As your life changes (marriage, birth of a child, new job, retirement or medical emergency), so does your life insurance needs. A TransElite® Universal Life Insurance policy through Transamerica Life Insurance Company has the flexibility to adjust to your changing needs. With just one policy, select the right coverage level for your own individual or family needs.
*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.
Find coverage that's right for you and your loved ones!
To enroll in Group Universal Life Insurance
please complete, sign and return
the enrollment form to:
Mercer Voluntary Benefits
P.O. Box 9122
Des Moines, IA 50306-9122
Who is eligible?
To be eligible for coverage, an employee must satisfy all of the following requirements:
To be eligible for coverage, a spouse (or equivalent as defined by state law or otherwise agreed upon between you and us) must satisfy all of the following requirements:
How much life insurance can I get?
You can enroll for up to $50,000 or $100,000 but no more than 5 times your annual salary.
How much will the coverage cost?
What are the special features?
In addition to the advantages that TransElite Universal Life has, this plan offers even more benefits:
When can I enroll?
As a new hire, you can enroll within your employer’s benefits eligibility guidelines. Outside of your new hire or new life event period, enrollment is limited to the company’s annual enrollment.
When would my coverage start?
Insurance is effective on the effective date requested on the Life and Health Group Application and Agreement or first day of the month following the date an individual’s application is approved by Transamerica Life Insurance Company, whichever is later.
Do I have to meet any medical requirements?
If you do not enroll yourself and your eligible family members when first eligible or during a special enrollment period, you will be required to provide evidence of insurability.
If you enroll within 90 days from your initial eligibility date:
Limitations and Exclusions
If a covered employee withdraws the cash value, tax consequences and/or surrender charges may apply.
Fluctuations in interest rates or policy changes may require the payment of additional premiums.
Individuals currently on disability or on premium waiver are not eligible for coverage.
During the first two years, the death benefit for suicide is limited to the return of premiums paid, less any loans, partial surrender amounts, and accelerated benefits paid, if any.
Accelerated Death Benefit for Terminal Condition Rider
We will not pay for any conditions diagnosed prior to the effective date of the rider.
Waiver of Monthly Deductions for Layoff or Strike Rider
We will waive deductions for:
A 12-month period will be measured from the date the first month deduction is waived.
If the portability option provision of the contract is exercised, if any, the policy owner will need to provide proof of being employed (other than self-employment) for the 6 months prior to the layoff or strike.
The policy owner will need to provide proof of being employed (other than self-employment) for the 6 months prior to the layoff or strike.
This rider is not available for self-employed individuals.
The rider will terminate on the earliest of:
Termination of Insurance
Coverage, including all riders, ends on the earliest of the following dates:
If an employee loses eligibility for this insurance for any reason other than nonpayment of premiums, insurance can be continued by paying the premiums directly to us within 31 days after termination. We will bill the employee directly once we receive notification to continue insurance.
Can I keep this insurance if I leave Aramark?
Your Group Universal Life coverage is yours even if you leave Aramark. You will be billed directly for your cost of coverage.
Who needs life insurance?
Everyone needs life insurance.
Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.
You've recently graduated from college.
You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.
You're the parent of two small children.
You want to make sure they'll be able to keep the same lifestyle and attend college — even if you're not there to see it happen.
Your children are on their own.
But your children rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.
Your spouse is depending on your income for retirement.
But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.
Like many families, you rely on two incomes to make ends meet.
You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.
Why you need life insurance?
Consider what kind of financial condition your family would be in if, suddenly, you were not there to provide for them. Where would the money come from to pay for your funeral, the monthly bills, the mortgage, and education costs? Maybe it's a good time to think about the value of life insurance.
This is a brief summary of TransElite Universal Life Insurance underwritten by Transamerica Life Insurance Company, Cedar Rapids, Iowa. Policy Form Series CPGUL300 and CCGUL300. Forms and form numbers may vary. This coverage may not be available in all jurisdictions. Limitations and exclusions apply. Refer to the policy, certificate and riders for complete details.