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Life Insurance Basics

What's the difference between term and permanent life insurance?

A term life policy insures you for a specified length of time, whereas permanent life insurance lasts your whole life-as long as you live. In addition to paying a death benefit, permanent (also called whole life or universal life) insurance can build cash value.

How can I tell which type I need?

Every situation is different. The Get-A-Quote tool can help you make the right choice.

What is cash value?

With permanent life insurance products like whole life and universal life, a small part of your monthly payment goes into a special cash reserve, which builds up over time. The current amount in that account is your cash value.

Can I borrow against my cash value?

You can borrow some or all of your cash value. While you don't have to repay it, the money is considered a loan, so interest will be deducted. Outstanding cash value loans are deducted from your final payout.

How is the death benefit paid out?

You can specify how your death benefit is paid to your benficiary. A lump sum payout is the most widely used. While a lump sum payout is the most popular, there are other options, depending on the company and plan. For instance, some options let you choose to provide your family with an income stream of monthly payments.

Learn more about life insurance basics.

Trendsetter® Super

Is this term or whole life insurance?

The Trendsetter® Super series are term life policies. They offer a number of term options 10, 15, 20, 25 and 30 years.

Will my premium and coverage change over time?

No. With Trendsetter® Super, we guarantee the amount of coverage and premiums you pay will remain the same over the term option you choose-whether it's 10, 15, 20, 25 or even 30 years.

Why do I need this type of insurance?

This term life insurance plan offers high amounts of term coverage with very competitive rates, especially for active and healthy people. The benefits from your policy can help meet your family's needs, whether it's paying the mortgage, college tuition for your children, final expenses or to simply assist with basic everyday living.

How much coverage can I get?

Coverage amounts are available from $25,000 to $10,000,001+. The amount you select will remain level during the length of the term. You also have the option of converting your policy to permanent life insurance protection. If you convert, your rates will be based on your age at the time and the amount of coverage you choose.

Who is eligible to apply?

If you're between the ages of 18 and 80, you can apply. Trendsetter® Super is available for sale through the Active Transamerica website in all states except AL, GA, MD, NY, OR, PA, WV.

Can my spouse apply too?

Yes, as long as he or she is also between the ages of 18 and 80. You and your spouse must apply separately and will receive separate policies.

Do I have to take a medical exam?

In some instances, a medical exam may be required. If one is required, it will be at our expense and your convenience.

What if I am diagnosed with a terminal illness?

Trendsetter® Super includes an Accelerated Death Benefit at no charge. This allows for an early cash payout in certain terminal illness situations-providing financial support for your family at a critical time. (Not available in IL, NJ, PA, SC, and VT.)

What happens if I change jobs or retire while covered?

As long as the premiums are paid, these policies provide continuous coverage for the life of the term, even if you change jobs or retire.

If I'm not satisfied with this coverage, can I get a refund?

Yes. You have 10 to 30 days from the date you first receive your policy to get a full refund, depending upon the state you live in. Your policy will contain complete details.

Learn more about Trendsetter® Super.

Application Process

How long does it take to get coverage?

With products that don't require a medical exam, or the need to send medical records, you can usually be covered in 7-14 days. When medical records are needed or a medical exam needs to be scheduled, it can take from 2-8 weeks to be covered.

Can I apply online or do I need to talk to a Transamerica agent?

For the Accidental Death product, you can apply online or talk to an agent-the choice is yours. For Trendsetter® Super, you can talk to an agent or begin the quote process online, but an agent will need to follow up with you to complete it.

Will I need to undergo a medical exam?

In some cases, you will. Each Transamerica product is different. View Our Products for details.

Can my spouse also apply?

In most cases, yes. View Our Products for details.


Can I convert my term life insurance policy to a whole life policy?

Yes. You can change your term policy to a whole (permanent) life insurance plan that’s available at the time of the exchange.

Can I renew my term life insurance policy at the end of its term?

In many instances, yes, though usually at different rates. You can continue your term coverage without taking another medical exam to prove your insurability.

What is a Terminal Illness Accelerated Death Benefit?

Should a physician diagnose you with a terminal illness, this gives you the option for an advanced payout of your death benefit.  In some insurance products, it is automatically included.

What are riders?

Riders are optional benefits that provide protection beyond what is contained in your base policy. Some examples include Waiver of Premium for Disability, Accident Indemnity and Monthly Disability Income. These optional benefits differ with each type of insurance plan.