There’s a misconception of the insurance business that all you do as a customer is pay premiums and get nothing in return. Transamerica is driven to help people save, invest, and protect their loved ones, and ultimately retire with protected retirement income. And we do it well.
To give you an idea of how Transamerica helps our customers and their families, here are some recent figures1:
From October to December 2017, we processed more than 1 million claims and paid out more than $9.4 billion in insurance, retirement, annuity claims, and benefits.
From January to March 2018, we processed 970,000 claims and paid out more than $9.7 billion in insurance, retirement, annuity claims, and benefits.
That’s nearly $20 billion in just six months. Life changing for some. Just getting through life for others. Either way, it’s meaningful.
Imagine how many family members breathed a sigh of relief when those checks arrived in the mail. Yes, there were fees and premium payments while the policy was in place, but how much did that really matter when a prime breadwinner in the family passed away? The surviving loved ones didn’t have to worry about daily living expenses due to the protection provided through Transamerica.
New solutions for the modern world
We’re always looking to provide financial solutions that better fit the needs of our customers. Unfortunately, people don’t always know what their needs will be 10, 15, or 25 years from now. So…how can you cover all of your future needs without having to buy several different types of insurance? There’s a movement in the industry toward multipurpose solutions that cover multiple needs.
For example, we currently offer an index universal life (IUL) contract that offers a death benefit to beneficiaries. It also provides living benefits* through Critical Illness, Chronic Illness, or Terminal Illness Riders as well as an optional Long Term Care Rider to the insured. If the policy ultimately isn't needed for insurance, there is a cash value accumulation feature whereby any cash value can be accessed for any future expenses through loans and withdrawals.** How's that for covering your unknown future?
We want people to understand the importance of protecting their Wealth + Health, but we know that message often isn’t heard until those life-triggering moments hit. For many, it can be when they get married or have a child, and they suddenly realize they have more responsibility than they did before. They want to make sure they’re well enough to physically rise to the occasion and are prepared financially for the worst-case scenario. That’s where we come in.
Protection beyond your employer
A lot of people think they’re covered through the life insurance at work that offers one or two times their salary. Typically, that protection disappears when they change jobs. What about something more permanent, something that goes with you wherever you choose to work? In addition, more and more people are joining the “gig economy” of freelance and contract work that doesn’t offer the traditional benefits of the workplace—like insurance. Once again, people want to protect their loved ones beyond what is available through their employer.
Some people cringe when they hear about life insurance, similar to how they respond to going to the dentist. They immediately think, “What’s this going to cost me?” or “I don’t really need insurance” or “I’ll think about it later.” I would argue the bigger conversation should center on two important questions: What could it cost if you don’t have it and something happens? And can you and your family afford to ignore it?
1 Source: 2017 and 2018 claim data as processed by Transamerica Customer Service and Operations team
*Riders and benefits have specific limitations, may incur additional costs, and may not be available in all jurisdictions. The maximum base policy face amount may be limited by the addition of certain riders. For complete details, including charges, terms and conditions of each rider and exact coverage provided, please consult your agent.
**Loans, withdrawals, and death benefit accelerations will reduce the policy value and death benefit. Provided the policy is not and does not become a modified endowment contract (MEC), 1) withdrawals are tax-free to the extent that they do not exceed the policy basis (generally, premiums paid less withdrawals) and 2) policy loans are tax free as long as the policy remains in force. If the policy is surrendered or lapses, the amount of the policy loan will be considered a distribution from the policy and will be taxable to the extent that such loan plus other distributions at that time exceed the policy basis.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as, medical, insurance, securities, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.