TERM LIFE INSURANCE

Save on premiums and help protect your family's financial future

Term life insurance

Term life insurance is typically more affordable than permanent life insurance. With potentially lower premium rates when compared to permanent life insurance, term life is a great way to help protect your family’s financial future. It provides you the opportunity to help save money on insurance premiums and stay on track with your financial goals.

What is term life insurance?

Term life insurance provides insurance for a specific period of time, which is called a term. If the worst should happen and you pass away during the term of your policy, Transamerica will pay out the full amount of your insurance coverage, known as a death benefit, in either a lump-sum payment or monthly payout.

Term life insurance options offered by Transamerica

Transamerica offers the choice of several flexible term life insurance policies. Our term life policies offer term periods ranging from 10 to 30 years separated by five-year increments and can provide your family with financial protection anywhere from $25,000 up to $10 million (and above based upon individual consideration). Most of our policies require a medical exam, but if a person is under a certain age and coverage amount, they may be able to get term life insurance without a medical exam — acceptance is based on answers to health questions on the application.

Transamerica offers two different term life insurance policies:

  • Trendsetter® Super Series
  • Trendsetter® LB

Trendsetter Super: A convertible term life policy

Trendsetter Super is a term life insurance policy that provides up to $10 million (and above based upon individual consideration) in coverage. The amount of coverage that you ultimately select is guaranteed to remain the same throughout the entire initial term period. At the end of the term, you may be able to convert the policy to a permanent life insurance policy without having to undergo additional medical exams — based on health questions on the application.

Trendsetter LB: A term life insurance policy with living benefits

The Trendsetter LB policy offers death benefit protection, up to $2 million, but also provides living benefits. These living benefits provide the option to receive an accelerated death benefit in the event of a qualifying chronic, critical, or terminal illness, while the insured is alive.

Four in 10 Millennials believe a term-life policy costs more than $1,000 a year (which is more than five times the actual cost).

-Insurance Barometer Study, Life Happens and LIMRA, 2017

Have questions about term life insurance?

Knowing which type of life insurance is right for you can sometimes be confusing. Transamerica wants to make the process as easy to understand as possible. Below, please find some frequently asked questions (FAQs) about term life insurance that can help you through your buying journey.
Term life insurance — or any life insurance policy, for that matter — may be beneficial, especially if you want to help protect your family after you are gone. If you are looking for coverage for a specific time period, such as 10 or 20 years, term life is a good option. It also may be more affordable than other types of life insurance.

Term life insurance provides an amount of money, called a death benefit, to the insured’s beneficiaries if the insured person passes away during the term of the policy. Unlike other forms of life insurance, term life insurance only provides coverage for a certain time period. If death does not occur within the time period covered by the term life insurance, the policy can expire. However, you may have the option to either renew the policy or convert it to a form of permanent insurance.

If something were to happen to you, term life insurance provides your beneficiaries with either a lump sum or a monthly payout. These death benefits may help your loved ones continue their lifestyle in lieu of your salary. The death benefit amount depends on your policy, which can range from $25,000 to $10 million.

Today we offer Trendsetter Living Benefits Term Life that not only provides a death benefit but also allows a client to access portions of their death benefit while they are alive for chronic, critical, and terminal illness.

The amount of term life insurance you need depends on your current situation and how much your loved ones will need should something happen to you.

There’s no one-size-fits all policy. The best way to determine your ideal term life insurance policy is to have an open, honest dialogue with a Transamerica insurance agent. They have the experience to help make sure your family’s financial needs are protected. At Transamerica, we want to make it as easy as possible to find the life insurance policy that suits your specific needs.
The cost of term life insurance depends on several factors, including your age, health history, and marital status. Term life insurance tends to be more affordable than permanent insurance, such as whole life and universal life. In order to find out how much your plan could cost, get a term life insurance quote today.
The life insurance plan you purchase should be based on your individual needs. Term life insurance is a way to help provide for your family in the event of your death to cover costs, such as college, a mortgage, or outstanding debts. Others grant you the option to convert your term life policy into a permanent insurance policy that provides coverage for your entire life.

Today Transamerica even offers a policy with living benefits that gives the option to receive an accelerated death benefit in the event of a qualifying chronic, critical, or terminal illness, while the insured is alive.
A term life policy from Transamerica can provide coverage for 10, 15, 20, 25, or 30 years. The amount of years on your policy should be based on your financial needs. Term life insurance is a way to help provide for your family in the event of your death to cover college costs, a mortgage, or outstanding debts. A Transamerica insurance agent can help you determine the life insurance that best fits your particular financial situation.

At the end of the term, you may be able to convert the policy to a permanent life insurance policy without having to undergo additional medical exams — based on health questions on the application.
If you do not pass away during the time you have coverage, your policy expires and no death benefit will be paid out. Your policy may be converted to a new policy at the end of your term, although your premiums may increase. Many choose term life insurance to help their family with a variety of financial needs in the event of an unexpected death.
You are free to cancel your term life insurance policy at any time. Conversely, if you do not pay your insurance payments on time, Transamerica could cancel your policy.
No, you cannot borrow against a term life insurance plan because it does not carry a cash value component. 
Your loved ones generally do not have to pay federal income taxes on the death benefit paid out to them. Neither Transamerica nor its agents or representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors regarding their particular situation and the concepts presented herein.
Buying term life insurance is simple. Get an online quote in minutes or contact a Transamerica representative directly at 1-800-797-2643.

Get a quote for term life insurance

For over 100 years, Transamerica has been a trusted leader in the insurance industry. It is our mission to help you live better today so you can worry less about tomorrow. With the comfort of knowing you have quality coverage, you and your family can focus on living well and living long.
 
You never know when you’ll need life insurance. Find out if term life insurance makes sense for your family.

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