Transamerica has announced sweeping upgrades to their universal life and guaranteed whole life insurance policies based on some of the best ideas they received from advisors during a national webcast held in the spring of 2005.

“Advisors told us what they want in order to provide their clients with solutions at every stage of life, and we’re pleased to deliver,” says Transamerica’s product actuary and webcast host, Joe Kordovi.

“Ultimately, we want to make the selling process easy for advisors, and also help them provide long-term client solutions.”

The new product and service enhancements include:

  • New simplified underwriting (no medical, no blood, no urine testing required) on all applications below $250,000 and under age 45;
  • New streamlined PROTECTORPlus plan with guaranteed coverage for life, LifePay and 20Pay guaranteed premium schedules and Guaranteed Surrender Value beginning on the 6th anniversary with full return of premium in year 20.

Transamerica also announced enhanced guarantees on its EstateADVANTAGE4 UL plan, including:

  • New guaranteed 3% return plus 1.25% bonus means 4.25% return on 25-year fixed rate interest option;
  • New 20Plus COI with guaranteed payment period and Guaranteed Surrender Values starting on the 6th policy anniversary;
  • New LifePlus COI with Guaranteed Surrender Values starting on the 6th policy anniversary;
  • New true Low Fee option with guaranteed 0% UL MER on managed investment options;
  • New Exchange option to EstateADVANTAGE4.

Transamerica is also offering advisors more choice with 12 new third-party managed investment options from top firms including AGF, AIM Trimark, CI, Fidelity, Franklin Templeton, Mackenzie, and TD Asset Management.

Calling it “Transamerica’s Winter Tune-Up,” Kordovi says the campaign, “is designed to make our UL and guaranteed Whole Life products easier to sell and administer. We’ve listened to advisors, and responded by simplifying our products, improving guarantees, adding flexibility, and increasing the compensation for their long-term sales and client service efforts.”