is less. Please review your insurance policy to verify the percentage of death benefit elected by your employer.

There is a 30-day waiting period before these benefits are available.  (No waiting period in MT, OK, PA and TX) (There is a 12 month pre-exisiting period in MT)

Activating Multiple Accelerated Death Benefits
The maximum we will pay under any ADB rider (critical care, long-term care or terminal illness) is 25% of the death benefit for any one insured. An administrative fee of $250 will be deducted from the claim payment. ($150 in TX) (Not Applicable in MT)

Portable

The Life Insurance policy is yours and you may take the coverage with you if you retire or leave your job.

Conversion

If you have change in your health, the policy allows for you to convert your term coverage to permanent coverage.

Tax Qualification Notice
Receipt of acceleration of life insurance benefits offered under this rider may or may not qualify for favorable tax treat-ment under the Internal Revenue Code. Qualification depends on life expectancy at the time benefits are accelerated or whether they are used to pay for necessary care expenses. If the acceleration of life insurance benefits qualifies you for favorable tax treatment, the benefits will be excludable from your income and not subject to Federal taxation. Tax laws relating to acceleration of life insurance benefits are complex.

They may also affect each insured’s eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), Supplemental Security Income (SSI), and drug assistance programs.

We advise consulting with a qualified tax advisor about circumstances under which you could receive favorable tax treat-ment in regards to acceleration of life insurance benefits. Also with social service agencies concerning each insured’s eligibility for public assistance.

This is a brief summary of the Trans Seclect Group Short Term Term Life Insurance underwritten by Transamerica Life Insurance Company, Cedar Rapids, Iowa, 52499. Policy form series CPVTL200 and CCVTL200. Forms and form numbers may vary. Coverage may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details.