life products - transact - transamerica's website for financial

Life Products

For producer use only. Not for distribution to the public.

Product Matrix

t r a n s a m e r i c a | 1

Transamerica Insurance & Investment Group offers an array of innovative financial services and a commitment to helping individuals, families, and businesses build, protect, and preserve their hard-earned assets.

We continue to showcase our unyielding commitment to offering innovative financial strategies designed to provide clients with the Guarantees, Control and Flexibility needed to secure their financial future.

Our exceptional product options offer clients:

n Guarantees that provide protection when they need it most

n Control over how assets are passed on to help safeguard the financial future of their loved ones.

n Flexibility to meet changing needs

Each product is backed by the strength of Transamerica, one of the nation’s leading providers of financial security products.For additional information or questions about illustrating any of the products in our portfolio, contact the Transamerica Strategic Marketing Sales Desk at (866) 545-9058.

For state availability, please visit TransACT® (www.tatransact.com).

2 | Life Products

Product and concePt matrix

1Available for term conversions

Common Strategies for Individual Planning

Common Strategies for Business Planning

Classification Dea

th B

enef

it C

ove

rag

e

Tra

nsS

ecu

rity

SM

Leg

acy

Pla

nn

ing

Ret

irem

ent

Pla

nn

ing

1035

Exc

han

ges

Pre

miu

m F

inan

cin

g

Ch

arit

able

Gif

tin

g

Sp

ecia

l Nee

ds

Tru

sts

Bu

sin

ess

Su

cces

sio

n

Exe

cuti

ve B

enef

its

No

nq

ual

ifie

d

Def

erre

d C

om

p

Key

Per

son

Sim

plif

ied

Issu

e

Fixed Life

TransTerm® (No Lapse) Guaranteed UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransACE® (No Lapse) Guaranteed UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransACE® CV1 (No Lapse) Guaranteed UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransACE Survivor®

(No Lapse) Guaranteed Survivorship UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransUltra® SP 20061

Current Assumption UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransUltra Plus® 2006

Current Assumption UL ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

TransProtector®Modified single-premium, Simplified Issue UL ✓ ✓ ✓ ✓ ✓

TransSecure® II1

Single life, nonparticipat-ing, limited-payment, interest-sensitive whole life insurance

✓ ✓ ✓

Trendsetter® Super YRT

Term Insurance ✓ ✓ ✓ ✓ ✓

Final Expense Guaranteed Whole Life ✓ ✓


universaL Life insurance PortfoLio

TransTerm® 10-, 15-, 20-, 25- and 30-Year

Policy Type (No Lapse) Guaranteed-Flexible-premium universal life insurance. Designed to provide term-like coverage with planned initial level premium choices of 10, 15, 20, 25 and 30 years.

Market Strengths n Transamerica Opportunity Program (TOP and TOP Plus)

n Non-Medical band ($25,000–$99,999)

n Rate band break for multiple policies1

n Income Protection Option

Issue Limits n Age 18–60 $25,000–$99,999 non-med

n Age 61–70 $25,000–$50,000 non-med

n Age 61–70 $50,001+ Follows U/W Guide used for 100K band

n Age 71+ $25,000–$99,999 Follows U/W Guide used for 100K band

$100,000+ medically underwritten

Issue Ages Age Nearest Birthday

n 10-Yr 18–85

n 15-Yr 18–80

n 20-Yr 18–75

n 25-Yr 18–70

n 30-Yr 18–65

Surrender Charges Period is the lesser of the planned initial level premium period or 20 policy years for all risk classes

Premium and Rate Guarantee

Death benefit may be guaranteed with planned initial level premium periods of 10, 15, 20, 25 or 30 years. After the planned initial level premium period, premiums increase.

Special Features & Options

n High maximum issue ages

n Lower minimum face amount starting at $25,000

n Non-medical underwriting at band 1 ($25,000–$99,999)

n Transamerica Opportunity Program (TOP and TOP Plus)


n No-Lapse Guarantee Endorsement

n Rate band break for multiple policies1

n Accelerated Death Benefit2

Riders n Accident Indemnity Rider

n Children’s Insurance Rider

n Waiver Provision Rider

Loan Cost 2.5% (8% annual loan interest with loaned value earning 5.5%)

Conversion No

1 Must be on the same insured, applied for and underwritten simultaneously. Total face amount of combined policies is sufficient to meet higher band.2 Benefits advanced under this option may be taxable.

4 | Life Products

TransACE®

Policy Type (No Lapse) Guaranteed—flexible-premium universal life insurance

Minimum Face Amount

n $25,000

n $100,000 for Select Nonsmoker class

Issue Ages (Minimum/Maximum)

n 16–69 years, Select Nonsmoker (age nearest birthday), both death benefit options

n 16–89 years, All other classes (age nearest birthday), level death benefit

n 16–80 years, Death Benefit Option 3 (ROP), all classes except Select Nonsmoker

Surrender Charges Decreasing over 20 policy years

Required Premium Period

Five years



n Premium Qualification Credit


n Full Policy Surrender Penalty Waiver (Honeymoon) (subject to minimum premium requirements)


n Insured Exchange Option

n Level Death Benefit and Plus-Premium Death Benefit Options

n Surrender Penalty Deferral Endorsement (subject to minimum premium requirements)

n Surrender Flexibility Endorsement



n Guaranteed Insurability Rider


Loan Cost (Net Effective Annual Loan Rate)

2.5% (8% annual loan interest with loaned value earning 5.5%)

10% Penalty-Free Withdrawals (Starting in Year 2)

No

Market Strengths n No-Lapse Guarantee design to provide lifetime death benefit guarantees2

n Return of Premium Option (ROP) ideal for legacy and estate planning

n Lump-sum, short-pay, or level-pay premium payment options

1 Benefits advanced under this option may be taxable.2 If the Policy Threshold requirements are not met, then fluctuations in interest rates and/or policy charges may require the payment of additional

premiums to keep the policy in force.



TransACE® CV

Policy Type (No Lapse) Guaranteed—flexible-premium universal life insurance

Minimum Face Amount

n Preferred Plus: $100,000

n All other risk classes: $25,000


Age 0 to 75, age nearest birthday. (For issue ages 0–15, the risk class is Standard Nonsmoker.)



Five years



n Automatic Premium Loan

n Free-Look Provision

n Full Policy Surrender Penalty Waiver (Honeymoon)




n No Maturity Date2

n Premium Qualification Credit

n Surrender Penalty Deferral Endorsement



n Guaranteed Insurability Rider





No

Market Strengths n Juveniles and younger issue ages

n Term conversions

n No-Lapse Guarantee design to provide lifetime death benefit guarantees3


1 Benefits advanced under this option may be taxable.2 Transamerica Life Insurance Company and its representatives do not give tax advice. Neither the Internal Revenue Code (IRC) nor the Internal

Revenue Service (IRS) has defined life insurance beyond age 100 or addressed the tax effects of attaining age 100 or the actual or constructive receipt of proceeds at that time or later. Clients should be urged to consult with and rely solely upon their own independent advisors regarding their particular situation.

3 If the Policy Threshold requirements are not met, then fluctuations in interest rates and/or policy charges may require the payment of additional premiums to keep the policy in force.

6 | Life Products

TransACE Survivor®

Policy Type Flexible-premium, no-lapse, second-to-die universal life insurance policy

Minimum Face Amount

n Base Coverage: $250,000

n Estate Protection Rider: $25,000

Issue Ages (Age Nearest)

n 16–85, Preferred & Standard with Level Death Benefit Option (older joint insured up to age 89)

n 16–80, Preferred & Standard with ROP Death Benefit Option

n 16–69, Select (Best Class) either Level or ROP Death Benefit Option



Five years


n Basic Policy Split Option

n Guaranteed Policy Split Option


n Enhanced Surrender Value Endorsement



n Full Policy Surrender Penalty Waiver Provision (Honeymoon) (subject to minimum premium requirements)



Rider n Estate Protection Rider



10% Penalty-Free Withdrawals

No

Market Strengths n Return of Premium (ROP) Option—ideal for legacy and estate planning

n Competitive guaranteed death benefit premiums2

n Mature ages

n Jumbo case market

1 Benefits advanced under this option may be taxable.2 If the Policy Threshold requirements are not met, then fluctuations in interest rates and/or policy charges may require the payment of additional

premiums to keep the policy in force.



TransUltra® SP 2006

Policy Type Flexible-premium universal life insurance

Minimum Face Amount

n $25,000

n $100,000 for Select Nonsmoker class (TransUltra Select SP)


n 16–89, age last birthday

n 16–80, age last birthday for Select Nonsmoker class (TransUltra Select SP)

Surrender Charges n Decreasing over 13 policy (or layer) years for Select Nonsmoker class (TransUltra Select SP)

n Decreasing over 15 policy (or layer) years for all other underwriting classes


Five years







n Option for Additional Insurance

n Surrender Annuity Option


n Current interest rate banding




Loan Cost (Net Effective)

Class An Policy years 6–10: 1% with loan interest at 6.1% in advance (6.5% effective)

n Policy years 11 and beyond: 0.5% with loan interest at 5.66% in advance (6.0% effective)

Class Bn 2% with loan interest at 6.98% in advance (7.5% effective)


Yes (starting in year 2)

Market Strengths n Mature issue ages

n Available for conversions, except for Select Nonsmoker class (TransUltra Select SP)

1 Benefits advanced under this option may be taxable.


8 | Life Products

TransUltra Plus® 2006

Policy Type Flexible-premium universal life insurance

Minimum Face Amount

$100,000


16–89, age last birthday

Surrender Charges Decreasing over 14 policy (or layer) years


Five years







n Option for Additional Insurance

n Surrender Annuity Option


n Current interest rate banding




Loan Cost (Net Effective)

Class An Policy years 6–10: 1% with loan interest at 6.1% in advance (6.5% effective)

n Policy years 11 and beyond: 0.5% with loan interest at 5.66% in advance (6.0% effective)

Class Bn 2% with loan interest at 6.98% in advance (7.5% effective)


Yes

Market Strengths n Mature issue ages

n Death benefits at issue either Return of Accumulation Value or Return of Premiums. Can be changed to Level death benefit in the future.

n Maximum death benefit on Return of Premium version is four times face amount




TransProtector®

Policy Type Modified single-premium universal life insurance

Minimum Premium Amount

Single Premiums: $25,000 Scheduled Required Premiums: Premium Period (years) Annual Premium 2 $15,000 3 $10,000 4–10 $7,500

Issue Ages Single Premium: n 30 to 80, Gold Nonsmoker n 30 to 75, Gold Smoker and Silver Nonsmoker

Return of Premium at Surrender Rider: Available for single premium sales onlyn 30 to 80, Gold Nonsmoker n 30 to 75, Silver Nonsmoker n 30 to 65, Gold Smoker

Scheduled Required Premium: Underwriting Annual Premium-Paying Annual Premium-PayingClass Periods of 2–5 Years Periods of 6–10 YearsGold Nonsmoker 30–80 30–75 Gold Smoker 30–70 30–65 Silver Nonsmoker 30–65 30–65

Surrender Charges Decreasing over 8 policy years. Charges are a percentage of premium(s) paid and not considered pre-viously withdrawn. Maximum charge is 9% in years 1–3, decreasing to 1% in year 8 and 0% thereafter. Lower charge percentages may apply on a policy due to a state’s minimum nonforfeiture require-ments. The surrender charges that are established at issue apply throughout the duration of the policy.


n Simplified issue underwriting, with limits based on insured’s age, premiums paid, and premium-paying duration

n Income Protection Optionn No-Lapse Guarantee Endorsementn Accelerated Death Benefit1 (acceleration of death benefits due to terminal illness)n 3.00% guaranteed minimum interest rate

Rider n Return of Premium at Surrender (ROP) Rider2

Loan Cost Regular loans available beginning in policy year 1. Preferred loans available beginning in year 11. Loan interest charged in arrears. Regular loans: interest rate is 4.75% (guaranteed) and 4.50% (current). Preferred loans: Interest rate is 3.25% (guaranteed) and 3.00% (current). Interest credited with respect to loaned amounts at 3.0%.


Yes (starting in year 2)

Market Strengths n Simplified issue underwritingn Asset repositioningn Tax-efficient wealth transfern High current cash values provide potential for increases in death benefit

1 Benefits advanced under this option may be taxable.2 In Utah, rider is called Minimum Cash Surrender Value Rider.In most cases, TransProtector is considered a Modified Endowment Contract (MEC), and distributions are treated first as taxable distributions of contract earnings in the policy. Withdrawals, loans, and assignments are considered distributions. Taxable distributions from a MEC prior to policy owner’s age 591⁄2 may also be subject to a 10% federal income tax penalty. For applicants who do not qualify for Simplified Issue underwriting, full underwriting will apply.


10 | Life Products

TransSecure® II

Policy Type Single-life, nonparticipating, limited-payment, interest-sensitive whole life insurance

Minimum Face Amount

n $25,000 Qualified ($5,000 Qualified policies that meet Limited Underwriting Program criteria)

n $100,000 Nonqualified

Issue Ages (Min/Max)

20–80 years (age last birthday)

Surrender Charges Decreasing over 10 policy years (applies to accumulation value, not to guaranteed minimum cash value)


Required Fixed Level Premium for the duration of the Premium Payment Period

n Premium Payment Period elected by the policy owner at issue and cannot be changed


n Guaranteed coverage with guaranteed minimum cash values if required premiums paid as scheduled

n Potential for net cash value in excess of guaranteed minimums based on current interest credits

n Premium payment periods available: one-pay (one policy year) and limited payment periods ranging from a minimum of 5 policy years to a maximum period equal to payment to age 65 or, if later, 15 policy years

n Qualified Plans Limited Underwriting Program: available on a limited underwriting basis for face amounts of at least $5,000 but less than $25,000 for sale to approved qualified plans

n Coverage Continuation Option


n Automatic Premium Payment provision

n Premium Loan Provision


Class A loans: Available beginning in policy year 8, net loan rate is zero (0.25% maximum guaranteed) for loans up to 25% of cash value or, if less, maximum loan amount.

Class B loans: Available beginning in policy year 1, net loan rate of 2.5% (current and guaranteed). Class B loans are all loans other than Class A loans.


Not applicable. Partial surrenders available from excess cash value (cash value in excess of guaranteed minimum cash value, reduced by policy debt). Other limits apply during premium payment period. No surrender charges for partial surrenders. $25 partial surrender fee applies.

Market Strengths n Suitable for 412(e)(3) and split-funded defined benefit markets

n Ability to select limited pay period

n Accepts 1035 Exchanges, useful for plan takeovers

n Unisex rates

n Guaranteed coverage with guaranteed minimum cash values




Trendsetter® Super YRT

Issue Limits n $100,000 for PNS, PS, SP, SNS, SS and UU

n $250,000 for Preferred Plus

Issue Ages Term (Age Nearest Birthday)

YRT 18–80


Level death benefit term life insurance policy guaranteed renewable to age 95. Premiums increase annually to age 95, but are guaranteed for the first five years.


n High maximum issue ages

n Waiver of policy fee for multiple policies1

n Band break for multiple YRT policies1

n Banded premiums for more competitive pricing on large cases



n Policy fees are fully commissionable



n Waiver of Premium Rider

Conversion Available until the insured’s 70th birthday (75th birthday for Preferred Plus class), whichever occurs first.

1 Must be on the same insured, applied for and underwritten simultaneously. Policy fees will be waived on the shorter (secondary) duration policy.2 Benefits advanced under this option may be taxable.

term insurance PortfoLio

12 | Life Products

Final Expense

Issue Limits n $2,000–$50,000

n $15,001 and up North Carolina, Oregon, Iowa, Nevada and Utah

n $25,000 and up Washington

n $25,001 and up West Virginia

Issue Ages Age Nearest Birthday

0–80


Level to age 100


n Simplified underwriting

n Offers guaranteed whole life insurance for burial and final expenses

n 100% death benefit in all years

n Offers cash value

n Policy loans

Conversion Not applicable

finaL exPense insurance PortfoLio

For producer use only. Not for distribution to the public. OL 630 1111

This brochure is intended only to highlight the products. Product specifications may vary, and these products and/or features may not be available in all jurisdictions. Contact Transamerica for information and additional product details. Life insurance policies are issued by Transamerica Life Insurance Company, Cedar Rapids, IA 52499.

life products - transact - transamerica's website for financial

Documents