Trans Select 5, 10, 20 SM Group Voluntary Term Life Insurance.
Trans Select 5, 10, 20 SM
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Transcript of Trans Select 5, 10, 20 SM
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Trans Select 5, 10, 20SM
Group Voluntary Term Life Insurance
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Trans Select 5, 10, 20SM
Factors affecting employees’ life insurance needs• Having a child • Changes in marital status • Buying a home • Taking on debt • Changing jobs • Supporting aging parents • Planning for college • Planning for retirement
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Trans Select 5, 10, 20SM
Importance of life insurance at the workplace• Attract and retain good employees• Convenience• Individually owned - fully portable at the same rates• Life Insurance options - term and permanent• Preferred underwriting• Family protection • Smaller face amounts• Living benefit riders
2 out of every 3 employees purchase life insurance from their employer.
LIMRA International 2010.
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Trans Select 5, 10, 20SM
Trans Select 5, 10, 20SM
• Trans Select is a voluntary group term life insurance is a non-participating 5, 10 or 20 year renewable, portable and convertible term product with level death benefits.
• Initial and renewal term periods may be selected for 5, 10 or 20 years. Current premiums are guaranteed for the first 5 policy years. We reserve the right to change premiums after the first 5 years on a class basis, however, premiums will never exceed maximum premiums guaranteed in the policy.
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Trans Select 5, 10, 20SM
Trans Select 5, 10, 20SM
• Affordable protection that allows employees to continue contributing in the employer’s retirement plan.
• Lower pricing allows employees to afford more death benefit protection.
• No medical examinations.• Continuable so it offers the flexibility should the
insured’s circumstances change.
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Trans Select 5, 10, 20SM
• Riders Included in Base Coverage• Waiver for Layoff/Strike Provision Rider• Accelerated Death Benefit for Terminal Illness Rider• Child Term Rider (Employee Optional)
• Employer Optional Riders• Waiver of Premium for Disability Rider• AD&D Rider• Accelerated Death Benefit for Long Term Care Rider• Extension of Benefits for Long Term Care Rider• Accelerated Death Benefit for Critical Care Rider
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Trans Select 5, 10, 20SM
Issue Ages and CoverageEmployee issue ages:
5 year term 16 through 8010 year term 16 through 7520 year term 16 through 65
Spouse issue ages are 16 - 65
Child coverage will be available for dependents age 15 days through 25 in
the form of a child term rider.
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Trans Select 5, 10, 20SM
Trans Select 5, 10, 20SM
• Face Amounts:o Minimum: $5,000, Maximum: 500,000.
• Payroll Premium Modes:o Weekly, Bi-weekly, Monthly, Semi-monthly, Ninthly,
Tenthly, Quarterly and Semi-annually.
• Underwriting:o Guaranteed Issue available based on group size o Conditional Guaranteed Issue and Simplified Issue
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Trans Select 5, 10, 20SM
Eligible Employees
Minimum Participation
Standard Maximum
Issue
Minimum Participation
Standard Maximum
Issue
Minimum Participation
Standard Maximum
Issue
10 – 49 10 Apps $25K 5 Apps $75K 2 Apps $500K
50 – 99 20% $50K 10% $100K 5 Apps $500K
100 - 499 20% $75K 10% $125K 5 Apps $500K
500 – 999 15% $100K 10% $150K 5 Apps $500K
1,000 -5,000 15% $125K 10% $175K 5 Apps $500K
Guaranteed IssueConditional Guaranteed
Issue Simplified Issue
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Trans Select 5, 10, 20SM
Trans Select 5, 10, 20SM
• Face Amounts:o Minimum: $5,000, Maximum: 500,000.
• Payroll Premium Modes:o Weekly, Bi-weekly, Monthly, Semi-monthly, Ninthly,
Tenthly, Quarterly and Semi-annually.
• Underwriting:o Guaranteed Issue available based on group size o Conditional Guaranteed Issue and Simplified Issue
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Trans Select 5, 10, 20SM
Rates:Rates are age and tobacco-distinct. Product rate sheets may be accessed on the Transamerica website.
Sample Monthly Rates
5 year
Issue AgesEmployee Only
Non-Tobacco
Trans Select $50,000
20 year10 year
$13.67
$23.38
$46.08
354555
$8.08
$13.58
$36.42
$10.42
$20.38
$37.17
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Trans Select 5, 10, 20SM
• Automatically renews at the end of the term period with a new current premium.
• Offers the feasibility of a guaranteed level rate for the first five years with premiums that are designed to remain the same for the term periods of 5, 10, or 20 years.
• Full portability at the same rate• Option to convert to whole life policy
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Trans Select 5, 10, 20SM
For more information or to obtain a proposalContact a Regional Vice President or
a Client Relationship Manager at866-TRANSAMERICA
Visit our Transamerica Employee Benefits websitewww.transamericaemployeebenefits.com
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Product Proposals and Rates
Dedicated Sales Proposal Team Availableo Producer information
o Name, address, city, state, zip and agent number.
o Group information
o Name, address, city, state, zip and SIC code and eligible lives
o Products
o Plan design and/or Riders of the products
o Effective date
o Takeover provisionso Provide census or current bill and current plan designs, effective dates, benefit amounts for
underwriting review for takeovers.
Normal turnaround is less than 24 hours with complete information
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Trans Select 5, 10, 20SM
This is a brief summary of Trans Select 5, 10 & 20SM Group Term Life coverage. Some of the features highlighted are subject to certain
limitations and exclusions. Please refer to your policy and/or sales literature for costs and
further details, including specific limitations and exclusions. Availability of benefits varies by
jurisdiction. Refer to the contract for complete information.