What are some benefits of a Transamerica life insurance policy?


Quick Answer

Transamerica offers term, whole and variable life insurance policies. There is also a final expense policy that covers funeral costs and remaining medical bills for the deceased, states Transamerica. Coverage ranges from $25,000 to greater than $100,000 depending on the plan and investment options.

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Full Answer

Before receiving benefits under any Transamerica life insurance policy, qualifications must be met, explains the company website. For term coverage, a medical exam is required. The term policy offers coverage starting at $25,000 for up to 30 years. While a medical exam may not be required for the whole life policy, the plan provides permanent protection and a cash value to cover unexpected costs. However, coverage is only guaranteed if premiums are paid as scheduled.

Final expense insurance provides coverage up to $50,000 for beneficiaries for outstanding medical bills and funeral costs, such as burial plots and caskets. With Transamerica variable life insurance, the cash value of the policy can be invested in professionally managed accounts that are active in stock and bond markets. The policies are intended to provide valuable growth, according to Transamerica.

Through contact with an agent, Transamerica provides a prospectus for any variable universal life insurance policy that includes information on fees, investment options and objectives. Additional information includes risks and expenses to consider before investing and surrender charges, notes Transamerica.

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