Universal Life TransElite

Life protection with cash value buildup

 

Why Universal Life?  Experts agree that universal life insurance is a more affordable alternative to whole life insurance.  Universal life insurance is a form of permanent life insurance that may provide life insurance protection along with the benefit of flexible premiums, and cash value buildup, similar to the savings element in whole life insurance.  What this means,  when a premium is paid, a portion of the premium pays the actual cost of life insurance and the remainder of the premium is applied to a sort of built-in savings account in the policy know as cash value.  Since cash value is present which does take a period of years to accumulate, and the cash value is high enough, premiums may be skipped in the future for periods of time as long as the cash value is high enough to sustain the premium.

 

 

Accelerated Death Benefit for Terminal Condition Rider (Rider Form Series CRLTI100) - Accelerates a portion of the coverage amount if a covered person is first diagnosed with a terminal condition which, in the best medical judgment, will result in death within 12 months.

When exercised, an administrative fee of $100 plus 12 months advanced interest will be deducted from the benefit payment. The death benefit and other contract values will be reduced accordingly and this rider will terminate.

Accelerated Death Benefit for Critical Condition Rider (Rider Form Series CRLCC100) - Accelerates a portion of the coverage amount if a covered person is first diagnosed with a covered critical care condition (cancer, heart attack, stroke, renal failure or major organ transplant surgery) after the 30-day waiting period.

When exercised, an administrative fee of $250 will be deducted from the benefit payment. The death benefit and other contract values will be reduced accordingly and this rider will terminate.

Accelerated Death Benefit for Living Benefit Rider (Rider Form Series CRLLT100) - Accelerates a portion of the coverage amount if a covered person is diagnosed with a covered chronic illness and in the best medical judgment is unable to perform daily activities for a period of at least 90 days without human assistance; or has a severe cognitive impairment that is expected to be permanent or requires supervision to protect the insured's health or safety.

Extension of Benefits Rider (Rider Form Series CRLEX100) - If included with policy, after 100% of the coverage amount has been accelerated under the Accelerated Death Benefit for Living Benefit Rider and the covered employee or spouse continues to be eligible for benefits, we will begin increasing the ADB-LB coverage amount by 4% so that the monthly accelerations can continue. We will also issue a paid-up certificate for 25% of the coverage amount to be paid to the beneficiary upon the covered person's death. This rider will terminate when the cumulative increases total 100% of the coverage amount in effect when the ADB-LB accelerations began, or earlier if the covered person is no longer eligible for benefits.

Waiver of Monthly Deductions for Layoff or Strike Rider (Rider Form Series CRLWL100) - Waives the monthly deductions for up to six months per year if the employee is involuntarily laid off. Benefits are limited to three layoffs per year and are based on the employee's layoff only. Layoff of a covered spouse or child does not qualify for this waiver. Premium payments must have begun prior to the covered employee's layoff. Rider is available through age 55 and terminates on the employee's 60th birthday or when the coverage is assigned to another party, whichever is earlier.

Waiver of Monthly Deductions for Total Disability Rider (Rider Form Series CRLWM100) - Waives the monthly deductions while an employee is totally disabled. Once the six month waiting period is satisfied, monthly deductions will be waived retroactively to the commencement of total disability and continue as long as the employee remains totally disabled, subject to certain conditions. The disability must begin after age 16 and prior to age

60. Benefits are based on the employee's total disability only. Total disability of a covered spouse or child does not qualify for this waiver. Rider is available through age 55 and terminates on the employee's 70th birthday, subject to any valid pending claim.

Child Term Insurance Rider (Rider Form Series CRLCH100) - Allows a covered employee or spouse (but not both) to cover all eligible children, age 15 days through age 25, for the selected amount of term insurance. Coverage on each child terminates on that child's 26th birthday or when the parent's coverage ends, whichever is earlier. Upon the termination the child has 31 days in which to convert to an individual contract for up to 5 times the amount of coverage under this rider or $50,000. All children in the family will be insured for the same coverage amount.

Age    
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Payment Authorization

You authorize Enrollment123 dba Administration123 to charge the debit card, credit card or ACH bank account as indicated in this authorization on behalf of the Insurance Companies and benefit providers, and their respective plans which you have selected through this enrollment website. Furthermore, you acknowledge and agree that future payments may be charged to the debit card, credit card or ACH bank account you have provided on a recurring monthly basis with your full authorization for the amount associated with the products and services selected above.

Recurring monthly premium payments are billed in advance of the next coverage period, 25 calendar days after your effective date each month. If the recurring payment date falls on a weekend or holiday, you understand that the payment may be executed on the prior or next business day. You understand that this authorization will remain in effect until you cancel it in writing via email or mailed letter. You agree to make any account changes on with your secure online portal or notify Enrollment123 dba Administration123 in writing of any changes in your account information.

You certify that you are an authorized user of this debit card, credit card or bank account and that you will not dispute the scheduled payments with your Credit Card Company or bank provided the transactions correspond to the terms indicated in this authorization form.

Cancellation Policy

You may cancel service at any time. All notices of cancellation must be submitted in writing only, via email or mailed letter. All cancellation notification must be made by the primary account holder. To avoid billing for unwanted services, all cancellation notices must be received no later than fifteen (15) calendar days prior to your next billing date. Upon receipt of your cancellation notice, coverage for the services/products listed will be terminated to the last day of the month of your coverage period. Cancellation notices received less than fifteen (15) days prior to the next billing date will result in cancellation of service postdated to the end of your next coverage period month.

Written notification may be sent via email to support@administration123.com

Refund Policy

You may only receive a refund, if applicable, provided you have submitted a written notice of cancellation.

You may request a refund (refund requests MUST be made in writing) ONLY if you are cancelling your coverage within the first ten (10) calendar days following your product or policy effective date. If you are cancelling coverage for a product or policy and requesting a refund within the first ten (10) days following your effective date service; you are entitled to a full refund of the monthly premium or fee. Administration fees or enrollment fees ARE NOT refundable. You are not eligible for any refund if any claims have been filed by the policy holder or his/her dependents during the initial ten (10) days following the effective date.

Billing Questions

Any questions regarding billing should be directed to support@administration123.com

Policy / Benefit Notification

You authorize Enrollment123 dba Administration123 to contact you via email and/or sms (text messaging) with regards to the policy(s) or benefit(s) which you have enrolled and updates regarding related products and services. You agree to provide Enrollment123 dba Administration123 with any updates/changes to your email address or phone number through the "Member Portal" or via email at support@administration123.com with these updates.

This authorization shall remain in effect until revoked by you in writing. You understand and agree that this authorization, an updated email address and phone number is required to receive important updates regarding your enrolled benefits and insurance coverage; and that revoking this authorization will result in missing important notification(s) that may adversely affect your coverage, including termination of benefits. Enrollment123 dba Administration123 shall not be held responsible or liable for any missed notifications due to incorrect contact mailing address, email address or phone number that results in a change to or loss of coverage or benefits.

 

If a covered employee withdraws the cash value, tax consequences and/or surrender charges may apply. Fluctuations in interest rates or policy charges may require the payment of additional premiums.

Individuals currently on disability or on premium waiver are not eligible for coverage.

During the first two years, the death benefit for suicide is limited to the return of premiums paid, less any loans, partial surrender amounts, and accelerated benefits paid, if any.Accelerated Death Benefit for Critical Condition RiderWe will not pay for conditions diagnosed prior to the effective date of the rider.
Cancer requires histological evidence of malignancy and does not cover skin cancer other than malignant melanomas, all tumors that are histologically described as pre-malignant or are only showing early malignant change, cancer in-situ, and papillary cancer of the bladder.
Heart Attack must be based on new EKG changes consistent with injury, elevation of cardiac enzymes, and confirmatory imaging studies such as thallium scans, MUGA scans, or stress echocardiograms.
Major Organ Transplant Surgery is limited to heart, lung, liver or bone marrow transplants.
Renal Failure is limited to end stage renal failure resulting in chronic and irreversible failure of both kidneys to function requiring renal dialysis.
Stroke requires evidence of permanent neurological damage and does not cover Transient Ischemic Attacks (TIAs) or attacks of Vertebrobasilar Ischemia.

Accelerated Death Benefit for Living Benefit Rider

We will not pay rider benefits for care that is received or loss incurred as a result:

  • any sickness condition that begins before or during the Waiting Period.
  • an intentionally self-inflicted injury or attempted suicide.
  • war or any act of war, declared or undeclared, or service in the armed forces of any country.
  • the insured's commission of, or attempt to commit, a felony; or an injury that occurs because of involvement in an illegal activity.

We will not pay an Accelerated Death Benefit on any other riders attached to the contract.

Extension of Benefits Rider

The rider will terminate on the earliest of:

  • the date the contract ends;
  • the date the contract lapses, subject to the grace period;
  • the date the policy owner requests termination;
  • the date the policy owner dies;
  • the date the entire death benefit has been paid under the Accelerated Death Benefit for Living Benefit Rider, or when the policy no longer satisfies the Eligibility for Benefits provision;
  • the date the cumulative death benefit increases under this rider total 100% of the death benefit in force on the date the first monthly accelerated death benefit was paid under the Accelerated Death Benefit for Living Benefit Rider;
  • the date the nonforfeiture option, if any, becomes effective; or
  • the date a one-time lump sum payment under the Accelerated Death Benefit for Living Benefit Rider is paid.

Accelerated Death Benefit for Terminal Condition Rider

We will not pay for any conditions diagnosed prior to the effective date of the rider.

Waiver of Monthly Deductions for Total Disability Rider

We will not waive deductions if the employee's total disability results from:

  • attempted suicide or intentionally self-inflicting injury, while sane or insane;
  • commission of or attempting to commit a felony or engaging in illegal occupation;
  • voluntary participation in a riot or insurrections;
  • voluntary use of alcohol or any drug, whether legal or illegal, unless administered in accordance with a physician's advice and written instruction;
  • voluntarily taking, absorbing or inhaling a poison, gas or fumes;
  • an accident that occurs while the employee was driving a motor vehicle while intoxicated or under the influence according to the laws of the jurisdiction in which the accident occurs;
  • travel in or descent from any vehicle or device for aerial navigation, except as a fare paying passenger in an aircraft operated by a commercial airline (other than a charter airline) on a regularly scheduled passenger trip;
  • war or an act of war, whether declared or undeclared; service in the military or any auxiliary unit attached thereto.

Waiver of Monthly Deductions for Layoff or Strike Rider

We will waive deductions for:

  • up to three layoffs or strikes in one 12-month period;
  • for up to six months in any one 12-month period.

A 12-month period will be measured from the date the first month deduction is waived.
If the portability option provision of the contract is exercised, if any, the policy owner will need to provide proof of being employed (other than self-employment) for the 6 months prior to the layoff or strike.
The policy owner will need to provide proof of being employed (other than self-employment) for the 6 months prior to the layoff or strike. This rider is not available for self-employed individuals.
The rider will terminate on the earliest of:

  • the date the contract ends;
  • the date the contract lapses, subject to the grace period;
  • the date the policy owner requests termination; the date the policy owner dies;
  • the anniversary date on or after the insured reaches age 60;
  • the date the policy owners assigns the contract to another individual; or the date a nonforfeiture option, if any, becomes effective.

Child Term Insurance Rider

  • the date the contract ends;
  • the date the contract lapses, subject to the grace period;
  • the date the policy owner requests termination;
  • the anniversary date on or after the insured child is no longer eligible as a dependent child;
  • the anniversary date on or after the last insured child has reached age 26; or
  • the date a nonforfeiture option, if any, becomes effective.

Termination of Insurance

Coverage, including all riders, ends on the earliest of the following dates:

  • the monthly contract date following the receipt of written request for surrender.
  • the maturity date.
  • the date of death.
  • the date the contract ends, lapses or becomes fully paid-up life insurance, subject to the grace period.
  • the date a nonforfeiture option becomes effective.

Portability Option

If an employee loses eligibility for this insurance for any reason other than nonpayment of premiums, insurance can be continued by paying the premiums directly to us within 31 days after termination. We will bill the employee directly once we receive notification to continue insurance.

Other Insurance with Us

An individual can only have one critical illness policy or certificate with us. If a person already has critical illness insurance with us, such person is not eligible to apply for the Accelerated Death Benefit for Critical Condition Rider.

Standard 1-5 business days $7.95
Two Day 2 business days $15
Next Day 1 business day $30
* Free on orders of $50 or more


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