Transamerica announded today that they will be discontinuing their Trendsetter Express product from their term insurance product portfolio, effective February 14, 2015.
Up until this announcement, Transamerica featured three available products under their Trendsetter term insurance series of products including the Trendsetter Express program – the other two being Trendsetter Super and Trendsetter LB (Living Benefits).
So what’s the difference between Trendsetter Express and the other two?
The primary difference being that Trendsetter Express allowed for underwriting of a life insurance policy to be completed without a medical exam, up to certain limits (max face value of $249,999 with no exam). Whereas the other two requried an exam (Trendsetter Super could allow no exam up to $99,999 if between ages 18-60 – beyond those age and face value maximums, an exam would be required).
So can I still get term life insurance with Transamerica?
YES! Transamerica’s Trendsetter Super and Trendsetter LB products will continued to be offered.
The Trendsetter Super product features traditional term insurance coverage – the carrier can issue a policy up to age 80 under this program, has a Return of Premium rider available for 20 and 30 year term insurance policies, and can offer multi-policy discounts when purchasing more than one type of policy for an insured person.
The Trendsetter LB product features living benefits along with the term insurance death benefit the coverage is providing. Similar to the Trendsetter Express product, this coverage can also be secured with no exam up to $249,999. This coverage includes chronic and critical illness accelerated death benefits that allow you to secure a percentage of the proceeds prior to death to help pay for medical expenses, living expenses, etc. The amount provided if the living benefits are claimed is usually deducted from the death benefit when a claim is made on the policy.
If you have any questions about Transamerica’s term insurance products or any other their other products, please give us a call today at 1-888-972-0024 to speak with a live agent and get your questions answered. You can also always e-mail us 24/7 by CLICKING HERE.