Universal Life Insurance
CommonSpirit provides you with employee group life insurance underwritten by Transamerica Life Insurance Company while you are employed at CommonSpirit. Now you have the opportunity to purchase additional universal life insurance for yourself and your family members. This policy provides:
Universal Life = Protection + Portability
Voluntary Universal Life (UL) Insurance combines life insurance protection with an ability to grow cash value. You have the safety and security of a specified death benefit plus the opportunity to tailor your policy to your personal situation. Individual or family policies are available.
You’ll appreciate the convenience of automatic premium payments—through payroll deduction. If you retire or leave CommonSpirit, you can take comfort in knowing the individual rate for your insurance won’t change because you leave. You can then choose direct bill or pre-authorized bank draft.
Insurance Continuation in Case of Layoff
To address your concerns about losing insurance because of a layoff, Transamerica includes a layoff feature in your TransElite UL certificate. It protects your life insurance from lapsing for up to six months if you’re 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 requirements. Other conditions and limitations are outlined in the Certificate.
Special “Living Benefit” for Terminal Illness
The Accelerated Death Benefit for Terminal Condition Rider lets you “tap into” your life insurance in the event of a future terminal illness diagnosis, and still provide 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, in most states you can receive up to 75% of the death benefit or $100,000, whichever is less.
There is no additional cost for this benefit except a fee is charged when the accelerated benefit is exercised. If you use the feature, the death benefit and cash accumulation value are then reduced. The balance will be paid to the named beneficiary following the Insured’s death.
Coverage must be in force at the time of the original diagnosis of the terminal illness. This feature terminates once the accelerated death benefit is paid. Rider form series is CRTI100
This is a brief summary of TransElite® Universal Life Insurance underwritten by Transamerica Life Insurance Company, Cedar Rapids, IA. Policy form series CPGUL300 and CCGUL300. Forms and form numbers may vary. This insurance may not be available in all jurisdictions. Limitations and exclusion apply. Refer to the policy, certificate and riders for complete details.