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Second-To-Die Policy Offers Nearest-Birthday Rates

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Transamerica Occidental Life Insurance Company has introduced the TransACE Survivor 2008 life insurance policy.

The policy is a no-lapse, second-to-die universal life insurance policy that pays on the death of the surviving joint-insured, according to Transamerica Occidental, Los Angeles, a unit of Aegon N.V., The Hague, Netherlands.

The company uses the “age nearest birthday” pricing approach.

Issue ages for the preferred and standard classes with a level-death benefit option are 16 to 85 for the younger joint insured and 16 to 89 for the older joint insured.

The maximum age for the younger joint insured has increased from 80, according to Transamerica Occidental.

For many other classes, issue ages range from 16 to 80.

The minimum death benefit is $250,000.

Five risk classes are available, and one of the insureds can be “uninsurable.”

Premiums are flexible if the policy owner pays the cumulative minimum required premiums during the first 5 policy years, Transamerica Occidental reports.

Transamerica Occidental is responsible for backing the product guarantees.