Assistance Needed: Estimating Death Benefit for My Sister’s Transamerica VUL Policy from the Late 90s
Hello everyone,
I’m seeking help to estimate the potential death benefit for my late sister’s Variable Universal Life (VUL) policy with Transamerica. Here are the details I have:
- My sister, Debra, was born in 1971 and sadly passed away in December 2024.
- She dedicated 25 years to the biopharma industry in California, notably at Chiron and later Novartis, before resigning in 2022.
- Debra purchased her VUL policy in the late 90s prior to her marriage in 1999 while working as a lab technician.
- At the time of purchase, she was in her late 20s, healthy, and had no significant financial obligations.
- She had a moderate risk tolerance for investments.
- The policy has a face amount of $100,000 and total premiums paid of $43,000.
- Transamerica has confirmed it’s a VUL policy, but customer service couldn’t provide details and referred me to CyberLife. They mentioned that payout information can’t be disclosed until claims are processed.
- We submitted the claim forms on February 13th, and after calling for an update last week, they advised to check back in mid-March. Is this typical for claims processing to take so long?
- Unfortunately, the original policy certificate is missing.
Beneficiaries include:
– My mother, 90 years old, living in the Philippines and wheelchair-bound
– My deceased father (passed in 2012)
– My brother Ciello, 59, residing in Vallejo, CA
– Myself (the youngest, living in the Philippines and a full-time caregiver for Mom)
– My sister Rose, who is managing the paperwork, initially suggested the payout could be around $50,000, but I’m uncertain.
Some users on Reddit noted that a VUL policy from the late 90s might have grown significantly, potentially reaching values between $200,000 and $800,000 if there were no loans or withdrawals.
My Questions:
- Does Transamerica routing this to CyberLife indicate a potentially higher policy value?
- Would a VUL policy from the late 90s have started with a base amount higher than $50,000?
- For those experienced with Transamerica or VULs, what might be a reasonable estimate for what this policy could be worth, assuming it was managed well?
- Since my dad was a beneficiary but passed away in 2012, how would his portion of the benefit be redistributed?
- Are there any potential issues with claim processing from the Philippines?
- Is it common for claims to take this long? (Forms were received on February 13th, and I was told to check back mid-March.)
I’m currently overseas managing this process from the Philippines, and any insights you could share would be greatly appreciated! Thank you in advance!
I’m sorry to hear about the loss of your sister, Debra. Navigating insurance claims can be complex, especially when you’re handling everything from overseas. Here’s some information that might help address your questions:
Transamerica assigning to CyberLife: CyberLife is a subsidiary of Transamerica that provides administrative services, including claims processing. This doesn’t necessarily indicate a higher policy value; rather, it suggests that Transamerica opts for CyberLife to handle these matters. The payout will ultimately depend on the policy’s specific terms and performance.
Face Amount Expectations: VUL policies from the late 90s could vary widely. While a base face amount might have been set at $50K, many policies were taken out with higher face amounts, often starting at $100K or more, particularly for individuals in good health and with steady careers. Given your sister’s health and age, it’s plausible her policy could have had a face amount of $100K or more.
Policy Growth Estimates: The growth potential of a well-managed VUL can be significant, but it heavily depends on the performance of the underlying investment options selected. In general, if your sister didn’t take any withdrawals or loans, a policy purchased in the late 90s with disciplined contributions could have appreciated significantly. Estimates ranging from $200K to $800K are ambitious but conceivable depending on the market performance and the specific investment choices made. However, this is speculative without specific policy performance data.
Redistribution of Benefits: If your father was a beneficiary and passed away before your sister, typically, his share would be redistributed among the other surviving beneficiaries. If the policy does not specify, the remaining beneficiaries (your mother, you, and your brother) would likely receive equal shares unless specified otherwise.
Claims from the Philippines: Generally, there shouldn’t be issues for beneficiaries located in the Philippines to claim benefits on a US insurance policy, but it may require additional documentation (like proof of identity or residency). It’s important to follow CyberLife’s specific requirements for international beneficiaries.
Claim Processing Time: Claims processing times can vary. While many claims are processed within 30 days, it can take longer depending on various factors, such as the completeness of submitted documents and any investigations that may be necessary. If the claims forms were received on February 13th, mid-March is not an unreasonable timeframe for an update, but don’t hesitate to follow up for clarification.
I hope this helps clarify some of your concerns. If possible, keep documentation of all communications and be persistent with CyberLife for updates. My thoughts are with you as you navigate this process.