Universal Life Insurance | Transamerica

Universal Life Insurance | Transamerica
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Universal Life Insurance

Helps provide a financially secure future for your loved ones along with a cash fund you can access during your lifetime.
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Here's what you need to know

Universal Life Insurance delivers valuable financial security for your family with an additional cash fund feature for you.

 

Loved ones may rely on you for living expenses like a mortgage or rent, car loan, credit cards, groceries, and more. Your income is also essential for financing savings for future goals such as college for children and retirement. What happens if your “safety net” isn’t large enough?

 

Universal Life Insurance will provide a benefit check to your family in the event you and your income are no longer there to support them. And unlike some other types of life insurance policies, this policy also has a cash fund feature that you can use during your lifetime. Features of Universal Life Insurance include:

 

  • Cost and convenience. Premiums are competitively priced and you have the convenience of payroll deduction. Payments are automatically taken from your paycheck on a post-tax basis.
  • Coverage for you. You choose the death benefit amount to leave behind for your loved ones.
  • Coverage for spouse/children. Coverage is available through a separate certificate or rider.1

As you plan for your future, one of the best ways to protect your family is to have robust life insurance in place. And because you have the advantage of the cash fund feature, this plan delivers even more value for you and your family.

 

This coverage is a wise way to plan for life’s “what if” situations. What if you leave your job and need to keep your life insurance? What if you get a diagnosis in the future and can’t qualify for more coverage? What if you need a source of cash for something unexpected or something important you want to have?

 

There are 2 ways to use Universal Life Insurance coverage to your advantage:

 

  • Use it to create/strengthen the financial game plan you have in place for your family in the event you (and your income) aren’t there to support their current and future plans.
  • Use the cash fund to grow savings that you can use during your lifetime, with an interest rate guaranteed to never go below 3% (your actual rate may be even higher). 

 

The bottom line: having this coverage is a safety net to help your family survive and thrive while they adjust to life without you and your income—while also being a way to grow your savings during your lifetime.

These are the periods when you may enroll:

 

  • Within your 31-day new hire enrollment period
  • During the open enrollment period offered by your employer
  • If you have a qualifying life event (you get married, have a baby, etc.)

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Plan Summary English

 

Plan Summary Spanish

How It Works

Number one Enroll now icon

You enroll in coverage

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Have added financial security

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Death benefit is paid upon your passing

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Family uses money to help pay bills and adjust

You’re making a plan to ensure your family has solid financial footing.

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Universal Life Insurance

Your coverage works doubly in your favor: it has a life insurance death benefit and a cash fund benefit that’s tax-deferred and grows at a guaranteed 3% minimum rate.

Frequently Asked Questions

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  • Who is the provider?
    Universal life insurance underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, IA or Transamerica Financial Life Insurance Company (TFLIC), Harrison, NY. TFLIC is authorized to conduct business in New York. TLIC is authorized to conduct business in all other states. 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.
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  • Who needs life insurance?

    Everyone needs life insurance.

    Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

     

    You've recently graduated from college.

    You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

     

    You're the parent of young children.

    You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

     

    Your grown children are on their own.

    Your adult children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

     

    Your spouse may be depending on your income for retirement.

    But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

     

    Like many families, you rely on two incomes to make ends meet.

    You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on them to cover the cost of hiring someone to take care of the things they generally handle.

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  • Who is eligible?

    Employee Eligibility

    To be eligible for coverage, an employee must satisfy all of the following requirements:

    • be age 16 through 80
    • be on active service, performing in the usual manner all of the regular duties of his or her occupation at one of the places of business where he or she normally works or at some location directed by the employer; and
    • be continuously employed for the amount of time and working the minimum number of hours per week as you require to be eligible for benefits. These requirements will be defined on the Life and Health Group Application and Agreement.

     

    Spouse Eligibility

    To be eligible for coverage, a spouse (or equivalent as defined by state law or otherwise agreed upon between you and us) must satisfy all of the following requirements:

    • must be age 16 through 65
    • must be legally married to the employee as determined by the laws of the state in which the employee resides or meet the eligibility requirements required by the group to be benefit eligible
    • must not be disabled
    • must not be eligible as an employee under the group policy
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  • How much does this coverage cost?

    Your premium is based on several factors including your age, any special features you select, and the amount of coverage you want. Also, you may be eligible for a premium discount if you do not use tobacco.

    To enroll, click the "Enroll Now" button.

Are You Ready To Enroll?

You are eligible to enroll during any qualifying event (new hires, life events) or during the open enrollment period.
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Do You Need Help?

Our team is ready

M-F 9a-6p ET

Phone Number: 1-800-642-5746

  • Legal Disclaimers

    1Coverage for spouse and child(ren) may be limited to a percentage of the employee’s face amount in some states.

     

    2Partial withdrawals, surrenders, non-qualified additional benefit rider charges and loans from life insurance policies may be subject to ordinary income taxes and possibly an additional 10% federal tax penalty. Outstanding loan balances and withdrawals generally reduce the death benefit and cash value. With proper planning, the death benefit can pass to your beneficiaries free from state or federal estate taxes. Please consult with your tax advisor for specific information.

     

    Loans, withdrawals, and death benefit accelerations will reduce the policy value and the death benefit and may increase lapse risk. 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.

     

    This is a brief summary of TransElite Universal Life Insurance underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, Iowa. TLIC is not an authorized insurer in New York. Policy Form Series CPGUL300 and CCGUL300. Forms and form numbers may vary. This coverage may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details.

     

    EB2 264679R2 S 06/24

  • Mercer's Role & Compensation
    View details of Mercer's disclosure of compensation