Transamerica life insurance policy11/24/2023 ![]() ![]() However, Transamerica may allow policyholders to convert to a universal life insurance policy, typically when you hit a life milestone (like having a child or getting married) or reach a certain age. ![]() Premiums will increase each year as you get older and the company's risk increases. When the period of coverage ends for a Transamerica term life insurance policy, you can automatically renew coverage, but the policy turns into a one-year term. Waiver of premium rider: If you become totally disabled, per the insurer's definition, for over six months, premiums are waived.Return of premium rider: If you live past the term of your policy, a portion of your premiums are returned to you (only available for 20- and 30-year terms). ![]() Whole life guaranteed insurability rider: At certain points during your term, you can convert a term policy to a whole life policy without medical exams and proving insurability again.Final-expense rider: This additional payout covers funeral costs.Estate protection rider This extra coverage pays your estate taxes if they are applied to your death benefit for some reason.Additional insured and child riders: You can buy coverage for your spouse and children.For example, you wouldn't need coverage for your child's education after they graduate college. Decreasing coverage: Many people need less coverage over time as they pay off debts or certain expenses. ![]()
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