If the cost of term life insurance is one of your primary considerations, then TransAmerica is a provider that could meet your unique needs. They are one of the few term life providers which offer small-value benefit policies. Your minimum coverage for a policy with TransAmerica is just $25,000. You have the option to have a death benefit as high as $2 million as well. This gives everyone the chance to protect their financial wealth and their health to the best of their ability. It is an asset that TransAmerica has provided to customers since 1906.
There are two different types of term life insurance policies which are offered by TransAmerica. The Super Series policy provides a guaranteed amount of coverage and can be converted to a universal life policy at the end of its term without the need for a secondary medical exam. The conversion occurs based on the health questions you answered during the initial application for the life insurance.
There is also the LB policy, which offers an accelerated death benefit. Certain critical, chronic, or terminal diagnoses qualify so that the policy holder receives their benefits while still living. Even if the policy holder ultimately recovers from the qualifying condition, the benefits do not need to be paid back.
You have three general death benefit options for these two plans.
• Decreasing Term. This type of policy offers a benefit that decreases over time and is primarily for changing debt needs that families have today.
• Level Term. This is the standard policy by TransAmerica and provides a fixed benefit based on a fixed premium.
• Increasing Term. If you anticipate having more expenses later in life, then this option can adapt to those changing needs.
Decreasing term policies may have fewer costs as the term nears maturity, while increasing term policies may have higher costs closer to maturity. Both options from TransAmerica are offered in five different term periods, ranging from 10 to 30 years.
Most of the policies offered by TransAmerica will require a medical exam. The application process will let you know if you qualify for a policy without the need for one.
View for more information about TransAmerica Term Life Insurance.