Changes at Transamerica Life

Posted on March 13, 2009 and updated June 22, 2010 in Life Insurance Canada News 2 min read
Transamerica

Transamerica Life of Canada is re-pricing their Term 10 and 20 insurance plans effective March 16th, 2009.   Transamerica has made a commitment to remain an industry leader in this market.

Transamerica’s Term 30 plan will not be re-priced which is unfortunate because their Term 30 plan has some very unique features including the ability to take a partial return of premium or have a reduced paid up permanent life insurance policy after 20 years. What that means is after 20 years if the insured wants to stop paying he/she can get back part of his/her money or have a reduced amount of life insurance with no additional payments.

The reduction in rates also came at the expense of two of their more innovative plans.  Effective March 16, 2009 Transamerica is withdrawing their Protector Plus and Critical Advantage Products. Protector Plus is a very popular policy with fully guaranteed premiums; guaranteed cash values and the ability to have multiple lives covered under one policy thereby reducing the insurance administration costs.

Transamerica’s Critical Advantage is a global medical care insurance policy providing immediate access to advice and the best care through Best Doctors. Transamerica said the changes were done so they could keep their focus on their remaining Term and Universal Life product lineup.

If you would like more information, please give me a call at 905.248.4849 to discuss your own situation.

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