Transamerica Introduces Workplace Universal Life Insurance Designed to Sustain Families Through Life and Death

BALTIMORE, Oct. 18, 2022 /PRNewswire/ -- Transamerica announced today the availability of a new universal life insurance policy designed specifically to be a voluntary workplace benefit, and a combination of available riders that, for a fee, could potentially pay up to three times the value of the policy's death benefit.

"We are elated to announce the expansion of our Employee Benefits solutions with a new universal life insurance policy that offers guaranteed issue for qualified applicants with optional chronic condition and death benefit riders," said John Stanley, Senior Managing Director of Employee Benefits at Transamerica. "These Transamerica Universal Life Insurance^SM policies are designed to financially help workers and their families during periods of chronic illness. In addition, policyholders can guarantee that accessing the rider benefits does not reduce the death benefit otherwise available to help sustain their loved ones after their passing. These policies can help policyholders pay for eligible unexpected expenses while they are living."

Transamerica Universal Life Insurance meets the changing needs of employees with a modernized, portable policy that they can keep for life. In addition to the death benefit, adding a Chronic Condition Rider to the policy helps with eligible healthcare expenses while the policyholder is still living.

Key benefits of Transamerica Universal Life Insurance include:

• Guaranteed issue with no health questions to qualified applicants
• Permanent life insurance with flexible premiums
• Multiple premium rating structures
• Cash value accumulation that can be borrowed from
• A multi-year guaranteed issue may be available to accommodate more accessible enrollment
• Guaranteed issue may be available for working spouses or stay-at-home parents
• Rates that do not increase solely due to getting older

Available with Transamerica Universal Life Insurance are three optional riders designed to add value by providing benefits for living policyholders and maintaining the value of the original death benefit.

Transamerica's Chronic Condition Rider pays an accelerated benefit for insureds with chronic conditions and is designed to help address financial needs while they are still alive. Benefits of the Chronic Condition Rider include:

• The permanence of the chronic condition does affect the availability of the benefit
• Payment of 4% of the death benefit amount each month for up to 25 months if the insured cannot perform two or more of six specified activities of daily living or has a severe cognitive impairment
• The option to receive monthly benefits or a one-time lump sum benefit
• No restrictions on how the benefit payment can be used
• No institutionalization requirement to receive benefits. The benefit may pay for proper care in a nursing home, assisted living, or at home, as well as informal care from a spouse, child, or any loved one

The Extension of Benefits Rider extends payment of 4% of the death benefit amount each month for an additional 25 months when the insured selects monthly payments with the Chronic Condition Rider.

The Benefit Restoration Rider restores 100% of the monthly payment for each month the Chronic Condition Rider is paid. The rider ensures that the insured's beneficiary receives a total death benefit, and there are no restrictions on how it may be used.

The availability of Transamerica Universal Life Insurance follows recent announcements on new and modernized employee benefits offered to employers and their employees. With nearly 90 years of experience providing employee benefits, Transamerica is committed to helping employers offer more financial security for their employees. The policies are underwritten by Transamerica Life Insurance Company.

Employers may contact their financial professionals to learn more about Transamerica's suite of employee benefit solutions.

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 2021, Transamerica fulfilled its promises to customers, paying more than $52 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Each company of the Aegon group of companies is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is a diversified financial services group focused on providing investment, protection, and retirement solutions. For the full year of 2021, Aegon managed over $1.1 trillion in revenue generating investments. For more information, visit www.transamerica.com.

Media inquiries:

Email: [email protected]

Hank Williams(319) 355-7789

Julie Quinlan(303) 383-5923

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SOURCE Transamerica