Universal Life Insurance

The TransLegacy Universal Life Insurance policy with Living Benefits for Purdue employees and their eligible family members is available through convenient payroll deductions.  The policy is underwritten by Transamerica Life Insurance Company (Home Office: Cedar Rapids, IA).

The policy is available to eligible staff and retirees (age 70 or younger) as a supplement to the core term life benefits already provided by the University.  It is available on a guaranteed issue basis which means that all employees age 70 or younger, who are actively at work, may apply for up to $150,000 of coverage without medical examinations or blood tests.  Retirees who age 70 and younger and are not disabled are also eligible.  Coverage amounts above $150,000 require the applicant to provide answers to a few medical questions; however, blood tests and medical examinations are not required.

Each employee should consider the Universal Life Insurance Plan on a voluntary basis.  This policy includes the following features: ¹

• Guaranteed Issue coverage, for employees, up to $150,000
• Higher coverage amounts - up to $300,000 - are available 
• Coverage is also available for spouses and eligible dependents
• No medical examinations or blood tests are required
• Tax-deferred, guaranteed interest rate of 4.00%
• Individual plan ownership with portability (The policy can be taken with you at the same rates you paid as a Purdue University employee)
• Waiver of premium rider for total disability, available to applicants age 55 and under
• Guaranteed option to increase coverage each year for the first three policy years 
• Lay off benefit waives the total monthly deductions if you are placed on layoff status by employer
• Accelerated Death Benefit for Long Term Care Rider allows the withdrawal of up to four percent of the death benefit per month for up to 25 months when confined to a Long Term Care facility; or up to two percent for 50 months when receiving home health care
• Extension of Benefits Rider with Paid Up Benefit:  When the entire rider face amount has been paid under the above LTC Rider and the insured continues to be chronically ill, this rider allows an insured to have his or her benefits extended.  Please see following page for additional information regarding the Long Term Care Rider with Extension of Benefits
• Accelerated Death Benefit for Terminal Illness Rider allows the partial withdrawal of death benefits for terminal illness.  You may withdraw up to 50% of the death benefit to a maximum of $100,000
• Cash accumulations may be converted into lump sums or lifetime incomes at or before retirement
• Policy loans available at competitive interest rates
• Premiums paid conveniently through payroll deduction

The TransLegacy Universal Life Insurance Policy (Form Series CCGLDUOO) is underwritten by Transamerica Life Insurance Company, Home office: Cedar Rapids, IA.

¹ Limitations and exclusions apply.  Please consult your policy for complete details.