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 coverage to your personal situation.  Individual or family coverage is available.  You'll appreciate the convenience of automatic premium payments- through payroll deduction or pre-authorized bank draft¹.  If you retire or leave your group, you can take comfort in knowing the individual rate for your coverage won’t change because you leave.  You can choose direct bill or pre-authorized bank draft.

COVERAGE CONTINUATION IN CASE OF LAYOFF²

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 company'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.

Protection And Options To Suit Your Needs

Universal Life

Permanent Life Insurance Protection

• Death Benefit Protection

• Coverage is Portable

Living Benefit Coverages³

• Tax-Deferred, Cash Value Growth
• Layoff Waiver
• Accelerated Death Benefit for Terminal Illness
• Critical Care Rider (pays 25% of face value)***

Options for Family Protection

• Spouse's Coverage
• Children's Coverage

¹This option may not be available to all groups.

²This feature is not available in all jurisdictions. At the time of the printing of this brochure, coverage is not available in Maryland, South Carolina, or Wisconsin. Your representative can confirm whether this feature will be included in your contract.

³Additional living benefits may also be available to your group.

Tac-Saver Plus Coverage And Eligibility

Contractors up to age 65

Contractor Coverage Limits:

Guaranteed Issue* (GI): $150,000 or three times the contractor’s salary, whichever is less.

Simplified Issue* (SI) Maximum: $300,000 or five times the contractor’s salary, whichever is less.

The amount of the GI coverage available is based on the number of eligible contractors.  A contractor also can purchase coverage on an SI basis, which is not guaranteed.  SI Underwriting applies if a contractor does not qualify for GI coverage.

Eligibility: Coverage on a contractor is available if the following requirements are satisfied.

1. The contractor has been employed for a minimum of 30 days.**

2. The contractor must be actively performing the regular duties of his/her job in the usual manner and at the usual place of employment or business. If he/she is not working due to an illness or injury, the applicant is not eligible until he/she returns to work.**

3. He or she is between the ages of 16 and 65.**

Family Coverage Options

• Universal Life for a Spouse

• Universal Life for Dependent Children

• Children's Term Rider (attached to the Contractor's or Spouse's UL Policy)

Spouse Coverage Limits

Conditional Guaranteed Issue* (CGI): Maximum of $25,000

Simplified Issue* (SI) Maximum: $50,000

In AR, FL, KS, OK, PR, and WA, spouse coverage is limited to 50% of the contractor’s approved coverage amount.

A contractor must participate in order for his or her spouse to qualify for CGI coverage.  A spouse also can purchase coverage on an SI basis, which in not guaranteed.  SI underwriting applies if a spouse does not qualify for CGI coverage.

The spouse cannot apply also as a contractor.

Eligibility: Coverage on a contractor’s spouse is available if the following requirements are satisfied:

1. The spouse is legally married to the contractor as determined by the laws of the state in which the contractor resides.**
2. The spouse is between the ages of 16 and 65.**
3. The spouse is not currently disabled.**
4. If working, he or she must be actively performing the regular duties of his or her job in the usual manner and at the usual place of employment or business and able to perform the normal activities of a person of the same age and gender.  If he or she is not working due to an illness or injury, the spouse is not eligible until he or she returns to work.**
5. He or she has not been hospitalized at any time in the six months prior to the application date.**
6. He or she has not missed more than five consecutive days of work due to an accident or illness in the six months prior to the application date.**

Dependent Children Coverage Limits:

Conditional Guaranteed Issue* (CGI): Maximum of $10,000

Simplified Issue* (SI) Maximum: $25,000

In AR, FL, KS, LA, OK, PR, and WA, the child coverage amount is limited to 50% of the contractor’s approved coverage amount.

In Puerto Rico, an eligible dependent child is limited to a maximum of $2,000.

If a contractor participates, CGI is available for all eligible children.  All children in a family must be insured equally.

SI underwriting also applies if a child does not qualify for CGI coverage.  SI coverage is not guaranteed.  The child cannot apply also as a contractor.

Eligibility: Coverage on a contractor dependent child(ren) is available if the following requirements are satisfied:

1. The child is a natural or legally adopted child or stepchild who lives with the contractor, a child for whom adoption proceedings have begun, or a child for whom the contractor has been appointed legal guardian and who lives with the contractor.**
2. For individual Universal Life coverage, the child is between the ages of 1 and 21 years.**
3. For Term Life coverage, the child is between the ages of 15 days and 18 years.**
4. He or she is not currently disabled.**
5. He or she is unmarried and financially dependent upon his or her parent(s) for support.**
6. The child has not been hospitalized at any time in the six months prior to the application date.**

Critical Care Rider

Critical Care Rider pays 25% of policy face value in the event of a critical illness (as defined in the policy).  

Children's Term Rider

As an alternative to purchasing an individual Universal Life certificate for a dependent child, an insured contractor or his or her spouse can elect to provide up to $10,000 of Term Life coverage for each child.  He or she does this by attaching a Term Rider to the insured contractor's or spouse's Universal Life certificate.  This is an affordable way to protect a child during a contractor’s working years.

Limitations and Exclusions

The limitations, exclusions, and coverage conditions outlined in the TAC-Saver Plus Contractor Guide also apply to any attached riders-including the Children’s Term Rider described above.

This information is a general description of the coverage available.  The underwriting company for this coverage is Transamerica Assurance Company.  Rider forms vary by state and coverage may not be available in all jurisdictions.  Review your Certificate/Policy and Riders for details. Eligibility and coverage limits are subject to future change.

*The total amount of SI coverage includes any coverage that’s issued on a GI/CGI basis. GI/CGI coverage for eligible applicants is available only during the initial enrollment period.  In North Carolina, coverage is issued on a Conditional Issue or Simplified Issue basis only; there is no GI/CGI.

** If GI/CGI doesn’t apply, only these items are used to consider SI underwriting.

A Special "Living Benefit" For Terminal Illness

The Accelerated Death Benefit for Terminal Illness lets you tap into your life insurance in the event of a future terminal illness diagnosis, and still provides a benefit for your beneficiary.  If you or an insured dependent is diagnosed and certified by a physician as having a terminal illness or physical condition which can reasonable be expected to result in death within 12 months, you can receive up to 50% of the death or $100,000, whichever is less.

There is no cost for this coverage until 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 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.

Act Now To Secure Your Financial Future!

If you're looking for valuable life insurance protection backed by a company you can count on, Transamerica's Voluntary Life Insurance offers both… plus the advantage of living benefit coverages.  Because it's Universal Life Insurance, it also offers you flexibility and the option to grow tax-deferred cash value accumulation.  Ask your Transamerica representative how to get started.

This brochure highlights the coverage being offered: TAC-Saver Plus or Preferred TAC-Saver Plus, non-participating Universal Life Insurance contracts issued by Transamerica Assurance Company.  The "generic" form numbers for these contracts are 9G42-00-0196, 9-A43 00-196, 9-A44 00-196 and 9-A46 00-196; however, forms may vary and coverage may not available in all jurisdictions.

Throughout this brochure in referring to "you," we assume you are the contractor or member, the Insured, and the Owner of the coverage described.  Separate Certificates may be available for an eligible spouse and/or dependent child.  If coverage is issued on a spouse or child, you are generally the Owner of that coverage.

In describing this Universal Life Insurance as "permanent," it is important to note that coverage could lapse prior to the Certificate maturity date based on the planned periodic premium, guaranteed interest rate, and guaranteed cost of insurance charges.

Important Information About This Life Insurance Coverage

For all insurance coverages (including any optional coverage described in supplements to this buyer's guide), benefits are not payable for a loss sustained after the contract lapses.  Coverage ends on the earliest of: the date we receive a written request for surrender, the date you or another Insured reaches age 95, the Certificate lapses (subject to the Grace Period), or death.  Generally, if suicide occurs during the first two years of coverage, the death benefit is limited to the return of premiums paid.

The Accelerated Death Benefit for Terminal Illness is intended to provide a qualified accelerated death benefit that is excluded from gross income for Federal Income Tax purposes.  In certain circumstances, however, the accelerated death benefit may be taxable. Eligibility for government-sponsored health plans such as Medicare, Medicaid or Supplemental Security Income (SSI) benefits may also be affected.  As with all tax and financial planning matters, insured individuals should consult with a personal tax advisor.

Coverage is subject to certain conditions, limitations and exclusions, which are detailed in the Master Policy, Certificate and Riders (or, in some states, in the Policy and Riders); together, these constitute the legal contract.  If there is a conflict between what is described in this brochure and the contract, the contract will govern.

...And in addition to Tac-Saver plus Universal Life, we also offer affordable Term Life options: