Transamerica Occidental Life Insurance Company has built new longevity assumptions into a new family of universal life insurance policies.[@@]
Transamerica, Los Angeles, says pricing for the new TransACE SP, TransACE LP, TransUltra SP, TransUltra LP and TransUltra Plus policies will rely on the data in the new 2001 Commissioners’ Standard Ordinary Mortality Tables.
The 2001 tables predict that the typical life insurance policyholders will live longer than policyholders did back when actuaries developed the last widely used mortality tables, the 1980 CSO Mortality Tables.
The policies that include “SP” in their names are single-premium policies, and the policies with “LP” in their names are designed for consumers who want to make a series of level-premium payments, Transamerica says.
Thanks to the use of the 2001 CSO Mortality Tables, prices for level-premium UL policies will be relatively low for customers ages 35 to 55, Transamerica says.