A TOMORROW WORTH PROTECTING

[Pages:20]TA SECTION NAME FOLIO | TRANSAMERICA

A TOMORROW WORTH PROTECTING

TRANSAMERICA LIFETIME AGENT GUIDE

1

TABLE OF CONTENTS

Whole Life Insurance

3

Policy Description

3

Quick Facts

4

Riders and Options

4

Riders

4

Options

5

Living Benefit Riders

8

Riders

11

Express Protect Underwriting

14

Express Protect

14

Age and Amount Requirements

15

Transamerica Life Application

15

Whole Life Insurance Conditions

16

Free-Look Period

16

Grace Period and Policy Lapse

16

Reinstatements

16

Nonforfeiture Provisions

16

Loans

18

Policy Changes

18

Redate Procedures

19

2 For Agent Use Only. Not for Public Distribution.

WHOLE LIFE INSURANCE

POLICY DESCRIPTION

ABOUT TRANSAMERICA LIFETIME WHOLE LIFE Your clients deserve a permanent life insurance solution that's simple, guaranteed, and customizable enough to meet whatever life throws at them.

Whole life insurance is the only life insurance that offers a guaranteed death benefit, guaranteed cash value, and guaranteed premiums that will never increase as long as the premiums are paid. It's a solution that can meet a variety of protection needs.

Transamerica Lifetime allows loans* against the cash value of the policy while the insured is alive. Accumulating on a tax-deferred basis, this cash can be borrowed from the policy for any purpose, such as supplemental retirement income, education funding, business expenses, or emergencies.

POLICY DESIGN Transamerica Lifetime is a non-participating whole life policy with a level benefit. Premiums are level, guaranteed, and payable to age 100. The contract matures at age 121.

DEATH BENEFIT The death benefit is equal to the face amount of the base policy, less any outstanding loans, at the date of death.

PREMIUMS The premiums for Transamerica Lifetime are level and guaranteed. The premiums are payable until the anniversary following the insured's 100th birthday or at the end of the selected level payment period.

WHOLE LIFE INSURANCE | TRANSAMERICA

* Loans, withdrawals, and death benefit accelerations will reduce the policy value and the death benefit and may increase lapse risk.

Policy loans are tax-free provided the policy remains in force. If the policy is surrendered or lapses, the amount of the policy loan will

be considered a distribution from the policy and will be taxable to the extent that such loan plus other distributions at that time exceed

the policy basis.

3

For Agent Use Only. Not for Public Distribution.

TRANSAMERICA LIFETIME QUICK FACTS

Issue Ages (Last Birthday)

To Age 100: (15 days to age 80) 10-Year Pay Option: (15 days to 80) 20-Year Pay Option: (15 days to 79) 30-Year Pay Option: (15 days to 69)

Underwriting Classes

Preferred Elite Preferred Plus Preferred Nontobacco Preferred Tobacco Tobacco Juvenile

Face Amount

$25,000 - $2,000,000

Maturity Date

Attained age 121

Premium Bands

Band 1: $25,000 - $99,999 Band 2: $100,000 - $249,999 Band 3: $250,000 - $499,999 Band 4: $500,000 - $2,000,000

Premium Payment Period

Level premiums to age 100 10 Years Level 20 Years Level 30 Years Level

Policy fee

$30 annually

Modal Factors

Annual / 1.0000 Semiannual / .51000 Quarterly / .2575 Monthly / .0860

*Federal Allotment (Civil and Military Allotments) *Semimonthly / 24 (prem x 12/24) *Biweekly / 26 (prem x 12/26)

Available Riders

Accidental Death Benefit Rider Children's Benefit Rider Chronic Illness Rider (Minimum $100k Face Amount) Critical Illness Rider (Minimum $100k Face Amount) Terminal Illness Rider Disability Waiver of Premium Guaranteed Insurability Rider Income Protection Option Term Insurance Rider (Max 3x Base Policy)

Conversion

Conversion is not allowed from this product.

Illustration

Transamerica Lifetime is declared non-illustratable.

RIDERS AND OPTIONS

The following are highlights only. Please consult the actual contract for details. Coverage is subject to all terms, conditions, and exclusions contained in the contract. Availability of any rider and/or option is subject to appropriate regulatory approval and requirements.

RIDERS

DISABILITY WAIVER OF PREMIUM (DWP) In the event of total disability after the policy anniversary following the insured's 18th birthday and before the policy anniversary following their 60th birthday, premiums will be waived retroactively from the beginning of the disability (up to 12 months prior to the date of claim).

Premiums will continue to be waived for the duration of the total disability. There is no benefit for a disability that lasts less than 180 days.

DWP can only be added to the policy between the ages of 18 to 55 and it terminates at age 65. This rider is only available at policy issue.

4 For Agent Use Only. Not for Public Distribution.

CHILDREN'S BENEFIT RIDER (CBR)

This rider provides life insurance protection for all children in the insured's family. The rider is purchased on a unit basis. Each unit is equal to $1,000 of level term insurance. Coverage under the rider terminates at the child's 25th birthday. The amount of coverage for the term insurance rider is limited to three times the base whole life coverage.

Insurance under this rider may be converted. All conversions will be made at the rates in effect at the attained ages of the children insured under this rider. The covered children may convert their insurance to a Transamerica Lifetime whole life policy with a face amount up to five times the original amount of the CBR, but not more than $50,000, on certain dates specified in the rider.

If the insured dies before their children, the rider will automatically be changed to an individually owned paid-up term policy or policies. Insurance that terminates under the rider may be converted within 31 days to a Transamerica Lifetime policy.

ISSUE AGES Insured Child

MINIMUM 18 years 15 days

MAXIMUM 80 years 18 years

All children are covered automatically by this rider at age 15 days at no additional premium.

Issue Limit: Minimum--$1,000. Maximum--$99,000; however, the amount of insurance cannot exceed the base policy.

Conversions: The face amount of the permanent policy can be up to five times the amount of rider coverage but cannot exceed $50,000.

TERM INSURANCE RIDER

An affordable way to provide additional coverage to the primary insured. This term coverage will help fill a temporary need of additional life insurance above the current face amount of the base policy.

LIFETIME QUICK FACTS, RIDERS AND OPTIONS | TRANSAMERICA

Rider Rates: Same as the Trendsetter Super? term product.

Band Face Amounts:

Band 1 $25,000 - $99,999 Band 2 $100,000 - $249,999 Band 3 $250,000 - $499,999 Band 4 $500,000 - $999,999 Band 5 $1,000,000 - $2,000,000

Conversions:

Rider is available for conversion to new permanent policy we make available at that time. Conversions to new permanent policy is allowed prior to the earlier of the end of the initial level period, or the insured's 70th birthday (Preferred Elite).

Additional Details:

? This term rider is not available for acceleration due to terminal, chronic, or critical illness.

? The combined base face amount and term rider face amount cannot exceed $2,000,000.

? Not available in NY ? The amount of coverage for the term insurance

rider is limited to three times the base whole life coverage.

5 For Agent Use Only. Not for Public Distribution.

ADDITIONAL RIDER OPTIONS

ACCIDENTAL DEATH BENEFIT RIDER Available for issue for ages 15-55. Provides an additional death benefit if the primary insured dies as a result of an accident, or if the death occurs within 180 days of accidental bodily injury. GUARANTEED INSURABILITY RIDER Available issues ages of 15 days?37 years old, this rider provides the opportunity to buy a new policy or increase a specified amount at certain defined ages and/or events with no additional underwriting. Increases of $2,500?$50,000 are allowed per qualifying event. These events include the marriage of the insured, the birth or adoption of a child, or graduation from a fouryear college. Please see contract for a full list of events. INCOME PROTECTION OPTION The Income Protection Option provides the opportunity for clients to structure their death benefit to address short- and long-term needs by determining how their heirs receive the benefits -- whether it's a lump sum or periodic payments. Available at no additional premium cost, this rider can include multiple beneficiaries and can be modified prior to the death of the insured.

6 For Agent Use Only. Not for Public Distribution.

RIDERS | TRANSAMERICA

7 For Agent Use Only. Not for Public Distribution.

LIVING BENEFIT RIDERS

Availability of the Chronic and Critical Illness Accelerated Death Benefit Riders is subject to state approval. The Terminal Illness Accelerated Death Benefit Rider is included on all Transamerica Lifetime policies. The optional Chronic and Critical Illness Accelerated Death Benefit Riders may be elected when applying for a Transamerica Lifetime policy and are subject to underwriting. If Chronic and Critical Illness benefit riders are selected, the case is not eligible for accelerated underwriting. There is no additional cost for these riders unless they are used. If the insured suffers from a qualifying critical, chronic, or terminal illness, the riders provide the policy owner the ability to accelerate a portion of the policy's death benefit prior to death. An acceleration results in a reduction in the death benefit, reducing the amounts payable to the beneficiary or beneficiaries upon death. The payment amount received upon acceleration will be less than the portion of death benefit that was accelerated.

This is a brief overview of benefits available with Transamerica Lifetime, for complete details see the descriptions, definitions, limitations, and exclusions contained in endorsements, riders, or base policy contract forms.

TERMINAL ILLNESS ACCELERATED DEATH BENEFIT RIDER1,2,5 This rider is designed to provide the policy owner with the ability to receive a portion of the policy's death benefit in advance of death, in a lump-sum payment, when the insured is certified by a licensed physician as being terminally ill and is expected to die within 12 months of such diagnosis. There are several factors that determine the amount of the benefit we will pay, including the accelerated benefit interest rate in effect at the time of the claim (used to determine the present value of future benefits and premiums) and the portion of the death benefit that is accelerated. Any accelerated death benefit payment we make to a policy owner will be less than the amount that is accelerated.

If the insured makes a claim for benefits under two or more accelerated death benefit riders at the same time, benefits will first be payable under this rider.

The maximum amount that may be accelerated is the lesser of: ? 100% of the available death benefit at time of claim ? $1,500,000

The minimum amount that may be accelerated is $5,000.

Some portion of the payments may be taxable, and policy owners are advised to consult with their tax advisors when making a request for an accelerated death benefit.

The base policy and all riders will terminate if 100% of the death benefit is accelerated on a policy.

CRITICAL ILLNESS ACCELERATED DEATH BENEFIT RIDER1,4,5 If the insured is determined to be critically ill, a portion of the death benefit can be accelerated in advance of death.

In all states except California*, a physician must certify that the insured has suffered a critical health condition such as:

? Heart attack (myocardial infarction) -- The death of a portion of the heart muscle resulting from inadequate blood supply to the relevant area. The heart attack must have been severe enough to require an inpatient hospital stay and any impairment sustained as a result of the heart attack must be evident for at least 30 days after hospital discharge. Heart attack does not include angina or the chance finding of electrocardiographic (EKG) changes indicative of a previous heart attack. The diagnosis of heart attack must be based on the presence of all of the following: ? Chest pain ? Associated new EKG changes which support the diagnosis ? Elevation of cardiac enzymes above standard laboratory levels

8 For Agent Use Only. Not for Public Distribution.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download