Do I need life insurance?
Whether you’re single, married, have children or are close to retirement, having life insurance is a must. Term life insurance provides the security loved ones need to get through the financial hardships that may accompany the death of an income earner. When determining how much life insurance you need, think about the expenses you may encounter through every stage of your life. Insurance professionals recommend carrying life insurance equal to four or five times household income. However, since everyone’s needs are different, it’s important to assess your personal situation and specific needs.
Am I eligible for life coverage?
To be eligible for life coverage, you must be an active member, working 20 hours per week, and able to perform all normal duties of your job.
Dependent insurance (for your spouse and/or children) may also be available, but only when you, as the member, also select coverage for yourself.
Are my dependents eligible for life coverage?
Dependent insurance (for your spouse and children up to age 26) may also be available, but only when you, as the employee, also select coverage for yourself. All dependents must be performing normal activities and cannot be “totally disabled” as defined in the policy. Totally Disabled Dependent means that, as a result of an injury, a sickness or a disorder, your dependent: (a) is confined in a hospital or similar institution; (b) is unable to perform two or more activities of daily living (ADLs) because of a physical or mental incapacity resulting from an injury or a sickness; (c) is cognitively impaired; or (d) has a life threatening condition.
Can I sign up for Life Coverage with Transamerica Life Insurance Company (TLIC) and have other Life Insurance?
Life Insurance through TLIC is available to members in conjunction with other coverage. The total coverage amounts cannot exceed the maximum Transamerica benefits of $125,000 for member, $15,000 for Spouse and $10,000 for children. There is no coordination within Life Insurance Products. Members can purchase Life Insurance amounts that they need as well as can afford. This is a great opportunity to purchase low cost term life insurance at low costs without medical questions up to certain amounts.
Will I need to answer health questions for life coverage?
No unless the amount of insurance coverage is exceeding the guaranteed issue limits. There are a few health questions that are required during open enrollment periods. No Medical Exams are required.
Conditional Guarantee Issue Amounts are as follows:
Member: $126,000 to $175,000
Simplified Issue Amounts are as follows:
If you do not enroll on or before the end of your initial enrollment period and wish to apply for coverage at a later date, evidence of insurability will be required. Your coverage will be effective the first day of the month coinciding or following the date Transamerica Life Insurance Company approves the coverage.
What do I need to do to sign up for Life Insurance coverage?
Please mark the appropriate selection for life insurance on the form and return to:
ACT Benefit Center
9609 Gayton Road, Suite 200
Henrico, VA 23238
Don’t wait! After this initial enrollment any amount of insurance will be subject to medical evidence of insurability. This is a great opportunity to purchase low cost group insurance that will protect your loved ones as well as your paycheck in case of illness or an accident.
How do I file a life claim?
For complete instructions, visit the How to File a Claim section on this web site. It will direct you on who to call and where you can download the forms.
What if I have more questions?
Please contact the Benefit Center at 804-480-1144.