Haris Ashley
Transamerica offers term life insurance policies, which are time-based and can be customised to fit your lifestyle. The company provides a range of term periods, from 10 to 30 years, with premiums increasing annually from year 11 onwards for the 10-year policy, year 16 for the 15-year policy, and so on. Transamerica's life insurance policies also include a grace period, which comes into effect if the net surrender value is insufficient to cover the monthly deduction due. This grace period allows policyholders to reinstate their policy within five years, provided they meet certain requirements.
| Characteristics | Values |
|---|---|
| Grace period | When the net surrender value is not enough to pay the monthly deduction due |
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What You'll Learn
Transamerica Financial Life Insurance Company
The Trendsetter Super Series are term life insurance policies issued by Transamerica Life Insurance Company, Cedar Rapids, IA. Premiums increase annually for Trendsetter Super YRT, and beginning in year 11 for the 10-year policy, in year 16 for the 15-year policy, in year 21 for the 20-year policy, in year 26 for the 25-year policy, and in year 31 for the 30-year policy.
After the no-lapse period, your policy may lapse if loans, cash withdrawals, monthly deductions, and insufficient investment returns reduce the net surrender value to zero. The policy will enter a grace period if on any Monthiversary the net surrender value (the cash value minus the surrender charge, and minus any outstanding loan amount and accrued loan interest) is not enough to pay the monthly deduction due. A policy lapse may have adverse tax consequences. You may reinstate this policy within five years after it has lapsed, if the insured meets the insurability requirements and you pay the required amount.
The reallocation date is the policy date (or the record date if your policy is backdated), plus 15 days. On the first valuation date on or after the reallocation date, Transamerica will reallocate all cash value from the reallocation account to the fixed account and the subaccounts you selected on the application. If you requested dollar cost averaging, on the reallocation date, Transamerica will reallocate the cash value either to the fixed account, the TFLIC Transamerica Money Market subaccount, or the TFLIC AEGON Bond subaccount, depending on which account you selected on your application.
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Policy lapses and grace periods
Transamerica Financial Life Insurance Company offers a grace period if the net surrender value is not enough to pay the monthly deduction due. The net surrender value is the cash value minus the surrender charge, and minus any outstanding loan amount and accrued loan interest. If the net surrender value is reduced to zero, the policy may lapse. A grace period will then be offered, during which the policyholder can reinstate their policy within five years if they meet the insurability requirements and pay the required amount.
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Premiums and annual increases
Transamerica offers term life insurance policies, which are time-based. This means that you can choose a specific amount of coverage for a specific amount of time, up to 30 years.
Premiums increase annually for Trendsetter Super YRT, and beginning in year 11 for the 10-year policy, in year 16 for the 15-year policy, in year 21 for the 20-year policy, in year 26 for the 25-year policy, and in year 31 for the 30-year policy.
The grace period for Transamerica life insurance is the period after the no-lapse period during which your policy may lapse if loans, cash withdrawals, monthly deductions, and insufficient investment returns reduce the net surrender value to zero. The net surrender value is the cash value minus the surrender charge, and minus any outstanding loan amount and accrued loan interest. You may reinstate the policy within five years after it has lapsed, provided the insured meets the insurability requirements and you pay the required amount.
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Riders and eligibility
Transamerica offers term life insurance policies, which are time-based. This means that you can choose a specific amount of coverage for a specific amount of time, up to 30 years. These policies are issued by the Transamerica Life Insurance Company in Cedar Rapids, Iowa. The Trendsetter Super Series is an example of a term life insurance policy offered by Transamerica.
Transamerica's term life insurance policies are customizable, with different coverage amounts, term periods, and optional rider benefits. The riders with this policy may not be available in all jurisdictions, and insurance eligibility and premiums are subject to underwriting.
After the no-lapse period, your policy may lapse if loans, cash withdrawals, monthly deductions, and insufficient investment returns reduce the net surrender value to zero. The policy will enter a grace period if the net surrender value is not enough to pay the monthly deduction due. During this grace period, you can reinstate your policy within five years if the insured meets the insurability requirements and you pay the required amount.
Premiums for Transamerica's term life insurance policies increase annually, with the timing of the increases depending on the length of the policy. For example, for a 10-year policy, premiums increase beginning in year 11, while for a 20-year policy, premiums increase beginning in year 21.
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Term life insurance
Transamerica offers term life insurance policies, including the Trendsetter® Super Series. Premiums increase annually for Trendsetter Super YRT, and beginning in year 11 for the 10-year policy, in year 16 for the 15-year policy, in year 21 for the 20-year policy, in year 26 for the 25-year policy, and in year 31 for the 30-year policy. Policy form and number may vary, and this policy and the riders with this policy may not be available in all jurisdictions. Insurance eligibility and premiums are subject to underwriting. In most states, in the event of suicide during the first two policy years, death benefits are limited only to the return of premiums paid.
Additionally, it is worth noting that term life insurance policies typically have a level premium period, during which the premiums remain the same. After this period, the premiums may increase annually. It is important to consider the potential impact of premium increases on your financial situation when deciding on the length of the term period.
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Frequently asked questions
The grace period is entered when the net surrender value is not enough to pay the monthly deduction due.
This is the cash value minus the surrender charge, and minus any outstanding loan amount and accrued loan interest.
You may reinstate the policy within five years after it has lapsed, if the insured meets the insurability requirements and you pay the required amount.
