Press Releases
Transamerica Occidental Life Revamps Its Universal Life Product
Enhancements include competitive pricing and a new Return of Premium feature
LOS ANGELES (March 1, 2007) - Transamerica Occidental Life Insurance Company (TOLIC) today introduced a significantly enhanced version of TransACE®, an individual, flexible-premium universal life policy. Building upon TOLIC's solid foundation of financial strength and more than 100 years of commitment to customers, TransACE is a lifetime-guaranteed death benefit product that also offers the advantages of a new return of premium (ROP) death benefit option and competitive pricing across level-pay, single-pay and limited-pay scenarios. The ROP death benefit option has never before been offered with the TransACE policy.
"TransACE offers lifetime, guaranteed death benefit protection at very competitive prices. We've significantly lowered the premiums on the new TransACE policy, with reductions of as much as 10%, especially at age 55 and younger," says Bill Tate, TOLIC's Senior Vice President and Chief Marketing Officer.
TransACE's new return of premium death benefit option, called the Plus-Premium Option, is available with this product for the first time. At death, beneficiaries can receive the face amount plus the premiums paid net of any refunds, partial surrenders, loans and premiums due and unpaid.
"TransACE's new features make it a particularly good fit for a variety of legacy and estate planning strategies, such as bypass trust planning, estate planning for blended families, special-needs trust planning, charitable legacy planning and business succession planning," Tate explains.
"We've streamlined the earlier version of TransACE to make it more competitive than ever. Whether clients prefer a lump-sum payment, a short-pay arrangement, or a lifetime, level-pay plan, TransACE provides the flexibility and consistently competitive premiums to help meet clients' objectives," says Tate.
TransACE offers a no-lapse guarantee endorsement, which allows for lifetime guarantees, even if the policy's cash accumulation value drops below zero. As long as a positive policy threshold (less any outstanding loans) is maintained, the policy is guaranteed to stay in force for the life of the insured.
With seven risk classes available, TransACE's issue ages are 16 to 89 for the Preferred and Standard classes and 16 to 80 for the Select Nonsmoker class. Premiums are based on age-nearest-birthday pricing. The minimum face amount is $25,000 ($100,000 for Select Nonsmoker). Level and Plus Premium are the two death-benefit options.
Premiums are flexible as long as the policy owner meets the cumulative minimum required premiums as of each policy anniversary during the first five policy years. Required premiums vary by issue age, underwriting class, rating, face amount, and gender.
Riders available for an additional premium include Accident Indemnity, Children's Insurance, Guaranteed Insurability and Waiver Provision.
Products and features are not yet available in all states. TOLIC's previous universal life policies TransACE® SP and TransACE® LP will be discontinued for new business as states approve the new TransACE. TransACE SP will continue to be available for conversions.
Producers interested in more information about TransACE may contact the Western Regional Marketing Center (which covers states west of the Mississippi) at (888) 862-1936 or the Eastern Regional Marketing Center at (888) 558-8743.
About Transamerica
Transamerica Insurance & Investment Group—a marketing unit for TOLIC and its affiliates—offers an array of innovative financial services and products designed to help individuals, families, and businesses build, protect, and preserve their assets. These products and services are underwritten by TOLIC or its affiliated statutory insurance companies, and include term life insurance, universal life insurance, variable universal life insurance, and fixed annuities.
TOLIC is rated A+ (Superior), the second highest of 16 ratings by A.M. Best, Aa3 (Excellent), the fourth highest of 21 ratings by Moody's, and AA (Very Strong), the third highest of 21 ratings by Standard & Poor's (ratings as of February 2007). TOLIC is an AEGON company. Headquartered in The Hague, the Netherlands, AEGON is one of the world's leading life insurance and financial services organizations.
For more information about Transamerica, visit www.transamerica.com.
