Transamerica Life Insurance : What Makes Them Different?The companies of Transamerica offer a wide array of innovative financial services and products with a common purpose. Regardless of the distribution method, their mission is "to help individuals, families, and businesses build, protect, and preserve their hard-earned assets." After more than a century of experience, the leaders of Transamerica base their reputation on solid management, sound decisions, and consumer confidence. Transamerica life insurance is offered as a part of the Transamerica companies, which are members of the AEGON Group. This group is a multinational insurance organization based in the Netherlands. There are six basic types of insurance offered by Transamerica life insurance: universal life, variable universal life, index universal life, survivorship life, term life, and whole life. Each type of life insurance offers its own costs, level of risk, and benefits depending on the individual's life situation. Universal life insurance is a permanent insurance product. Each month the premium is deducted from the total value of the life insurance plan. Universal life insurance cash value is dependent on the investment returns credited. With certain limits, the policy owner can choose the premium he or she wishes to pay. This amount determines how the policy values develop. Thus, this is an insurance product that is easily tailored to the policy owner's changing needs. Transamerica life insurance was one of the first companies to promote universal life insurance. Variable universal life insurance is a type of universal life insurance which gives the policy holder the ability to leverage their assets and transfer them income tax free to the policy holder's beneficiaries. Variable universal life insurance offers the protection of life insurance along with the earnings potential of stock, bond, and money market sub-accounts. Because it is dependent on the market, this type of life insurance does carry more risk, but also the potential for higher earnings. The Transamerica Life Insurance Company's index universal life insurance allows individuals who want permanent life insurance to have the potential for higher credited interest based in part on the changes in the Standard & Poor's 500 Index. Survivorship life insurance offered by Transamerica Life Insurance is a way for survivors to ensure they will be able to pay estate taxes, without having to lose everything. Term life insurance is life insurance offered for a specific time frame. Fixed premiums are paid by the insurance holder, and should death occur during the term, the beneficiary is paid the coverage amount. There is no changing value of the plan, and can be an excellent choice for younger generations. Whole life insurance is designed to remain in force for a person's whole lifetime, as long as premiums are paid as agreed in the policy.
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