PROTECTORPlus™ features new lower premiums and guaranteed cash values
Toronto, ON – May 14, 2004 – Transamerica Life Canada introduces upgrades to PROTECTORPlus™, its permanent life offering. The enhancements now provide independent distributors and advisors with a cost-efficient permanent life insurance solution to recommend to clients. PROTECTORPlus is competitively priced for the substantive protection and value it provides.
The enhanced offering significantly improves the presence of PROTECTORPlus to position it as a new leader in the Canadian permanent life market and features lower Term to 100 (T-100) premiums and appealing guaranteed cash values for the policyholder.
The new lower T-100 premiums are available across a wide range of ages with a variety of face amounts. They are priced among the lowest T-100 rates in the Canadian permanent life market and offer clients more value and flexibility than other similar products.
Guaranteed Cash Values
Transamerica Life Canada’s guaranteed cash values protect clients against unexpected events in life such as illness or unemployment, because clients can access some of their cash value and still enjoy the protection of reduced coverage, or they may fully surrender without charge. This offers clients added protection not available on standard T-100 products in the Canadian permanent life market. Guaranteed cash values are available after the 20th year within a Life-pay or 20-Pay option and premiums are guaranteed not to increase for the duration of the policy regardless of changes in a client’s life.
Also unlike other T-100 Plans, PROTECTORPlus can be converted to universal life if clients want to add tax-sheltered investments.
“In most cases if clients can no longer afford the premiums on a T-100 policy it will simply lapse,” says Joe Kordovi, AVP & Pricing Actuary Life Product Development and Marketing. “By contrast, PROTECTORPlus clients who select the Life-Pay option can stop paying premiums anytime after the 20th year and use their accumulated cash value to buy a lower amount of paid up insurance coverage for life,” he explains.
By ranking the lowest premiums for T-100 and Whole Life Coverage together using any third party vendor software, it is revealed that for little more than the lowest T-100 premium, clients can choose PROTECTORPlus and benefit from the added protection of guaranteed cash values.
“By weighing the benefits and advantages of PROTECTORPlus over T-100 insurance, independent distributors and advisors have more options to present to clients, based on their specific financial planning needs,” explains Kordovi. “PROTECTORPlus represents exceptional value and is priced very competitively among whole life policies and offers guaranteed cash values that T-100 products simply cannot match,” he adds.
PROTECTORPlus is available for sale on May 1, 2004.
Transamerica Life Canada
Transamerica Life Canada provides Canadians with innovative life insurance and investment products and services. Through a national network of 18,000 independent advisors, Transamerica creates better futures for employees, clients and advisors through our core principles: innovation, discipline and expertise.
Transamerica Life Canada is a member of the AEGON Group, one of the world’s largest insurers. AEGON N.V. and Transamerica Life Canada have consistently received strong financial ratings from Standard and Poor’s, Fitch and A.M. Best Company. In 2003, Transamerica Life Canada earned more than $580 million in life insurance premium income and recorded over $8 billion in total assets under management.