Transamerica Life Canada is an insurance company that has been around since 1927. Transamerica prides itself on being one of the first insurance companies to start offering things like nonsmoker rates, term life insurance and universal life insurance in Canada. In addition to life insurance products, Transamerica offers segregated funds, RRSPs/LIRAs, RRIFs/LIFs, guaranteed interest accounts and annuities. Transamerica has offices and advisors located in all the major Canadian cities. Transamerica is just one of the many companies owned by AEGON. AEGON, based out of The Hague, the Netherlands, is a major international provider of pensions, long-term savings, investment products and life insurance. Through its 29,500 employees based worldwide, AEGON services over 40 million policyholders.
If you’re looking to buy term life insurance through Transamerica, then check out TERMSelect. TERMSelect allows you to choose a policy that spans 10 years, 20 years or 30 years. When your plan has finished, you have the option of renewing without going through the hassle of reapplying. When you renew coverage, you don’t have to worry about Transamerica springing new rates on you unexpectedly – renewal premium rates are listed in the original insurance policy so you know what to expect. You have the guaranteed right to renew your policy no matter what condition your health is in up until the age of 80. You can choose to purchase term life insurance coverage on just one person, or you can cover multiple people under one policy, thus saving money on administration costs. If you so desire, you can convert this policy into a permanent one. You have the option of adding several benefits to the policy including accidental death or dismemberment insurance and riders for children.
The other life insurance product offered by Transamerica is universal life insurance. Universal life insurance doesn’t just provide insurance coverage – it offers financial solutions that can benefit both yourself and your heirs. The two components that make up universal life insurance are a savings component that allows investment growth and a life insurance component that provides a tax-free benefit to your beneficiaries after your death. With Transamerica, you can choose between 3 universal life insurance plans: WealthADVANTAGE with an Accumulation Bonus, EstateADVANTAGE with an Accumulation Bonus and EstateADVANTAGE with a Low-Fee. WealthADVANTAGE is for people who have long-term financial goals and a desire to aggressively invest. This plan is best suited for people who aren’t going to retire for at least 10 years and are able contribute as much as possible in premium payments. The EstateADVANTAGE options are for people who aren’t as aggressive in their investments and have shorter-term financial goals. If you’re close to retiring and have assets that you want to leave your beneficiaries, this is the universal life insurance plan for you.