Life & Accident Insurance

It’s important to protect your family’s financial security in case the unexpected happens. That’s why Transamerica provides employees with Basic Life Insurance — at no cost to you.

You also have the option of buying:

• Supplemental Employee Life Insurance
• Dependent Life Insurance
• Universal Life Insurance
• Supplemental Accidental Death and Dismemberment (AD&D) Insurance

You pay the full cost of this supplemental coverage through easy payroll deductions.

You also have the protection of Company-paid Business Travel Accident Insurance.

Transamerica provides Basic Life Insurance to assist you and your family in the event of your death. These benefits are fully paid by the Company. Company-paid coverage is automatic; you do not need to enroll. Basic Life Insurance benefits are equal to your basic annual earnings up to $1 million (subject to any age reductions as specified in the group policy). The company-provided basic life insurance and any additional supplemental employee life insurance you purchase includes an accelerated death benefit. In the event you are diagnosed with a terminal illness with less than a year to live, you can draw on this insurance while still living.

You can purchase additional life insurance for yourself. You pay the full cost of this coverage on a post-tax basis and must enroll at Aptia365 (formerly Mercer Marketplace 365+) — learn how to access the site. Generally, you may elect coverage amounts of one, two, three or four times your basic annual earnings, up to an additional $1 million of coverage (subject to any age reductions as specified in the group policy).

You may purchase Dependent Life Insurance¹ on an after-tax basis for:

• Your spouse/domestic partner² in $5,000 increments up to $250,000. First time enrollment is a guaranteed issue amount up to $50,000. If your spouse/domestic partner is also employed by Transamerica, you are not eligible to elect this benefit.
• Your child(ren) in the amounts of $5,000 or $10,000. As a reminder, dependent children are only eligible to age 26 and cannot be employed by Transamerica. If your spouse/domestic partner is also employed by Transamerica, only one of you may elect this benefit.

¹You must purchase supplemental employee life insurance to be eligible to elect dependent life insurance and the amount of your dependent life insurance cannot exceed the value of your supplemental coverage.

²Coverage is only available until the end of the month following the date your spouse/domestic partner reaches age 70.

Evidence of insurability may be required when you are first eligible for benefits, such as when you are hired or become eligible for benefits during the year. An election of more than $500,000 in coverage is subject to evidence of insurability.

Evidence of insurability is required for the following situations:

1. An increase to your Supplemental Employee Life Insurance by two or more coverage levels, an increase bringing your total coverage to more than $500,000; and
2. An increase to spouse life greater than $5,000 or any increase to more than $50,000.

You also have the option to purchase universal life insurance for yourself, your spouse/domestic partner and children, offered through Transamerica Life Insurance Company.

Universal life insurance products are competitively priced policies with flexible premiums that combine protection with the ability to grow cash value. To help you provide protection for a secure financial future, these policies have a specified death benefit, plus the opportunity to tailor coverage to fit personal situations and family needs, including the potential for tax-deferred cash value accumulation.

This policy also includes a Chronic Condition Rider for you and your covered spouse that provides benefits if you are diagnosed with a chronic condition and unable to perform two of six activities of daily living and expected to be permanent. This added benefit can help you pay for unexpected expenses such as household or credit card bills, costs for an assisted living facility or even to help pay family caregivers. View this brochure to learn more. You can also view this flyer to see an example of how this insurance is used to supplement medical insurance.

Click here to watch a brief video about universal life insurance.

This is a brief summary of TransElite^® Universal Life Insurance underwritten by Transamerica Life Insurance Company (TLIC), Cedar Rapids, IA. TLIC is not an authorized insurer in New York. Policy form series CPGUL300 and CCGUL300. 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.

EB2 264951R2 S 08/23​

You have the option to purchase (AD&D) Insurance for just yourself or your whole family. AD&D insurance provides benefits for the loss of life, limb, sight, speech, hearing or for paralysis, as a result of a covered accident. You pay for AD&D coverage on a pre-tax basis. Coverage is available in increments of $25,000, up to $2 million (subject to any age reductions as specified in the group policy). If your spouse/domestic partner is also employed by Transamerica, your spouse can only be covered once (i.e., cannot be covered under your family plan and have an individual plan themselves).

Note: The maximum coverage for a spouse is $250,000 and for a child is $100,000.

When traveling on behalf of the Company, be assured you are protected under a Company-paid Business Travel Accident Insurance policy if an accident occurs. This policy provides coverage for certain injuries or death resulting from an accident during business travel.

The Company provides coverage of $500,000 at no cost to you. Business Travel Accident Insurance pays life and dismemberment benefits for losses occurring within 365 days of a covered travel accident.