FAQs

  1. When will my policy be effective?

    Your policy effective date will depend upon when you apply for coverage. If you apply by 11/30/2024, your policy will become effective on 01/01/2025. If you apply between 12/01/2024 to 12/31/2024, your policy will become effective on 02/01/2025.

  2. When will my first premium payment occur?

    If your policy becomes effective on 01/01/2025, your first premium payment will be drafted from your bank account on or around 12/23/2024. However, it may be as late as 12/26/2024.

    If your policy becomes effective on 02/01/2025, your first premium payment will be drafted from your bank account on or around 1/23/2025. However, it may be as late as 1/26/2025.

  3. What is Universal Life Insurance with Long-Term Care (LTC) Coverage and what does it cover?

    The policy provides a Universal Life Insurance policy with a LTC rider. This is Life Insurance (payable through age 120) that combines the benefits of both Life Insurance protection for your family along with living benefits, which can be utilized to help pay for LTC such as home healthcare, adult day care, assisted living facilities and nursing home expenses. LTC is personal care - help with everyday activities such as bathing and dressing (also known as "Activities of Daily Living”) and/or care for severe cognitive impairments like Alzheimer’s Disease or Dementia.

  4. What is the maximum amount of LTC available?

    The policy provides a maximum LTC amount equal to 2X the amount of life insurance selected. The maximum amount of life insurance available is $500,000 which includes a maximum LTC benefit of $1,000,000.

  5. Does as an employee have to answer any medical questions?

    During the enrollment period, eligible employees - aged 18-80 can apply with Guarantee Issue (no medical questions) for amounts up to $200,000 of life insurance including $400,000 in LTC benefits.

    For amounts over $200,000 and up to $500,000 in life insurance, eligible employees will be required to answer medical questions to qualify for these higher amounts of coverage.

  6. How does the LTC Benefit pay?

    When qualifying for LTC and after satisfying a 90-day elimination period (waiting period), 4% of the death benefit is paid monthly for care provided by a professional licensed person or facility. 4% of your death benefit would provide up to 25 months of care.

    The policy includes a feature called Extension of Benefits. Should you need LTC for longer than the initial 25 months, the policy would extend for an additional 25 months payable at 4% of the death benefit as long as the insured continues to need LTC services. This would make the LTC benefit equal to 2 times the amount of the death benefit. i.e., a $100,000 death benefit would provide $200,000 in LTC benefits.

  7. What is the Elimination Period?

    The first 90 days of professional caregiving for which no benefits are payable. The Elimination Period only needs to be satisfied one time.

  8. Can the plan provide LTC benefits for care provided by unlicensed / informal caregivers such as family or friends?

    No, the care must be provided by a professional licensed person or agency, either in your home or in a licensed LTC facility.

  9. Do premiums continue when on LTC claim?

    The plan has Waiver of Premium, which means that while you receive LTC benefits, the premiums are waived.

  10. Where does the plan pay for care?

    If you qualify for LTC benefits, where you receive care is up to you (at home, assisted living, adult day care, nursing home).

  11. Will the plan pay for care outside of the US?

    Transamerica Universal Life plus LTC policy will only pay for LTC benefits for care received in the 50 United States and the District of Columbia. Death benefits can be paid to a beneficiary in the United States or Internationally.

  12. Does the death benefit reduce as LTC payments are made?

    Yes, however, the policy has a built in rider called Benefit Restoration. When you use the LTC benefit, this rider restores your Death Benefit each month. This means when you pass away, your beneficiary will receive the face amount of your policy.

  13. Does the policy build up cash value?

    Yes. The policy has a guaranteed interest rate of 2%. The current rate is 4.75% and is subject to change.

  14. How is my rate determined?

    This insurance offers unisex rates based on your age as of the policy effective date, tobacco usage and coverage amount selected.

  15. What is the difference between LTC and Long-Term Disability (LTD) insurance?

    LTC benefits help cover the cost of a nursing home, assisted living facility, adult day care and/or home health care if you become unable to care for yourself. LTD insurance replaces a portion of the income you will lose if you are unable to work because of an injury or illness.

  16. Can my premiums increase in the future?

    This universal life insurance policy was built and designed to provide consumers an affordable option for their LTC and life insurance needs. Your cost will be based on your age on the effective date of your policy. Generally, if all premiums are paid as scheduled, your rates will not change as you age.

    However, this policy is priced to age 80 upon which the rates will increase. The increase will vary by policy, i.e., current, and future interest rates, issue age at purchase, smoker/non-smoker, policy loan values (if any).

  17. Can I pay the monthly premium with a credit card?

    No. The premiums will be drafted monthly from your personal checking or savings account.

  18. What is my 30-Day Free Look Period, and when does it begin?

    You may return your certificate within thirty days after delivery if you are not satisfied with it for any reason. Upon surrender of the certificate within the thirty-day period, it will be void from the beginning and any premium paid will be refunded.

  19. What if I cancel my plan outside of the 30-Day Free Look Period? Do I get my money back?

    If an insured cancels the policy after the 30-Day Free Look Period, there will be no refund of any premiums paid.

  20. How do I change the beneficiary on my Universal Life Insurance policy?

    You may change your beneficiary at any time by accessing your policy information at the Transamerica Insurance portal. You can register at www.Transamerica.com and view your coverage, change your contact information, add/change a beneficiary, file, and monitor claims.

  21. Can I apply for coverage at any time?

    No. Enrollment is only allowed from the start of Annual Enrollment through Dec. 31st.

  22. Can I add my spouse / domestic partner?

    Yes, spouses/domestic partners aged 18 to 65 are eligible to apply if the employee applies for coverage. The spouse/domestic partner amount cannot exceed the Employee elected amount.

    The spouse/domestic partner can qualify for a guaranteed issue (no medical questions) policy up to certain amounts. A non-working spouse can get a policy of $15,000 of life insurance including $30,000 of LTC without having to answer any medical questions. A working spouse (W-2 or 1099 employee) can get up to $50,000 of life insurance including $100,000 of LTC without having to answer any medical questions.

    If your spouse/domestic partner is also an employee of John Deere, they should apply separately to qualify for higher Guarantee Issue (no health questions) amounts.

  23. Employee and spouse underwriting questions.

    For coverage amounts over the Guarantee Issue limits for employees and or spouse/domestic partners, or after the Guarantee Issue opportunity has ended, the following questions will be required.
    • In the past six months, has any proposed insured been hospitalized (inpatient or outpatient) or missed more than five days of work due to any accident or sickness, except for normal pregnancy?
      • Indicate Height and Weight:

    In the past five years, has any proposed insured been diagnosed or treated by a member of the medical profession (licensed physician in FL, KS and KY) for any of the following:
    • Acquired Immune Deficiency Syndrome (AIDS) Residents of FL: tested positive for exposure to the HIV infection, been diagnosed as having ARC, or AIDS caused by the HIV infection or other sickness, or condition derived from such infection.
    • Blood (including Anemia, platelet disorders, Hemochromatosis, Thalassemia, or any other abnormality of the spleen, bone marrow or blood or a blood transfusion)
    • Brain or Nervous System (including Alzheimer’s, Dementia, Multiple Sclerosis, Optic Neuritis, Parkinson’s, seizures, Vertigo or any other disease or disorder of the brain or nervous system)
    • Cancer (including Melanoma, Leukemia, Lymphoma or any other cancer or tumor other than non-melanoma skin cancer)
    • Anxiety, depression, chronic fatigue, suicidal thoughts, or any other psychiatric, emotional, behavioral or mental or nervous disorder?
    • Digestive (including Barrett’s Esophagus, Cirrhosis, Hepatitis, Ulcerative Colitis, Crohn’s Disease or any other disease or disorder of the esophagus, stomach, liver, pancreas, intestine or colon)
    • Glandular (including Diabetes, Addison’s, Cushing’s, thyroid or any other disease or disorder of the endocrine system)
    • Heart or Blood Vessels (including Aneurysm, heart attack, stroke, high blood pressure requiring more than two medications to control, or any other disease or disorder of the heart, blood vessels or circulatory system)
    • Lung (including Asthma, Emphysema, Chronic Obstructive Pulmonary Disease (COPD), Chronic bronchitis, Tuberculosis, Interstitial lung disease or any other disease or disorder of the lungs or airways)
    • Musculoskeletal (including Fibromyalgia, Lupus, Sjogren’s syndrome, Osteoporosis, Muscular Dystrophy, Paralysis, Rheumatoid Arthritis, Autoimmune disorder or any other disease or disorder of the musculoskeletal system)
    • Renal or Reproductive (including disorders of the breasts, ovaries, prostate, bladder, kidney or any other disease or disorder of the urinary or reproductive organs)

  24. What are the policy exclusions?

    Life Insurance Suicide Exclusion:
    • Transamerica will not pay the proceeds of the Life Insurance if the Insured dies by suicide, while sane or insane, within two years from the date coverage is issued. Transamerica will refund the premiums paid for this insurance minus any outstanding loans and partial surrenders. Any increase in the Face Amount will start the Suicide Exclusion provision anew but will only apply to the amount of the increase.

    LTC Exclusions:
    Qualified LTC Services do not include care, confinement, or services:
    • resulting from alcoholism, drug addiction or chemical dependency unless as a result of medication used as prescribed by a Physician.
    • resulting from or arising out of attempted suicide or intentionally self-inflicted injury.
    • due to participation in a felony, riot, or insurrection.
    • for which no charge is normally made in the absence of insurance.
    • received outside the 50 United States and the District of Columbia: or
    • performed by an Immediate Family Member. An Immediate Family Member can provide covered care or services if he or she is a regular employee of an organization that is engaged in providing the Qualified Long Term Care Services. The organization he or she works for must receive the payment for the care or service.
    • An Immediate Family Member must not receive compensation other than the normal compensation for employees in his or her job category.
Note: This Life Insurance with Long-Term Care Coverage is a voluntary benefit and John Deere in no way endorses the benefit. There are no contributions made by John Deere toward this benefit.