Transamerica Life Bermuda Launches New Trendsetter Ultra Term Life
Transamerica Life (Bermuda) Ltd. (TLB), a leading High Net Worth (HNW) life insurance provider, has announced the launch of its latest term life insurance plan, Trendsetter Ultra Term Life (Trendsetter Ultra).
Trendsetter Ultra will be available immediately in Bermuda and Hong Kong, with a launch in Singapore planned for the near future, Transamerica Life Bermuda said in a press release.
Trendsetter Ultra is specially designed for High Net Worth individuals (HNWIs) who require high levels of insurance coverage for their personal or business needs. The plan provides pure protection for a specific period and defined amount. It is well-suited for customers who do not need or want the commitment required by permanent insurance policies.
Key benefits include:
- Flexibility - Customers can select the amount and duration of coverage to meet their unique requirements. The policy offers a choice of terms, starting from 5 years with a choice of any duration up to the insured's age 70. Or they may choose term to age 90 for insureds aged 40 and above.
- Wealth preservation - Provides protection for a family's wealth in the event of an unexpected death or disability. Funds can be used to repay debts or to protect children until they become independent.
- Business protection - Ensures business continuity, mitigates risk and minimises disruption from the loss of a key employee, business owner or partner.
- Guaranteed and affordable premiums - Premiums are guaranteed to remain unchanged throughout the policy term, making Trendsetter Ultra a secure financial solution.
- Additional riders - Provides extra protection with the following optional riders: accelerated death benefit, accidental death benefit, total and permanent disability benefit and waiver of premium benefit riders.
"Given recent economic trends around the world, we've seen more HNWIs seeking pure protection products for personal and business protection needs. Our distribution partners also have asked for a more flexible, competitive term product - with the ability to underwrite high levels of cover. Our new Trendsetter Ultra is a natural fit," said Chirag Rathod, CEO of TLB.