Trans DI Plus Group ShortTerm Disability Income Insurance
Trans. DI® Plus Group Short-Term Disability Income Insurance Underwritten by Transamerica Life Insurance Company, Home Office, Cedar Rapids, Iowa 52499. Policy Form Series CPDI 0100 and CCDI 0100. CDI 00 A 0812
Trans. DI® Plus Why employees need short-term disability income insurance • Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire* • 71% of Americans would find it very or somewhat difficult to meet their current financial obligations if their next paycheck were delayed for one week* • 100 million U. S. workers are without private disability income insurance* *Source: The Council for Disability Awareness, December 2011
Trans. DI® Plus Importance of short-term disability income insurance in the workplace • Attracts and retains good employees as well as enhancing the employee recruitment message and corporate image • Provides employers a way of boosting benefits • Convenience of payroll deduction and competitively priced benefits • Provides an avenue for employers to integrate the insurance with their sick leave and long term disability plans
Trans. DI® Plus Replaces up to 60% of an employee’s income if that person becomes totally disabled and is unable to work due to a covered accident or sickness. Here is how it works …
Trans. DI® Plus Eligible Benefits and Amounts An employee is eligible to receive benefits • When totally disabled • Under a physician’s care • The accident or sickness is non-work related • The selected elimination period has been satisfied
Trans. DI® Plus Eligible Benefits and Amounts • An employee may select a monthly benefit ranging from $300 to $5, 000 in increments of $100, not to exceed 60% of the employee’s income • Monthly benefit periods of 3, 6, 12, or 24 months are selected by the employer and are typically for all eligible employees
Trans. DI® Plus What does Total Disability mean? During the first 12 months that Disability Benefits are payable means the Insured is: 1. Unable to perform the material and substantial duties of his or her occupation; 2. Not engaged in any other occupation; and 3. Under the Regular Care and Attendance of a Physician for the covered Accident or Sickness causing such Total Disability
Trans. DI® Plus What does Total Disability mean? continued After the first 12 months of disability, if applicable, Total Disability means the Insured is: 1. Unable to perform the material and substantial duties of any occupation for which he or she is reasonably qualified by education, training, or experience; 2. Not engaged in any other occupation; and 3. Under the Regular Care and Attendance of a Physician for the covered Accident or Sickness causing such Total Disability
Trans. DI® Plus Elimination Periods The employer chosen elimination period is typical for all eligible employees. Accident Sickness 0 7 7 0 7 14 14 30 14 60 30 90 60 180 90 180
Trans. DI® Plus Policy Provisions you need to know Pre-existing condition limitation • No benefit for a pre-existing condition until the insured has been continuously covered under the policy for 12 consecutive months • Must be performing the duties of his or her occupation for 30 continuous days after the first 12 months of coverage Portability • No portability currently exists for Trans. DI Plus • Portability rider are being filed in states to enhance this product
Trans. DI® Plus Base Coverage Waiver of Premium- An insured employee does not pay premiums after 90 consecutive days of total disability or the satisfaction of the elimination period, whichever is later. Partial Disability Benefit- A partial disability will be paid if an insured becomes partially disabled due to the same cause as total disability. Accelerated Benefit for Terminal Illness- If employee is diagnosed with a terminal illness for the first time, on or after the effective date, we will accelerate the monthly disability benefit for the remaining months of payments of the maximum disability period of the contract, up to 12 months. Rider Form Series CRDITI 00
Trans. DI® Plus Base Coverage continued Mental Illness Limited Benefit- Totally Disabled due to a Mental Illness, regardless of the cause, Disability Benefits will be paid for the period. Mental Illness means Disability due to or resulting from psychiatric or psychological conditions, regardless of cause. The term Mental Illness does not apply to dementia, if due to Stroke, Trauma, Viral infection, Alzheimer's disease, or other conditions not usually treated by a mental health provider using psychotherapy, psychotropic drugs, or other similar modalities
Trans. DI® Plus Employer Options Accidental Death and Dismemberment Benefit Rider- A $10, 000 benefit is paid if an insured dies due to an off-the-job injury. Only one of the amounts, the greatest, will be paid for more than one loss resulting from the same accident. Death or dismemberment must occur within 90 days of the covered accident for benefits to be payable.
Trans. DI® Plus Employer Options Accidental Death and Dismemberment Benefit -The following dismemberment benefits are based on a percentage of the $10, 000 face amount: • Loss of two or more members; loss of speech and loss of hearing in both ears; Quadriplegia 100% • Paraplegia 75% • Loss of one member or loss of speech or loss of hearing in both ears; Hemiplegia 50% • Loss of hearing in one ear; Loss of thumb and index finger on the same hand 25% Rider Form Series CRDIAD 00
Trans. DI® Plus Employer Options continued Survivor Benefit Rider- If the insured dies while receiving benefits, the survivor benefit will pay an amount equal to three times the insured’s monthly disability benefit to the beneficiary. Benefits will not be paid if the insured dies during the elimination period or after the end of the benefit period Rider Form Series CRDISB 00 Hospital Indemnity Benefit Rider- When an insured qualifies for total disability as a result of a covered accident or sickness and is hospitalized, we will pay a daily confinement benefit equal to 25% of the monthly disability benefit for a maximum of 30 days. If the insured is confined to a hospital during the elimination period, benefits will be paid retroactively after the elimination period has been satisfied. This benefit will be paid only for the first hospitalization during any period of disability. Must be due to the injury or sickness causing total disability. Benefits reduce by 50% on the first day of the month following the insured’s 65 th birthday Rider Form Series CRDIHI 00
Trans. DI® Plus Employer Options continued Limited Pre-existing Conditions Benefit – A period of total disability due to a pre-existing condition that begins in the first 12 months of coverage and is paid is eligible for a limited benefit. This benefit pays 25% of the monthly benefit amount for up to six weeks. If the total disability begins after 12 months of coverage, pre-existing condition benefits are paid as any other accident of sickness.
Trans. DI® Plus Issue Age From Age 18 and older Tiers of Coverage Employee Only
Trans. DI® Plus Rate Structure • Rates are determined by the attained age of the employee at enrollment • Industry Classification Age Bands 18 – 49 50 – 59 60+ Class A, B, C, or D • Benefit Periods In Months 3, 6, 12, or 24 • Elimination Periods Days; Accident or Sickness • Coverage Amounts $300 min. - $5000 max.
Trans. DI® Plus Underwriting Guidelines Guaranteed Issue Conditional GI Simplified Issue Eligible Employees Minimum Participation Standard Maximum Issue < 50 10 Apps $2, 500 5 Apps $3, 000 2 Apps $5, 000 50 – 99 20% $3, 000 10 Apps $3, 500 5 Apps $5, 000 100 – 249 16% $3, 000 20 Apps $3, 500 5 Apps $5, 000 250 – 449 12% $3, 000 30 Apps $3, 500 5 Apps $5, 000 500 – 999 12% $3, 000 60 Apps $3, 500 5 Apps $5, 000 1000 - 3000 10% $3, 000 100 Apps $3, 500 5 Apps $5, 000 Contact Home Office for groups with more than 3, 000 lives
Trans. DI® Plus Contact a Regional Vice President or a Client Relationship Manager at 866 -TRANSAMERICA or Visit our Transamerica Employee Benefits website www. transamericaemployeebenefits. com e
Trans. DI® Plus This is a brief summary of Trans. DI Plus Group Short-Term Disability Income Insurance. Some of the features highlighted are subject to certain limitations and exclusions. Please refer to your policy and/or sales literature for costs and further details, including specific limitations and exclusions. Availability of benefits varies by jurisdiction. Refer to the contract for complete information.
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