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Universal Life Insurance

Administered by Transamerica

This benefit is no longer available for new enrollments effective 01/01/2023.

Universal life insurance is often called 'permanent life insurance'. As long as you continue to pay premiums, you can keep it throughout life as your circumstances and benefit needs change. Part of your premium pays for a death benefit (just as term life insurance would) and part of your premium accumulates with interest to build cash value. This type of insurance may also offer living benefits like using part of the death benefit for terminal illness or long term care. You can even borrow against your built-up cash value and pay it back.

Features include:

  • Coverage is available for your spouse and children up to age 26
  • No Physicals or Bloodwork
  • Pays you a living benefit if you're diagnosed with a terminal illness
  • Accumulates cash value
  • Guaranteed 3% interest rate
  • Withdrawal and loan options
  • Convenient payroll deduction

Enrollment is restricted to open enrollment, new hire or life event.

If you leave University employment, you may continue your coverage direct with Transamerica.

Universal Life Plan Summary
Universal Life Snapshot
Universal Life certificate of Insurance (sample)
Universal Life living benefit disclosure
How to file a claim