Critical Illness Protection Rider Product Overview

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1 Critical Illness Protection Rider Product Overview Whether it s a young family with a mortgage to pay and other financial commitments, or a couple who is close to retirement and who want to protect their savings, adding a Critical Illness Protection Rider to their life insurance will give them the combined protection they desire against loss of income due to a critical illness or death. Help your clients protect whatever comes their way, today and tomorrow.

2 Transamerica is pleased to announce the newest addition to its insurance portfolio line-up our Critical Illness Protection Rider now available on our universal life insurance and term life insurance products. Intended to be a guide only, this document will provide you with a plain language overview of the features and benefits of our Critical Illness Protection Rider. For complete details about the features and benefits offered with this product, please refer to our Critical Illness Protection Rider policy contract. This guide should not be considered a replacement for the contract. We know that one of the biggest challenges in selling critical illness is explaining the benefits of this type of protection to your clients. To help you present this product to your client, and explain how it works when combined with a life insurance plan, we have created a Transamerica Critical Illness Protection Rider Client Guide.

3 What is Critical Illness insurance? Critical Illness insurance is a form of insurance protection that provides a lump-sum benefit to your client upon diagnosis of a covered condition as defined in the contract. Clients can use the benefit payment however they choose with no restrictions or claw-backs to benefits. Critical Illness Protection Riders Coverage Type Term 10 Term 20 Term to age 65 Coverage description A renewable and convertible term 10 critical illness rider. A renewable and convertible term 20 critical illness rider. A convertible, level premium, term to age 65 critical illness rider. Expiry Age age 75 age 75 age 65 Renewability Option Renewable with guaranteed premiums that increase every 10 and 20 years, respectively. none Available on the following life insurance plans Coverage Option Term & Universal Life (current plans written as of August 20, 2012) (single and multiple life) Individual life insured s in a joint life insurance coverage may not apply for a Critical Illness Protection Rider. The term of the critical illness coverage cannot exceed the term of the life insurance coverage. Available as single life plan only. Universal Life only (single and multiple life) Not available on joint life plans Critical Illness Covered Conditions 4- Condition Rider Cancer (life threatening) Stroke (Cerebrovascular accident) Heart attack Coronary artery bypass surgery 25-Condition Rider Alzheimer s disease Loss of independent existence (also includes 5 Childhood Aortic surgery Loss of limbs Conditions) Aplastic anemia Loss of speech Bacterial meningitis Major organ transplant Benign brain tumour Major organ failure on waiting list Blindness Motor neuron disease Cancer (life-threatening) Multiple sclerosis Coma Occupational HIV infection Coronary artery- bypass surgery Paralysis Deafness Parkinson s disease Heart attack Severe burns Heart valve replacement Stroke (Cerebrovascular accident) Kidney failure The following 5 childhood critical illness covered conditions are included up to the life insured s 24th birthday, at which time these conditions are no longer covered and will expire. Cerebral palsy Muscular dystrophy Congenital heart disease Type 1 diabetes mellitus Cystic fibrosis Loss of independent existence does not apply until the life insured s 18th birthday at which time it is automatically available. A detailed description and definition of each of these conditions and their associated exclusions, limitations and Survival Periods is set out in the policy contract. Any illness, disorder or surgery not specifically defined in the policy contract is not covered. 1

4 Underwriting Program Age Non-Medical Benefit ages 45 and under Up to and including $250, Up to and including $99, Not available Preferred underwriting is not available. The critical illness underwriting requirements are based on the total critical illness benefit applied for with Transamerica in the last 6 months. When a client applies for both life insurance and the Critical Illness Protection Rider, the higher of the underwriting requirements will always apply. Depending on the client s health and answers to questions on application, Transamerica Life Canada reserves the right to complete medical testing before approving any insurance application. Any policies with Critical Illness Protection Riders must be current dated. Issue Amounts & Ages Adults Minimum Benefit $25,000 Maximum Benefit $2,000,000* * The critical illness benefit cannot exceed the life insurance face amount of the life coverage at new business. The inforce critical illness coverage from all sources, cannot exceed a total of $2,000,000 Juveniles (0 to 16) Minimum Benefit $25,000 Maximum Benefit $250,000* * The critical illness benefit cannot exceed the life insurance face amount of the life coverage at new business. The inforce critical illness coverage for a juvenile from all sources cannot exceed a total of $250,000. Issue ages T10 T20 T65 Non-smoker: 15 days-age days- age 55 Smoker: Cost of insurance bands Band structure $25,000 - $49,999 $50,000 - $99,999 $100,000 - $250,000 $250,001 - $2,000,000 Banding applies to each individual coverage Combined banding is not available 2

5 Benefits Critical Illness Benefit Early Detection Benefit The critical illness benefit provides a onetime lump sum payment while the policy is in force if the life insured is diagnosed with one of the critical illness covered conditions, as defined in the contract, and survives the survival period. Survival Period means the period starting on the date of Diagnosis of the Critical Illness Covered Condition or Early Detection Covered Condition and ending 30 days thereafter, except where modified under the Definitions of Early Detection Covered Conditions and Definitions of Critical Illness Covered Conditions sections. The Life Insured must be alive at the end of the Survival Period and must not have experienced irreversible cessation of all brain functions. If such irreversible cessation occurs, no Critical Illness Benefit or Early Detection Benefit is payable. If Life Support is used to sustain the Life Insured during the Survival Period, the date the Life Insured experiences irreversible cessation of all brain functions shall be deemed to be the date of death of the Life Insured. For those conditions which have a qualifying period, for example, 90 days for Bacterial Meningitis and Paralysis, the Survival Period runs concurrently with that condition s qualifying period. Upon payment of the critical illness benefit, the coverage terminates. Early detection benefit provides a onetime lump sum payment per policy if the life insured is diagnosed with one of the early detection covered conditions, as defined in the contract, and survives the survival period, subject to applicable conditions, exclusions and limitations set out in the policy contract. The early detection benefit is only available on the 25-condition Rider and will cover the following early detection covered conditions: Coronary angioplasty Early prostate cancer Ductal breast cancer Superficial malignant melanoma Return of Premium on Death Benefit Return of premium on death benefit provides a one time payment upon death of the life insured, if the life insured dies at any time while the rider is in force. The return of premium on death benefit can be paid only once and is not payable if the critical illness benefit has been paid or is payable. This benefit is the lesser of: (i) the sum of the monthly deductions or premiums (that were paid prior to the life insured s death); and (ii) two million dollars ($2,000,000). The early detection benefit is the lesser of: a) 15% of the then current critical illness benefit; and b) $50,000. The payment of the early detection benefit will not reduce the critical illness benefit, the policy premiums, the policy total fund value or the return of premium on death benefit. No cost, additional benefits Second Opinion Service Expert Medical Opinion Service (EMOS) is a no cost benefit that is provided by Advance Medical. EMOS gives the life insured the opportunity to have the world s leading medical experts review his or her medical case, and provide the life insured and their treating physician with a comprehensive medical report on the medical case that includes the diagnosis and recommendations from the experts in the relevant area of medicine. The life insured s immediate family can also access this service at no additional cost. There is also no need to travel. This service can be accessed at any time for any medical condition without the diagnosis of a critical illness covered condition. While the Critical Illness Protection Rider is in force and within one year of its expiry, there is no limit on the number of times this service can be accessed. 3

6 Plan flexibility Please see the Rider page in the policy contract for full details. Rider Conversion Option Rider Split Option All plans are convertible starting on the second anniversary to the rider anniversary nearest the life insured s age 60. New evidence of insurability is not required if the benefit amount is not increased on conversion. All monthly deductions or premiums for the return of premium on death benefit will be carried over from the original rider to the new policy. Option allows the coverage to be split from the original policy to a standalone policy commencing on the second anniversary. New evidence of insurability is not required if the benefit amount is not increased on conversion. Premiums for the return of premium on death benefit will be carried over from the original rider to the new policy. Change in Critical Illness Benefit Change in Smoker Status Decreases in critical illness benefit are allowed at any time, subject to plan minimums. Increases in critical illness benefit are allowed when the life insurance face amount is increased, subject to underwriting approval and plan maximums. For any increase in the critical illness benefit, exclusions and limitations, the moratorium period exclusion and the survival period will apply from the effective date of the increase, but only on the increased portion of the critical illness benefit. Change from smoker to non smoker is allowed, subject to evidence of insurability and underwriting approval. Termination of Coverage The Critical Illness Protection Rider will automatically terminate upon the earliest of the following: a) the payment of the critical illness benefit; b) the payment of the return of premium on death benefit; c) the coverage expiry date; d) the date the policy lapses due to the failure of the owner to pay a premium within the grace period; e) the date prior to the effective date of the new policy resulting from the conversion of the rider; f) the date prior to the effective date of the new policy resulting from the split of the rider; g) the date of surrender or cancellation of the policy or rider. 4

7 Moratorium Period Exclusion: 90 Day Exclusion for Cancer and Benign Brain Tumour In this exclusion, the term any cancer includes all cancers, even if they would not have been covered under the definitions for cancer for a Critical Illness Covered Condition or an Early Detection Covered Condition. IF, within the first 90 days following the later of: the Rider Effective Date, or the date of the latest reinstatement of the Policy, the Life Insured has any of the following: signs, symptoms or investigations that lead to a Diagnosis of any cancer or Benign Brain Tumour, regardless of when the Diagnosis is made; or a Diagnosis of any cancer, or Benign Brain Tumour, THEN no Critical Illness Benefit or Early Detection Benefit will be payable for: a) any cancer or Benign Brain Tumour; b) a subsequent diagnosis of any cancer or Benign Brain Tumour; or c) any Critical Illness Covered Condition or Early Detection Covered Condition directly resulting from, or from the treatment of, any cancer or Benign Brain Tumour. The information about signs, symptoms, investigations and Diagnosis as described above must be provided to us in writing within six (6) months of the date of Diagnosis. If the information is not provided during this period, we have the right to deny any claim for a Critical Illness Benefit or an Early Detection Benefit for any cancer or any Critical Illness Covered Condition or Early Detection Covered Condition caused by any cancer, Benign Brain Tumour or its treatment.

8 Transamerica Life Canada is a leading life insurance company in Canada. Through a number of distribution channels, resulting in a national network of thousands of independent advisors, Transamerica provides a full spectrum of individual life insurance and protection products designed to help Canadians take responsibility for their financial future. For over 100 years, we ve stood by a simple idea: deliver on our promises so we can keep making the things that make tomorrow better. Transamerica Life Canada is an AEGON company. AEGON is an international life insurance, pension and asset management company. With headquarters in The Hague, the Netherlands, AEGON has businesses in over twenty markets in the Americas, Europe and Asia. AEGON companies employ over 25,000 people and have nearly 47 million customers across the globe. Understanding the health and wellness issues affecting Canadians, Transamerica Life Canada commits funds annually to our in the spirit of hope charitable giving program, which supports our neighbours and communities through donations to numerous non-profit organizations Yonge Street Toronto, Ontario M2N 7J8 AEGON and the AEGON logo are registered trademarks of AEGON N.V. AEGON Canada ULC and its affiliated companies are licensed to use such marks. Transamerica and the pyramid design are registered trademarks of Transamerica Corporation. Transamerica Life Canada is licensed to use such marks. LP1467 8/12

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