About TransamericaTransamerica’s roots can be traced back as far as 1904 when Amadeo Giannini decided it was time for the working class to have access to the same banking services as the elite. As Giannini’s vision took hold and the bank began to grow, Transamerica began acquiring other financial businesses like the Occidental Life Insurance Company. After only 20 years, Transamerica would become the biggest private banking service in the world. As Transamerica’s footprint increased globally through strategic acquisitions, In 1999 a dramatic change to the organization took place when Transamerica became part of Aegon N.V.
Transamerica’s Financial StabilityAs a member company of Aegon N.V., Transamerica’s financial stability remains at the top of the charts which demonstrates that the company is in a very strong financial position to pay expected claims and operating expenses. Simply put, this life insurance company will be able to keep its promises to policyholders.Here are the financial ratings for Transamerica Life Insurance Company for 2021:
|Standard & Poor’s||AA-|
|Moody’s Investors Service||A1|
Life Insurance from Transamerica
It’s important for insurance companies to be able to accommodate the needs of its customers, and as such, Transamerica offers insurance and financial solutions for individuals, businesses, and financial professionals.
Although Transamerica Life Insurance Company is a solid leader in the life insurance industry, the make the following additional financial products available to clients and prospective clients:
|Financial Product||Individuals||Employers||Financial Professionals|
Transamerica’s Life Insurance Products
As one of America’s premier insurance providers, Transamerica offers a comprehensive portfolio of insurance products for individuals and businesses. The company’s insurance products are not only backed up by a financially stable insurance provider but they are also very affordable and are competitive with every company in the insurance industry.
Term Life Insurance
Term Life Insurance, because of its affordability, is one of the most popular insurance products for families who want to replace the income of a breadwinner, pay off a mortgage when the worst thing happens, pay for college expenses or continue investing in a retirement plan for a surviving spouse.
Not every term policy is the same so individuals and families should consider what’s available to meet their needs. Transamerica offers two different term policies to provide the solutions needed for its clients and prospective clients.
The Trendsetter Super policy is term life insurance that can be purchased with a death benefit up to $10 million or more. Like traditional term life insurance, the death benefit will remain the same during the term of the policy which can be 10, 15, 20, 25, or 30 years. The policies are convertible which allows the insured to convert their term policy to a permanent policy without proof of insurability.
The Trendsetter LB policy is similar to the Super policy but has a maximum death benefit of $2 million. The LB stands for living benefits because the policyholder can be advanced a substantial portion of the death benefit if he or she is diagnosed with a terminal, critical, or chronic illness.
Here are actual rates for a 20-year policy with a $500,000 death benefit for a very healthy male or female non-smoker:
|Age of Applicant||Male Non-Smoker||Female Non-Smoker|
Transamerica Whole Life Insurance
Because of Whole Life’s benefits and guarantees, this policy is utilized as the most common method to protect your family’s financial security in the long run.
Whole Life insurance is considered the bedrock of life insurance because:
- The guaranteed lifetime death benefit – Your life insurance policy cannot be canceled for any reason other than non-payment of premium.
- Your payment remains level for a lifetime – Transamerica can never increase your premium, even if you become terminally ill and must live in a nursing or hospice facility.
- Your policy builds cash value over time – Whole life policies build cash value over time and earn a minimum interest every month that can be accessed through policy loans or withdrawals
Universal Life Insurance
Universal Life Insurance has become the most popular insurance product for individuals and families who want lifetime insurance protection and the ability to accumulate wealth over the life of the insurance policy.
Universal Life is the only type of life insurance that allows the insured to change premium payments or even the benefit to accommodate the life events that happen to every individual or family.
Transamerica also offers an Indexed Universal Life policy that earns interest based on the performance of various market indices that the cash account is linked to. Typical indices are the S&P 500 or NASDAQ. Indexed Universal Life insurance (IUL) is also used for retirement planning, estate planning, and business funding.
For more information about Transamerica Life Insurance Company or if you have other insurance questions, call the insurance professionals at LifeInsure.com at 866-868-0099 during normal business hours or contact us through our website.