LIFE INSURANCE US RESIDENT 888-589-7610
Tom and Claire's story: A promise kept.
When Tom died of an unexpected illness, we made sure his wife, Claire, could remain in their home and that their daughter would grow up in the neighborhood they've come to love. Tom's insurance is more than a policy. It's an example of a Tomorrow made possible by the promise we kept.
Universal Life (UL) is a form of permanent life insurance. If your UL policy is in force at the time of the insured's death (second death for joint life policies), policy proceeds will be paid in accordance with the terms of the policy to the beneficiary you designate. UL policies offer a valuable death benefit and provide the opportunity to build cash values that you can borrow or withdraw.
With certain limits, you can choose the premium you wish to pay and this determines how the policy values develop. Each policy month, a monthly deduction to cover the cost of the insurance protection is deducted from the policy value. Transamerica was one of the first major companies to develop and promote universal life insurance.
The Advantages of Universal Life Insurance
The advantage over other forms of permanent insurance is that universal life insurance gives you more flexibility over your policy to assist you in meeting your financial goals. Within certain limits, you can choose the amount, method and timing of your premium payments. UL is also an "interest sensitive" product. This means that the interest rates credited to policy values will change over time.
Flexibility of payments, tax-deferred cash value accumulation, and coverage options (subject to contract requirements) are the primary advantages over term insurance. Because of these advantages, universal life can be used in estate planning and retirement planning, offering the policy owner a variety of options.
New Yorkers can get a universal life insurance policy that offers the protection you're looking for in a permanent life insurance policy and the flexibility you need to adapt to a lifetime of changes.
As its name indicates, term life insurance insures you for a specific term or span of years. If you die during the term, your beneficiary is paid the coverage amount subject to your policy terms. Because it provides "pure" insurance without any cash value accumulation, term life insurance coverage is generally less expensive initially than permanent coverage. Term life insurance provides a great answer to the question: How will your family manage financially if you die prematurely?
The Advantages of Term Life Insurance
Term life insurance helps to provide peace of mind for you and your family. It also helps you protect the assets you've worked so hard to attain. And this security can reach up to 30 years into the future, at guaranteed level premiums that are competitively priced today. In addition, you can protect your family for up to 25 years after you're gone by structuring your benefit to pay out as a guaranteed monthly income stream through our no-charge Income Protection Option (IPO), available on all of our term products.
An Estate Planning Tool
Survivorship Life Insurance, also known as Joint and Survivor Insurance or second to die life insurance, are insurance policies that insure the lives of two people, typically a husband and a wife.
The death benefit is not paid to the beneficiary until the death of the second insured. These survivorship life insurance policies are generally available as either whole or universal life policies, and second to die life insurance often provides more affordable life insurance than two separate policies.
What is Whole Life Insurance?
Life insurance under which coverage is intended to remain in force during the Insured's entire lifetime, providing premiums are paid as specified in the policy. A whole life insurance policy can build cash value on a tax-deferred basis. Both the premiums to pay and the cash values that result are predetermined and found in the policy contract. The cash value is an amount of money available to the policy owner for policy loans or as the surrender value if the policy is canceled and returned to the company.
With pure whole life insurance, the cash value is guaranteed1. As an added benefit, cash value can be used by the policy owner as a "cash reserve" for emergencies, extra income, or college expenses. This is considered a loan (interest charges accrue). What's more, you're not obligated to repay the loan, but any amount not repaid will be deducted from the policy's death benefit.2
2 Although the loan does not necessarily need to be repaid, the policy may go into grace and subsequently lapse due to excessive loan amounts.
The Power of Tax-Deferred Earning, Access to Your Cash Value, and Life Insurance Protection
Because it's a life insurance policy, variable universal life insurance provides your beneficiaries with a death benefit that can help them preserve their financial security in a time of need while offering you the opportunity to invest for your future.
Variable universal life insurance offers you the protection of life insurance with the investment advantages of professionally managed money. Consider a variable universal life insurance product if you want the benefits of life insurance with tax-deferred growth and federal income tax-free transfer of the death benefit to your beneficiaries.