Transamerica Life Term Life Conversion Feature

Posted on June 21, 2010 and updated February 28, 2012 in Canadian Life Insurance Companies, Insurance Types, Life Insurance Canada News, Term Insurance, Transamerica Life Canada 2 min read
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Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Transamerica Life offers Term 10, Term 20, and Term 30 policies. The Term 10 and Term 20 policies are renewable to age 80 and the term 30 policy is renewable to age 100.

Each of their term policies is convertible to a permanent plan to age 71, without a medical. The conversion feature allows the insured to convert any of their permanent plans at the same classification that original policy was issued at. This can be especially beneficial if the insured’s health has changed during the length of the term.

Transamerica’s conversion feature compares very favorably with many of its competitors. The following is a list of the maximum conversion age of six other Canadian life insurance companies:

  • Unity Life’s term plans: convertible to age 65
  • Industrial Alliance term life plans: convertible to 65
  • Western Life’s term plans: convertible to 65
  • Standard Life’s term plans: convertible to 65
  • RBC’s term life plans: convertible to age 70
  • Canada Life’s term plans: convertible to age 70

For more details please contact us at 1-866-899-4849, or visit our term life Instant Quote Page.