Universal Life Insurance with Long-Term Care
LTC1 helps to pay expenses for your care if you are diagnosed with a debilitating condition. It also provides protection if you need access to a loan2, or for life insurance coverage for your dependents.
Plan Highlights
One policy, many benefits
Life insurance protects your family in the event of death, but Transamerica’s Universal Life Insurance with LTC1 provides benefits during your life.
If you’re diagnosed with a debilitating condition, the LTC1 feature allows you to accelerate your death benefit to help cover unexpected costs — helping to reduce the physical, emotional, and financial burden of your care.
A condition is considered debilitating when someone is unable to perform two or more of the six activities of daily living for at least 90 days without substantial assistance, or when someone is severely cognitively impaired and needs substantial supervision by another person. The activities of daily living include bathing, dressing, toileting, transferring (e.g. getting in or out of a chair or bed), continence, and eating.
Key features
- No restrictions on how you use the money — whether it’s paying household bills, helping to cover the cost of an assisted living facility, or reimbursing family members for taking care of you (your caregiver doesn’t have to be licensed for you to receive the benefit).
- Access 4% of the policy value each month for up to 50 months.
- Receive up to twice the policy’s face amount, plus 25% as a paid-up policy.
Read an example of how Universal Life Insurance with LTC1 works.
Not sure if this coverage is right for you? See why people like you enrolled.
Other features
- Guaranteed issue: Your acceptance is guaranteed; no medical or blood tests required.
- Fixed rates: Rates are based on your age on the date coverage begins, and will not increase due to your rising age.
- Portable coverage: The coverage you elect is yours to keep, even if you leave the company or retire.
- Build cash value: Guaranteed 3% interest annually.
- Future loans: Once your account grows, you can borrow against the cash value of your policy, or take a withdrawal, for any reason.
- No restrictions: Pay for any expenses you may have, such as household or credit card bills, costs for an assisted living facility, or even for family members taking care of you, including a spouse or child.
Eligibility & Coverage Options
You can enroll in a Universal Life Insurance with LTC1 policy for yourself, your spouse/domestic partner, and children.
| Age Limits | Benefit | |
|---|---|---|
| Employee |
16 through 80 | $25,000, $50,000, $100,000 or $150,000 benefit, not to exceed 5x base salary |
| Spouse/Domestic Partner | 16 through 65 | $10,000 or $25,000 |
| Children under optional Child Term rider | 15 days through 25 years | $20,000 |
How to Enroll
You had until Friday, December 15 to enroll in coverage. Your coverage begins the day you enrolled, and payroll deductions will begin the first of the month following your enrollment date.
Is This Coverage Right For You?
See why people like you enrolled in Universal Life Insurance with LTC1.
Tony
Tony is 55 and, having watched his own parents’ health decline, wants coverage for potential care needs in the future for himself and his wife.
He purchases $100,000 in coverage for himself, which will provide long-term care should he need it, or will support his wife financially in the event of his death.
Eric
Eric is 38 and the primary bread winner. His spouse is at home caring for their three young kids.
He likes having life insurance to protect his family, and long-term care to help protect their financial future.
Because they’re a one-income family, Eric buys $75,000 in coverage for himself and $25,000 for his wife.
Jan
Jan is 27 and proactively building a financial plan for her future.
She likes the idea of life insurance to help a family member if something happens to her.
She also likes building cash value for future access to a loan if she needs it. She enrolls for $25,000 in coverage.
1 “Long-Term Care” may also be referred to as “Chronic Condition Rider” throughout Transamerica policy documents. This benefit can be used to pay for any expenses you may have, such as household or credit card bills, costs for an assisted living facility, or even for family members taking care of you — benefits can be paid even if care is being provided by a loved one such as a spouse or child.
2 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.