Overview

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.

Basic Life

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 base annual earnings up to $1 million (subject to any age reductions as specified in the group policy).

Supplemental Employee Life Insurance

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 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).

Dependent Life Insurance

You may purchase Dependent Life Insurance on an after-tax basis in the amounts of $10,000 or $20,000 for your spouse/domestic partner, or $5,000 or $10,000 for your child(ren).

Evidence of Insurability

Evidence of insurability is not required when you are first eligible for benefits, such as when you are hired or become eligible for benefits during the year, or when enrolling a newly eligible dependent to the spouse or child life plans, such as in the event of marriage or birth.

Evidence of insurability is required for the following situations:

  1. An increase to your Supplemental Employee Life Insurance by more than one coverage level or any increase of $150,000 or more; and
  2. An increase to or adding Spouse Life Insurance coverage during annual benefits enrollment.

Universal Life Insurance

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. View this brochure to learn more.

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 exclusions apply. Refer to the policy, certificate and riders for complete details.

Supplemental AD&D Insurance

You have the option to purchase Accidental Death and Dismemberment (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).

Business Travel Accident Insurance

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.

Don’t forget to add or update your beneficiary!

Be sure you have provided beneficiary information for life insurance when you enroll. Once you’ve designated your beneficiaries, it’s a good idea to re-visit these elections as your personal circumstances change. You can designate a separate beneficiary for each life insurance policy — Basic Life Insurance coverage, as well as any supplemental coverage you elect. Visit the Mercer Marketplace 365+ website (learn how to access the site) or call the Mercer Marketplace 365+ dedicated Transamerica Benefits Center at 866-891-4274 to add or change a beneficiary at any time.