WrapPlan II Flexible Premium Adjustable Life Insurance

What It Is

When your term life insurance decreases at pre-set ages, or if it terminates due to retirement or separation, the WrapPlan^SM II can restore full coverage, without higher conversion premiums or additional medical requirements. It's called a WrapPlan because it wraps around an existing term life insurance policy, regardless of whether it's a NYSUT Member Benefits Trust-endorsed policy, a policy provided by your employer or local benefit fund, or any other term life policy.

The WrapPlan may be continued up to age 95. The WrapPlan is a universal life insurance that builds a tax-deferred cash accumulation value. The policy is established with the insurer where premium payments above the cost of insurance (COI) are credited to the cash value. The cash value is credited each month with interest and the policy is debited each month by a COI charge. If no premium payment is made that month, any other policy charges and fees would be drawn from the cash value. The interest credited to the account is determined by the insurer.

Based on the interest credited to the accumulation value and deductions made for the cost of insurance, your WrapPlan premiums may be set at a level to produce as much or as little accumulation value at age 95 as you wish. Premiums may be adjusted at any time to reflect changes in your financial objectives. Premiums are calculated based on your age and the amount of coverage you purchase.

The WrapPlan^SM II is a Flexible Premium Adjustable Life Insurance policy underwritten and issued by Transamerica Financial Life Insurance Company and is administered by USI Affinity.

The Transamerica Financial Life Insurance Company’s Flexible Premium Adjustable Life Insurance (WrapPlan^SM II) is a NYSUT Member Benefits Trust (Member Benefits)-endorsed program. Member Benefits has an endorsement arrangement of 6.5% of first-year premium and 0.195% of renewal premium, with a guaranteed annual minimum amount of $100,000 for this program. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them. Member Benefits acts as your advocate; please contact Member Benefits at 800-626-8101 if you experience a problem with any endorsed program.

Agency fee payers to NYSUT are eligible to participate in NYSUT Member Benefits-endorsed programs.

Eligibility

NYSUT members and agency fee payers must reside or work in New York state. Retirees who are not New York residents may be eligible by planning a meeting with a registered representative in New York state and having a New York address to receive the certificate. You must be age 65 or under and be actively at work or retired.

Members can apply for up to $300,000 of coverage, not to exceed the total current amount of your term life insurance. The plan also offers a level life insurance benefit of up to $300,000 if you have no individual or group term life insurance. Retiree members may apply for up to $100,000 of coverage. Your spouse or domestic partner is also eligible to apply for up to $300,000 of WrapPlan^SM II coverage if he or she has term life coverage through your employer, local benefit fund or NYSUT Member Benefits Trust. Otherwise, your spouse or domestic partner may apply for a level death benefit up to $50,000. Dependent child coverage is available for $5,000 or $10,000 per child age 15 days through 17 years. Applicants will be required to answer a few medical questions, but medical exams are never required.

Features

You may borrow against your certificate account values. Certificate loans are available at a net interest rate of 2%.

Interest credited on account values is comprised of a Guaranteed Interest Rate, which is 4% lifetime, and an Excess Interest Rate, which is declared by the underwriter based on the earnings experience of its general investment account.

The cost of insurance charges is waived while the insured is disabled. This waiver is available to insurers who were age 55 or younger at time of WrapPlan^SM II application.

An accelerated death benefit allows an insured member to access up to 50% of the WrapPlan II death benefits while still living if diagnosed with a terminal illness, which is defined as one that results in a life expectancy of 12 months or less.

The plan has a 30-day free look period. When you receive the WrapPlan II Certificate, you have 30 days to review it. If you decide you do not want the coverage, the WrapPlan II may be canceled and any premiums collected will be refunded in full.

Payment Options

Your premiums can be paid through the convenience of payroll or pension deduction (where available) or automatic bank draft. If you choose payroll or pension deduction as your means of payment, no premiums will be required until deductions begin.

How To Apply

To apply, contact the Plan Administrator toll-free at 866-NYSUTWP (866-697-8897).

For more information, please visit USI Affinity.

Contact

For further information or to apply, call the Plan Administrator toll-free at 866-NYSUTWP (866-697-8897).

For more information, please visit USI Affinity.

The WrapPlan^SM II is a Flexible Premium Adjustable Life Insurance policy underwritten and issued by Transamerica Financial Life Insurance Company and is administered by USI Affinity.