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Life Insurance Policy FAQs


Term LifeWhole LifeUniversal Life
Variable Universal LifeAccidental DeathFinal Expense Life

FAQs to better help you understand life insurance.

In this section you will find answers to some frequently asked questions on life insurance policies and other similar information. These are designed to help you understand the topic of life insurance a little bit better.


Q. What is RAP?

A. The RAP (Required Annual Premium) is the minimum amount that must be paid each year during the required premium period specified in a universal life insurance policy to keep the policy in force. The RAP must be received by Transamerica by the policy anniversary date each year. If it is not, the policy will enter its grace period. With certain limitations, it is possible to pay future years' RAP in advance.

Q. How do loans work on my life insurance policy?

A. A policyholder may borrow any amount up to the policy's cash value less any outstanding loans and any interest due on the loan. Loan interest is due annually, in advance, at the time the loan is taken and on each policy anniversary. The loan interest on any outstanding loan is billed on the policy anniversary. If the loan interest due is not paid, subject to available policy values, an additional loan will be created to pay the loan interest due and that amount will be added to the outstanding loan balance.

A policy loan can be repaid at any time. However, if at any time the outstanding loan amount exceeds the policy's cash value, the policy will lapse. If the policy is in force and there is an outstanding loan balance at the time of the death of the insured, the loan balance will be deducted from the policy's death benefit proceeds paid to the beneficiary.

Q. What is a beneficiary?

A. The person(s) or organization(s) designated by the policyowner to receive the death benefit upon the death of the insured, annuitant or annuity owner.

Q. What is the difference between a primary and a contingent beneficiary?

A. Primary Beneficiary: The primary beneficiary generally has first rights to the death benefit.The amount of term life insurance that you need depends on your current situation and how much your loved ones will need should something happen to you.
Contingent Beneficiary: The contingent beneficiary is entitled to (or) eligible to receive the death benefit when the primary beneficiary predeceases the insured.

Q. What is the difference between a revocable and an irrevocable beneficiary?

A. Revocable Beneficiary: The policy owner CAN change the revocable beneficiary at any time prior to the death of the insured.
Irrevocable Beneficiary: The policy owner CANNOT change the irrevocable beneficiary without the written consent of the current irrevocable beneficiary.

Q. Who may change a beneficiary?

A. Generally, only the policy owner may change a beneficiary.

Q. How can I change the beneficiary listed on my policy?

A. The owner of the policy can change the policy's beneficiary at any time if the beneficiary designation is revocable. If the policy's beneficiary designation is irrevocable, the beneficiary must also approve any future beneficiary changes.

Q. How can I change the address of record on my policy or contract?

A. Please contact customer service if you need to change your address or login to your account.

Q. How can I get a duplicate copy or specimen of my policy or contract?

A. For U.S. policies or contracts:

If a policy is lost, a duplicate policy may be requested. A Policy Service Form must be completed and returned to Customer Service with a check payment of $25.00. You must login to access this form.

For Hong Kong and Singapore policies or contracts:

Please contact your respective local branch office.

For Bermuda policies or contracts:

Please email your inquiry to service@tlb.bm

Q. What are automatic withdrawals?

A. You may authorize Transamerica to take automatic withdrawals from your bank account in order to pay premiums. In addition, the bank account information we have on record may be changed at any time with your authorization.

This option is not available in Singapore or Bermuda policies or contracts.

Q. How can I set up automatic withdrawals?

A. Complete the Automatic Withdrawal Form and submit the completed form to Customer Service. You must login to access this form.

This option is not available in Singapore or Bermuda policies or contracts.

If you have additional questions, a Transamerica agent can help.

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More frequently asked questions (FAQs) on life insurance: