Help protect your family's financial future

Term life insurance can be a great way to help protect a family's financial future. Individuals can get coverage when they need it most, and pay less on premiums than they would for a permanent insurance policy.

Understanding Term Life Insurance

Explore the protection, convenience, and flexibility a term life insurance policy can provide families.

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Term life insurance options offered by Transamerica

Transamerica offers the choice of several 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 customers with financial protection anywhere from $25,000 up to $10 million (and above based upon individual consideration). 

Nonmedical underwriting for all risk classes is available for clients ages 18 to 45 up through $2 million and ages 46 through 55 up through $1 million.

Transamerica offers two different term life insurance policies:

Trendsetter® Super
Trendsetter
® LB

Trendsetter Super: High death benefit, 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 customers ultimately select is guaranteed to remain the same throughout the entire initial level term period. Policyholders may convert some or all of their coverage to a permanent life insurance policy during the conversion period without having to undergo additional underwriting.

Trendsetter LB: A term life insurance policy with living benefits

The Trendsetter LB® policy offers up to $2 million in death benefit protection, includes conversion options, and provides living benefits. Living benefits offer customers added flexibility to accelerate a portion of the death benefit when they have a qualifying chronic, critical, or terminal illness.

Forty-four percent of Millennials surveyed estimated the annual cost of term life insurance to be over $1,000 (which is more than six times the actual cost).

Have questions about term life insurance?

   

Knowing which type of life insurance is right for each individual can 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.

Should they buy term life insurance?

Term life insurance — or any life insurance policy, for that matter — may be beneficial, especially for those who want to help protect their family after they're gone. If they're 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.

How does term life insurance work?

Term life insurance pays a stated death benefit to beneficiaries if the insured individual passes during the coverage period. Unlike other forms of life insurance, term life insurance provides guaranteed level premium and guaranteed death benefit only during the level term period. If death does not occur before the end of the level term period, the policy owner may have the option to renew coverage, convert to permanent coverage, or allow the policy coverage to terminate. 

What does term life insurance cover?

If the insured were to pass during the coverage period, term life insurance pays the stated death benefit to the beneficiaries. Death benefit may range from $25,000 to $10+ million and may vary based on product and eligibility.

Trendsetter® LB not only provides a death benefit but also offers added flexibility to accelerate a portion of the death benefit for qualifying chronic, critical, and terminal illnesses.

How much term life insurance do they need?

The amount of term life insurance needed depends on their current situation - including income, debt, and living expenses - and how much their loved ones will need should the unexpected occur. 

What is the best term life policy?

There’s no one-size-fits-all policy. The best way for a client to determine the ideal term life insurance policy is to have an open, honest dialogue with an insurance agent. Agents have the experience to help make sure a 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 their specific needs.

How much does term life insurance cost?

The cost of term life insurance depends on several factors, including age, health history, and coverage amount. Term life insurance tends to be more affordable than permanent insurance, such as whole life and universal life. 

Which term life insurance policy should a client get?

Clients should purchase the policy that fits their individual needs. Term life insurance is a way to help protect a family in the event their loved one passes. The death benefit can help cover costs, such as college, a mortgage, or outstanding debts. Policyholders may have the option to convert the term policy into a permanent policy that may provide coverage for their entire life.

Trendsetter® LB not only provides a death benefit but also offers added flexibility to accelerate a portion of the death benefit for qualifying chronic, critical, and terminal illnesses.

How long is term life insurance?

A term life policy from Transamerica provides guaranteed, level premiums during the term period — 10, 15, 20, 25, or 30 years. The term period policy should be based on their financial needs.

The policyholder may have the option to convert some or all of the coverage to a permanent life insurance policy without additional underwriting.

Any coverage not previously converted or canceled will continue as yearly renewable term until age 105. Premiums increase annually for yearly renewable term 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. Check the policy data page for post-level term premium increases.

What if the insured individual lives through the level term policy?

It's important that clients meet with their insurance agent to understand their insurance needs, options, costs, and eligibility. Clients may consider converting some or all of the coverage prior to the end their conversion period, terminating coverage, purchasing a new policy (subject to eligibility and underwriting), or continuing coverage as yearly renewable term. 

Insurable individuals may be eligible to purchase a new term policy (subject to eligibility and underwriting) at lower premiums than yearly renewable term premiums. Premiums increase annually for yearly renewable term 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.

Can customers cancel term life insurance?

Policyholders can cancel their term life insurance policy at any time. Conversely, if customers do not pay the insurance premium when due, the policy may lapse and coverage terminated.

Can customers borrow against their term life insurance?

No, policyholders cannot borrow against a term life insurance policy.

Is term life insurance taxable?

Beneficiaries generally do not have to pay federal income taxes on death benefits received. 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.

How can customers buy term life insurance?

Buying term life insurance is simple. Get an online quote in minutes, contact a Transamerica representative directly at 1-800-797-2643, or call your insurance agent.

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.