In addition, the option to accelerate death benefits is not available in Illinois, New Jersey, Pennsylvania, South Carolina or Vermont. With this policy, you can only accelerate death benefits if you get a terminal illness and the amount is limited to $250,000 or 75% of your death benefit (whichever is smaller).
Transamerica life insurance series#
The Trendsetter Super Series includes the option for an accelerated death benefit if you have more than $50,000 in coverage, but you can add this feature as a rider for smaller policies. The maximum you can accelerate is 24% of the death benefit per year and 90% of the death benefit over your lifetime, up to $1.5 million. With Trendsetter LB, any of these conditions will allow you to accelerate your death benefit, though the amount depends on the severity of your illness. Critical illness: You are diagnosed with a life-impacting medical condition such as a heart attack, stroke, cancer, ALS or blindness.Chronic illness can also refer to severe cognitive impairment that requires you to have substantial supervision in order to avoid health and safety risks. Chronic illness: You are diagnosed with an illness and, for at least three months, are unable to perform two out of the six "activities of daily living" without significant assistance: eating, bathing, getting dressed, using the toilet, walking and controlling your bowels/bladder.Terminal illness: You are diagnosed with a medical condition, resulting from bodily injury or disease, that is expected to cause your death within 12 months.However, Transamerica may allow policyholders to convert to a universal life insurance policy, typically when you hit a life milestone (like having a child or getting married) or reach a certain age. Premiums will increase each year as you get older and the company's risk increases. When the period of coverage ends for a Transamerica term life insurance policy, you can automatically renew coverage, but the policy turns into a one-year term. Waiver of premium rider: If you become totally disabled, per the insurer's definition, for over six months, premiums are waived.Return of premium rider: If you live past the term of your policy, a portion of your premiums are returned to you (only available for 20- and 30-year terms).Whole life guaranteed insurability rider: At certain points during your term, you can convert a term policy to a whole life policy without medical exams and proving insurability again.Final-expense rider: This additional payout covers funeral costs.Estate protection rider This extra coverage pays your estate taxes if they are applied to your death benefit for some reason.Additional insured and child riders: You can buy coverage for your spouse and children.For example, you wouldn't need coverage for your child's education after they graduate college. Decreasing coverage: Many people need less coverage over time as they pay off debts or certain expenses.
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