Universal Life Insurance

The Guaranteed Universal Life Insurance Program with Living Benefits for new Purdue employees and their eligible family members is now available through convenient payroll deductions.   

This benefit is being offered to eligible staff and retirees who are age 70 or less as a supplement to the core term life benefits already provided by the University.  It is being made available on a guaranteed insurability basis.  This means that all employees age 70 or less who are actively at work may qualify for coverage without medical examinations, medical questions, or blood tests. 

Each employee should consider this special Guaranteed Universal Life Insurance Program on a voluntary basis.  The Policy includes the following features: 

• Guaranteed, income tax-free, insurance estate benefits
• Up To $300,000 in coverage (lesser amounts available for eligible family members)
• No medical examinations or blood tests are required
• Tax-deferred cash accumulations
• Tax-deferred interest rate of 4.50%
• Individual plan ownership with portability  (The plan can be taken with you at the same rates you paid while part of the Purdue group plan.)
• Policy loans available at low interest rates
• Waiver of premium total disability, available to age 55
• Guaranteed option to increase coverage each year for the first five policy years
• Lay off benefit waives the total monthly deductions if you are placed on layoff status by employer
• Long term care benefit allows the withdrawal of death benefits for long term care with maximum benefits of $12,000 per month for up to 50 months for a maximum of $600,000
• Accelerated death benefit allows the partial withdrawal of death benefits for terminal illness up to a maximum of $100,000
• Cash accumulations may be converted into lump sums or lifetime incomes at or before retirement
• Convenient payroll deductions

Universal Life Insurance Policy (Form Series CP100100 and CC100100) is underwritten by Transamerica Life Insurance Company, Home Office Cedar Rapids, IA. ASL HOPJPurdueweb 0108