Transamerica Life Bermuda provides insurance services for those looking for financial security for their families and enterprises.
Does Transamerica have term life insurance? Transamerica Life products are mainly categorized into term and universal life schemes. We’ll focus on Transamerica term life insurance offering for the purpose of this review.
Although beneficiaries of a term life policy receive significant financial protection, prospective clients should consider the lack of cash value increase and what happens after the coverage terminates.
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Transamerica Life (Bermuda) Background
Insurance provider Transamerica Life Bermuda targets high net worth individual clients.
There are 120 years of history behind the Transamerica group. The company established its first sales office in Shanghai, carrying on a long-standing root in Asia.
Transamerica Life (Bermuda) Ltd. is allowed to conduct business in Singapore and Hong Kong.
Transamerica Term Life Insurance Products
Trendsetter Ultra Term Life Hong Kong
Clients can subscribe to the policy in US dollars. Monthly, quarterly, semi-annual, or yearly premium payments are available.
The minimum death benefit, also known as the sum assured, is 200,000 US dollars. For Mainland China and India, it’s 500,000 USD.
Trendsetter Ultra Term Life Singapore
This plan can be issued in either USD or Singapore dollars.
Premium payments are also available in four options like in Hong Kong.
The death benefit stands at 500,000 USD or 675,000 SGD, at least.
Trendsetter Ultra Term Life Bermuda
US dollars are accepted for the insurance.
Premium payments are merely offered quarterly, semi-annually, or annually.
The death payment starts at 500,000 USD in Bermuda; up to 1 million USD in Mainland China and India.
Pros and cons of Transamerica Term Life Insurance
Advantages of Transamerica Term Life Insurance
- Many can afford such plan since it is typically less expensive than permanent life insurance.
- Term insurance is simpler to comprehend vs more complicated products like universal life because of its plain structure.
- Suitable for those who require coverage for a set duration.
Disadvantages of Transamerica Term Life Insurance
- Term insurance plans don’t develop cash value with time, so there are no assured cash values or payouts.
- Some may consider an insured person’s policy to be a less worthwhile long-term investment if they outlast the term and receive no benefits from it.
- If coverage is not renewed or converted after the term expires, it may result in increased premiums or the inability to obtain insurance should a health problem arise.
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