Transamerica Life Canada says it is repricing and repositioning its TERMSelect insurance products.

The new rates are in effect July 1, coinciding with the end of the policy fee sale.

The company said 10-year TERMSelect premiums are now “more competitive” between the key ages of 35 to 65 and at face amounts over $250,000. Twenty-year terms, which are growing in popularity, are more competitive across the board, notably at younger ages.
There is only one policy fee per policy. Clients also benefit from combined banding, which ensures they are getting the best rates for their total coverage.

TERMSelect now also offers 10-year and 20-year renewable and convertible terms. Non-convertible and 5-year plans will no longer be offered as of July 1, 2004.

“Advisors have indicated that based on the needs that are being identified by their clients, full-featured 10-and 20-year convertible products are most appealing,” the company said in a release. “Transamerica has focused on building term insurance that would meet the diverse needs of clients, and enable the advisors to recommend the most suitable insurance option.”