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Transamerica Life Insurance

TRANSAMERICA LIFE INSURANCE

If you have ever been to San Francisco, then you have seen the big Transamerica tower
(it’s the one that looks like a pyramid). Transamerica is a company that remains at the top of their industry, making them one of the top 10 best life insurance companies in America. With a strongTransamerica Life Insurance foundation and competitive rates, Transamerica Life Insurance Company is definately a go-to when one of my clients is looking for an A+ rated company with a strong financial background.

Transamerica Life Insurance Company is a large life insurer in the United States, and offers a number of different products for anyone looking for coverage. They work with a lot of companies throughout the US and offer both insurance and investment products to
individuals.

My advice to anybody looking to get life insurance is to make sure you understand the difference between term, whole and universal life insurance. The price difference can be immense, and agents are notorious for pushing people into the more expensive permanent life products because the commissions are much higher. Now I’m not saying permanent products are not good, all I am saying is that they are not for everybody. This does not mean Transamerica agents are more likely to do that, it is simply an issue in the life insurance business as a whole and you should be aware of it.

Transamerica Life Insurance Products

Transamerica like many other companies have a long list of products that they offer. They have Term Life Insurance, Whole Life Insurance, Universal Life Insurance, and Final Expense Life Insurance, thats just to name a few. Transamerica’s bread and butter is their Term Life insurance (Trend Setter Super) or Term Life Insurance with Living Benefits (Trendsetter LB).

Term Life Insurance

Term life insurance offers nothing more and nothing less than a death benefit protection for a specific period of time. This is typically 10 years, 15 years, 20 years, or 30 years. Lets say for example Bob is 42 years old and decides he wants a 30 year term policy to cover his mortgage. If Bob were to pass away between the age of 42 (when term life insurance policy was purchased) and 72(before the end of 30 year term), the named beneficiary will receive the stated amount of death benefit. Lets say he were to outlive his policy and Bob lives to the age of 73 and passes away at the age of 74. Because he purchased a 30 year term policy, his beneficiaries would not receive the death benefit.

Since term policies do not offer any type of cash accumulation or savings component, the premiums for this type of coverage are typically more affordable than other, “permanent,” forms of coverage. Term life is sometimes referred to as “temporary” life insurance coverage as it is often used for covering temporary needs such as the balance of a mortgage.

Available in terms of 10, 20 and 30 years. In addition to these term lengths, Transamerica term life insurance is available in Trendsetter Express, Trendsetter Super and Trendsetter LB plans. The express plan is available without any required medical exam: Acceptance is based entirely on a medical records review. The Super plan can be converted to permanent insurance at the end of the term, and policyholders can choose to get back a portion of the premiums paid throughout the term. Finally, the LB policy offers a living benefit that allows policyholders to access a portion of their benefits in the event of a chronic, critical or terminal illness.

Whole Life Insurance Plans

There are several different Whole Life Insurance products that are offered by Transamerica Life Insurance Company. The face amount in a Whole Life Insurance plans ranges from $2,000 up to $50,000. These policies are mainly purchased for paying final expenses. The policy builds cash value on a tax-deferred basis, and it can be withdrawn for use in emergencies or for extra income.

The interest due does not have to be paid back but will be taken out when the final amount is paid to your beneficiary. Whole life is considered permanent coverage, because as long as the premium is paid, coverage will remain in force – oftentimes for the “whole” of a person’s life. The premiums paid go toward both the insurance coverage and investment for later use. The premiums for whole life plans are typically fixed from the beginning.

Universal Life Insurance

Universal Life is similar to whole life but with more flexibility in the premium. You can pay a higher or lower premium throughout the life of the policy depending on your financial health. This will increase or decrease the value of the policy accordingly. While similar to whole life, universal is more flexible in terms of premium payment options. Premiums change throughout the life of the policy depending on the insured’s needs, and the policy’s cash value. Transamerica also sells variable universal life, which works the same way but with a choice in how premiums are invested.

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