Term Life Insurance
Life Insurance you don’t have to die to use
Term life insurance with living benefits policy that provides early access to the policy’s death benefit in the event of a qualifying chronic, critical or terminal illness. People have turned to Transamerica Life to help ensure the future financial security of their families for over a century.
Experiencing a terminal, critical, or chronic illness may lead to increased expenses and decreased income. Once your expenses reach a number higher than your income, you begin creating debt.
Term life insurance with Living Benefits can provide benefits when they are needed the most – helping to pay expenses that a health insurance policy doesn’t cover, especially expenses, such as mortgage, car, food, etc.
Critically ill means you’ve been diagnosed with a health condition such as a heart attack, stroke, cancer, end stage renal failure, ALS, a major organ transplant, blindness or paralysis resulting from specific underlying conditions. If you live in California, critically ill means you’ve been diagnosed after the Rider Date with a medical condition that would, in the absence of treatment, result in your death within 12 months.
Chronically Ill means that the Insured is unable to perform, without substantial assistance from another person for a period of at least 90 days, at least two out of the six Activities of Daily Living or requires substantial supervision by another person, for a period of at least 90 consecutive days, to protect the Insured from threats to health and safety due to Severe Cognitive Impairment.
Terminally Ill means that the Insured has a medical condition, resulting from bodily injury or disease, or both, which is expected to result in the death of the Insured within 12 months of diagnosis.The condition must be first diagnosed by a Physician on or after the later of the Date of Issue or the Policy Date; and must be demonstrated by clinical, radiological, laboratory or other evidence of the medical condition which is satisfactory to us; and must not be curable by any means available to the medical profession.
Benefits provided through the Living Benefits, including the critical, chronic and terminal illness accelerated death benefits, are subject to certain limitations and exclusions. Amounts payable under the benefits vary based in part on the nature and severity of the Insured’s health condition and the Insured’s remaining life expectancy at the time of the acceleration as determined by the company.
The policyholder may accelerate a portion (not to exceed 24% per year or the lifetime 90% maximum) of the face amount up to a maximum of $1,500,000.
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