NU Online News Service, Feb. 14, 11:50 a.m. – Transamerica Occidental Life Insurance Company, Los Angeles, today announced its has broadened its line of term and universal life products.
The company says it has extended the issue ages on its 10-, 15- and 20-year Trendsetter Super Series term life insurance products for 2003. This series of products offers guaranteed premiums on coverage of $100,000 or more, plus an option to convert to permanent coverage.
The purpose of the expansion is to give older clients more choices, Transamerica explains in its announcement. The conversion option allows individuals to exchange their term policy for a UL or variable UL policy for the same or lower face amount, regardless of health, the company adds.
Transamerica also launched a new UL line featuring age-last-birthday pricing and a new nonsmoker underwriting class, plus new premium bands for both single- and joint-life plans, no maturity date and a built-in full death benefit rider.
Among the products in the portfolio is TransUltra EX, an individual life policy with benefits payable on the death of the insured, providing income for spouse or heirs. Its primary uses will be in business planning and personal estate planning, Transamerica says.