Transamerica today announced the launch of new and enhanced employer-sponsored group disability and term life insurance. The company is continually expanding products and services designed for the workplace.
As a leading employee benefit and retirement provider, Transamerica developed these new offerings based on extensive feedback from employers and distribution partners. Employers have shown a renewed focus on offering employees access to comprehensive benefits packages as the country has begun to emerge from the COVID-19 pandemic.
"The timing and expansion of our employer-sponsored benefits demonstrate Transamerica's commitment to simplify the buying experience for employers and their financial professionals, and to develop solutions that help employees protect their financial security," said John Stanley, Senior Managing Director of Employee Benefits for Transamerica. "These group life and disability solutions enable Transamerica to provide a broader set of solutions to thousands of employers. We believe Transamerica's expanded wealth and health solutions, bolstered by our investments in our people and innovative technologies, will support our rapid growth in employee benefits and accelerate our position as a market leader."
Short-Term and Long-Term Disability Insurance
An accident or illness can strike unexpectedly, leaving employees unable to work or with reduced income to support themselves and their families. Transamerica now offers employer-paid disability insurance that helps protect employees and their families when they need it most. These employer-paid policies also allow employees to increase the benefits through employee buy-up options. Transamerica already offers voluntary employee-paid disability insurance.
These new, employer-paid disability policies include:
- Return-to-work assistance;
- Rehabilitation planning, oversight, and job placement services;
- Access to physicians and nurses/medical consultants who connect with the employee's treating physician; and
- Experienced legal help, offered at no added cost to policyholders, to help guide them through the Social Security disability application and appeal process.
Group Term Life Insurance
Transamerica's group term life insurance is an annually renewable basic term life policy. It offers advanced flexibility that makes it easy for employers to protect the financial security of their employees' loved ones. The policy delivers an extra layer of protection for employees' families by supplying a death benefit based on their income. Employers can include several additional riders and services to provide their employees' families with additional coverage. Employees can further expand coverage through buy-up options.
"Transamerica's goal is to help people accumulate retirement savings and provide financial protection from life's potential pitfalls. Transamerica is steadily and strategically expanding our workplace benefits," said Mr. Stanley. "We are receiving positive feedback from employer clients and our distribution partners. We have continued to invest in an excellent team of benefits experts who are ready to help employers deliver our solutions to their workplaces across the country."
These products are not available in all states. For more information on Transamerica's workplace benefits solutions, please contact your insurance agent.
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2020, Transamerica fulfilled its promises to customers, paying more than $49 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions, and asset management products, operating in more than 20 markets worldwide. For the full year of 2020, Aegon managed over $1.1 trillion in revenue-generating investments. For more information, please visit www.transamerica.com.