Term Life Insurance with Accelerated Death Benefit for Critical Care Condition
Underwritten by Transamerica Life Insurance Company, Home Office: Cedar Rapids, Iowa
The Trans Select® 20 Year Term Life Insurance policy is unlike any other term policies available.
Guaranteed Renewable without Medical Evidence
20 Year Term Period. Very Important – At the end of each term, the insurance 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 20 years or until the expiration date, if earlier.
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 Benefits for Critical Care Condition Rider
Accelerated Death Benefit for Critical Care Condition Rider (Rider Form Series CRCCVTVA) accelerates 25% of the life insurance death benefit if an insured person is diagnosed with a covered critical care condition (cancer, heart attack, major organ transplant surgery, renal failure, or stroke), after the 30-day waiting period.
When exercised, an administrative fee of $250 will be deducted from the benefit payment. The accelerated amount will be deducted from the life insurance death benefit and this rider will terminate.
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If you have change in your health, the policy allows for you to convert your term life insurance to permanent insurance. It is important to note that insurance could lapse prior to the maturity for non-payment of premiums.
This is a brief summary of the Trans Seclect Group 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. This insurance may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details.
Limitations and Exclusions
Accelerated Death Benefit for Critical Care
We will not pay for conditions diagnosed prior to the effective date of the rider. Cancer requires histological evidence of malignancy and does not cover skin cancer other than malignant melanomas, all tumors that are histologically described as pre-malignant or are only showing early malignant change, cancer in-situ, and papillary cancer of the bladder.
Heart Attack must be based on new EKG changes consistent with injury, elevation of cardiac enzymes, and confirmatory imaging studies such as thallium scans, MUGA scans, or stress echocardiograms.
Major Organ Transplant Surgery is limited to heart, lung, liver or bone marrow transplants.
Renal Failure is limited to end stage renal failure resulting in chronic and irreversible failure of both kidneys to function requiring renal dialysis.
Stroke requires evidence of permanent neurological damage and does not cover Transient Ischemic Attacks (TIAs) or attacks of Vertebrobasilar Ischemia.
Accelerated Death Benefit for Terminal Illness Rider
We will not pay for conditions diagnosed prior to the effective date of the rider.
Termination of Insurance
Member insurance will terminate on the earliest of:
The date the member sends us a written notice to cancel insurance;
The certificate anniversary date following the member’s 100th birthday;
The date the member dies;
The date the certificate lapses;
The date the group master policy terminates.
Dependent insurance will terminate on the earliest of:
The date the member’s insurance terminates;
The date the dependent no longer meets the definition of dependent;
The date the group master policy is modified so as to exclude dependent insurance;
The date the member sends us a written notice to cancel dependent insurance.
If an member loses eligibility for this insurance for any reason other than nonpayment of premiums, insurance can be continued by paying the premiums directly to us. We will bill the member directly once we receive notification to continue insurance.
An insured person can convert his or her insurance to permanent life insurance on a policy form that we then issue, without any optional riders, in an amount not to exceed the amount of insurance terminating under the policy. The premium will be based on the insured person’s age and class of risk at the time of conversion. We must receive a completed conversion application and any required premium within 31 days of termination. If the insured person dies within the 31-day conversion period, benefits will be paid as if insurance had continued, regardless of whether conversion was applied for.
EBD BENRLCAWB 0717