What is Term Life Insurance?

A term life insurance policy can be a great way to help protect a family's financial future. Policyholders get covered for a specific amount of time (or "term"), and pay less on premiums than they would for a permanent life insurance policy.

The Difference Between Term and Whole Life Insurance

Life can throw us many curveballs, and last thing we'd want to do is leave our family in a tough financial situation after we're gone. Life insurance exists for this very reason. While there are many options out there, term life insurance is time-based, meaning you can choose a specific amount of coverage for a specific amount of time (up to 30 years).

This can be a great option for young families or those just starting their careers, as it's generally more affordable than other types of life insurance, which may last your entire life. 

Term Product Comparison

Trendsetter® Super  

Issue ages: 18-80

Term Durations: 10-, 15-, 20-, 25-, and 30-year

Coverage available: $25K–$10 million and up

No medical exam for up to $2 million for qualifying applicants

Flexible and convertible coverage to permanent life policy during conversion period

Customizable to fit your lifestyle with different coverage amounts, term periods, and optional rider benefits

Trendsetter® LB

Issue ages: 18-80

Term Durations: 10-, 15-, 20-, 25-, and 30-year

Coverage available: $25K–$2 million

No medical exam for up to $2 million for qualifying applicants

Flexible and convertible coverage to permanent life policy during conversion period

Living benefits provide early access to the death benefit for a wide range of qualifying critical or chronic conditions

Forty-four percent of surveyed Millennials estimate the annual cost of term life insurance for a healthy 30-year-old to be over $1,000. It’s closer to $165 per year.

"2021 Insurance Barometer Study," LIMRA, 2021

Trendsetter® Super Series are term life insurance policies issued by Transamerica Life Insurance Company, Cedar Rapids, IA. Policy Forms ICC17 TL22, TL22 0417, issued by Transamerica Life Insurance Company. Premiums increase annually for Trendsetter Super YRT, and beginning in year 11 for the 10- year policy, in year 16 for the 15-year policy, in year 21 for the 20-year policy, in year 26 for the 25-year policy, and in year 31 for the 30-year policy. Policy form and number may vary, and this policy and the riders with this policy may not be available in all jurisdictions. Insurance eligibility and premiums are subject to underwriting. Not available in New York. In most states, in the event of suicide during the first two policy years, death benefits are limited only to the return of premiums paid.

Trendsetter® LB is a term life insurance policy, Policy Form ICC16 TL23 or TL23 issued by Transamerica Life Insurance Company, Cedar Rapids, IA. Premiums increase annually beginning in year 11 for the 10-year policy, in year 16 for the 15-year policy, in year 21 for the 20-year policy, in year 26 for the 25-year policy, and in year 31 for the 30-year policy. Not available in New York. Policy form and number may vary, and this policy and the riders with this policy may not be available in all jurisdictions. Insurance eligibility and premiums are subject to underwriting. In most states, in the event of suicide during the first two policy years, death benefits are limited only to the return of premiums paid.

Benefits provided through the Living Benefits, including the critical, chronic and terminal illness accelerated death benefits, are subject to certain limitations and exclusions. Amounts payable under the benefits vary based in part on the nature and severity of the Insured’s health condition and the Insured’s remaining life expectancy at the time of the acceleration as determined by the company. Refer to the policy contract for complete details.