Why Transamerica? APRIL 2013. 2 Why should you choose Transamerica? When it comes to creating...
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Why Transamerica? APRIL 2013. 2 Why should you choose Transamerica? When it comes to creating products, programs and services, everything we do is focused
2 Why should you choose Transamerica? When it comes to creating
products, programs and services, everything we do is focused on
just two outcomes: Because our focus is on you and your client.
Period. 1 Make it easier for you to do business with us 2 Make it
easier for your clients to get the insurance protection they need
at a price they can afford
Slide 3
3 Agenda 1 Why Transamerica? 2 Because of our products 3
Because when life happens, we have you covered 4 Because of our
tools and rewards programs 5 Because of our new business and
underwriting offering 6 Because of the strength of our brand
Slide 4
4 Why Transamerica? Because we make it easier for you Choice,
Value and Flexibility in our product selection Our easy-to-use
LifeScripter tool Innovation in underwriting with ePara Our New
Business Report and underwriting process improvements Financial
stability and solid industry ratings Online access to WebCAPPOW
24/7 TransXpress e-newsletter with the latest information on our
products and services Conference programs with attainable
qualifications We offer you:
Slide 5
5 Why Transamerica? Because we make it right for your clients
An easy way to get the insurance protection they need at a price
they can afford A strong and diverse product line including term
(TERMSelect tm ), universal life (Estate ADVANTAGE tm and Wealth
ADVANTAGE tm ) and our Critical Illness Protection Rider (CIPR) A
dedicated call centre team available to answer any product or
policy question We offer your clients:
Slide 6
6 Why Transamerica? Because were always at your service
e-Learning Seminars Marketing resources Ready to take your phone
calls and answer your emails Dedicated sales team committed to
working with middle market advisors like you to successfully grow
your business To learn more about Transamerica, visit us online at
www.transamerica.ca
Slide 7
7 Why Transamerica? Because of our products
Slide 8
8 Why Transamerica? Because we have the right products for your
middle market clients TERMSelect T10, T20 T30 with SelectOPTIONS
Universal life EstateADVANTAGE and WealthADVANTAGE Critical Illness
Protection Rider (CIPR) on term and universal life (UL)
products
Slide 9
9 Why Transamerica? Because of our term products Term products
from Transamerica offer many ways to customize your clients policy
so they can get exactly what they need, for as long as they need
it. Our term products are: Affordable Valuable Adaptable
Slide 10
10 About Transamericas term products T10 T20 T30
Slide 11
11 Why Transamerica? Because of our Term 30 coverage Saves
money: Clients who need 30 years of coverage will benefit from
paying much lower rates over 30 years than if they bought T10 or
T20 and had to renew or convert Provides coverage for life:
TERMSelect30 automatically renews at year 30 with level premiums to
age 100, with coverage for life! Rates are guaranteed: Premium
rates are guaranteed for life
Slide 12
12 Why Transamerica? Because of our Term 30 coverage with
SelectOPTIONS Only Term 30 from Transamerica offers increased
flexibility built right in with our SelectOPTIONS.
SelectVALUESelect30 SelectLIFE Available in years 16-20 Cash
surrender value Subject to taxation Available on either surrender
or conversion Available in years 16-20 Reduced paid-up coverage to
year 30 Available in years 16-20 Reduced paid-up coverage for
life
Slide 13
13 Why Transamerica? Because of our Term Exchange Program
Provides your clients with the opportunity to exchange their
current T10 product for a T20 or T30 without additional
underwriting Can be done on or after the 1 st policy anniversary
and up to and including the 5 th policy anniversary* Allows clients
to lock in their current underwriting status at new-issue rates
*Only available in accordance with program rules. Term Exchange is
done at attained age. At the time of the exchange, regular Term 20
and Term 30 maximum issue ages apply.
Slide 14
14 Why Transamerica? Because of our Term Exchange Program Ideal
for clients who are looking to take their current term coverage*
and lock into level rates for a new 20-year or 30-year period to
cover their mortgage Eligible coverage types: Single life, multiple
life, joint life (both JFTD & JLTD), term riders on either term
or UL policies, term standalone plans Who is it good for? *For
inforce cases, available if issued since January 1, 2009.
Slide 15
15 Program details: Term Exchange Program* The new coverage
will receive an underwriting class comparable to the existing term
coverage A reduced first-year compensation is paid upon exchange If
the exchange is done in the first 24 months, there is no chargeback
on the T10 coverage Override is paid on the new coverage *Available
if the exchange occurs on or after the 1 st policy anniversary and
up to and including the 5 th policy anniversary and in accordance
with program rules. Term Exchange is done at attained age. At the
time of the exchange, regular Term 20 and Term 30 maximum issue
ages apply.
Slide 16
16 Why Transamerica? Because of our universal life products
CHOICE WealthADVANTAGE Ideal for policyholders who plan to invest
more aggressively and have longer-term financial goals and
investment horizon EstateADVANTAGE Ideal for more conservative
policyholders with shorter-term financial goals and investment
horizon Wide selection of investments choices with competitive fees
Optimizer option Automatically reduces the face amount to minimize
insurance costs while enhancing tax-deferred accumulation FOR:
ChoiceFlexibilityGuarantees
Slide 17
17 Why Transamerica? Because of our universal life products
Annual renewable term (ART) cost of insurance Choice ART to age
85provides clients with peace of mind in knowing that their cost of
insurance ends at age 85 (or 20 years coverage if purchased after
age 65) ART to age 100cost of insurance period ends at age 100 ART
COImay also be changed to level COI before the clients 80th
birthday
Slide 18
18 Why Transamerica? Because of our universal life products
Premium flexibility Providing the policy does not go into shortage,
clients may change premium payments by increasing or decreasing,
paying at unscheduled dates, stopping and restarting payments or
paying monthly deductions with the accumulated tax-deferred fund
value Accessible cash value Clients may withdraw a portion of the
cash values that have built up within their policy Convenient
withdrawal and loan methods are available, subject to current tax
laws and policy surrender charges Pre-funding This option allows
the ability to pay COI with pre-tax investment dollars
Flexibility
Slide 19
19 Why Transamerica? Because of our universal life products
Creditor protection May be available if a certain family
relationship exists between the life insured and beneficiary (and
in Quebec between the policy owner and the beneficiary), or if a
beneficiary designation is irrevocable Single policy fee for up to
15 coverages Attractive for both business and families because it
offers great flexibility and an enhanced tax-sheltering ability
without additional policy fees Flexibility
Slide 20
20 Why Transamerica? Because of our universal life products Tax
differed growth to maximize your clients capital Interest growth
earned within the universal life policy is tax sheltered to a
maximum determined under the Income Tax Act (Canada) Probate bypass
and tax-free benefits The proceeds from WealthAdvantage or
EstateAdvantage can be paid directly to the named beneficiary tax
free, bypassing the estate and the delays and expenses surrounding
probate. (Probate is not applicable in Quebec.) Client bonuses We
offer guaranteed, unconditional bonuses that do not vary with the
type of investment option selected WealthAdvantage: has a
performance bonus with guaranteed minimums to ensure a competitive
bonus is always credited EstateAdvantage: includes an Accumulation
Bonus with fixed percentages that do not vary based on fund
performance* *EstateAdvantage low-fee option does not include an
accumulation bonus. Guarantees
Slide 21
21 Why Transamerica? Because of our universal life products
Guarantees Minimum returns Guaranteed minimum returns for our
fixed-rate interest options Premium tax built right into the COI
Guarantee, in the contract, that there will never be an additional
fee to cover any fluctuations in provincial premium tax
Transamerica is the ONLY company to build premium taxes right into
the cost of insurance
Slide 22
22 Why Transamerica? Because of our great product features
Selection of riders Multiple and joint life options For future
flexibility, this includes joint first-to-die and joint last-to-die
switch options Available on both term and UL products:
Slide 23
23 Why Transamerica? Because of our combined banding The more
term, universal or layered insurance they buy from Transamerica,
the less they pay per unit and the more they can save Clients pay
one policy fee for whole deal Client can take advantage of highly
competitive rates from Transamerica Use LifeView illustration
software from Transamerica to see the full savings potential Other
comparison software wont show additional savings offered by
Transamerica for purchases that include a base plan layered with
riders Help your clients save a bundle!
Slide 24
24 Why Transamerica? Because when life happens, we have you
covered
Slide 25
25 Why Transamerica Because when life happenswe have you
covered Childrens Insurance Rider Low-cost life insurance coverage
for unmarried children, issue ages 15 days to 19 years old
(including legally adopted children and stepchildren) Payor Waiver
Riders Provides additional protection for single life policies
issued to children by insuring the payor for the amount of the
premiums or monthly deductions Monthly deductions are waived when
the payor dies or is considered totally disabled under the terms of
the rider Waiver Riders This rider waives the monthly deductions
should the life insured under this rider be considered totally
disabled under the terms of the rider Living Benefits Living
Benefits from Transamerica provide tax-free* and surrender
charge-free access to your fund value upon disability Can help fund
unexpected medical expenses, provide nursing care or funds to help
with a serious disability or critical illness Covers occupational
and critical condition disabilities * Under the Income Tax Act
(Canada) and at the date of publication of this website, the
receipt of Living Benefits is not currently taxable. Transamerica
does not guarantee nor is it responsible for the tax treatment
applicable to this policy feature. Please consult your legal or tax
advisor for an opinion on this matter in relation to your
particular circumstances. For information on what qualifies as a
disability and for the determination of the benefit amount
available to your client, please refer to the contract provisions.
Disabilities caused by pre-existing conditions do not qualify.
Slide 26
26 Why Transamerica? Because when life happenswe have you
covered The Compassionate Assistance Program provides clients with
peace-of-mind during a stressful time: Gives them the option of
taking out a loan against their death benefit if they are diagnosed
with a terminal illness or terminal injury and their life
expectancy is less than 24 months* Knowing that they can access
their death benefit in the form of a loan can help make your
clients everyday life a bit easier during a very difficult time
*Twelve months or less if your client is between the ages of 72 and
77. Compassionate Assistance Program (CAP)
Slide 27
27 Why Transamerica? Because of our Critical Illness Protection
Rider (CIPR) Our Critical Illness Protection Rider, when bundled as
a rider with your clients term or universal life insurance, will
provide your clients with: More comprehensive protection than life
insurance alone can offer An average savings of up to 15%* when
compared to purchasing standalone critical illness coverage A
choice of a 4-condition rider, or a more comprehensive 25-condition
rider A one-time lump sum benefit that can be used for any purpose
without restriction if your client is diagnosed with one of the
critical illness covered conditions and survives the 30-day
survival period For a broader spectrum of coverage * Monthly
premiums based on Transamerica rates for male non-smoker, age 45,
for $75,000 in face amount.
Slide 28
28 Coverage type Term 10Term 20Term to 65 Coverage description
A renewable and convertible term 10 critical illness rider A
renewable and convertible term 20 critical illness rider A level
premium to age 65 critical illness rider Expiry age To age 75 To
age 65 Renewability option Renewable with guaranteed premiums that
increase every 10 and 20 years, respectively. None Conversion
option The plans are convertible starting on the second anniversary
and are convertible up to or until the coverage anniversary nearest
the life insureds age 60. Available on life insurance plans Term
and universal life plans, currently available for sale today
(single and multiple life) Individual life insureds in a joint life
insurance coverage may not apply for a Critical Illness Protection
Rider Universal life only (single and multiple life) Not available
on joint life plans CIPR is available on the following
coverages
Slide 29
29 Why Transamerica? Because of our tools and our reward
programs
Slide 30
30 Why Transamerica? Because we have programs and tools to
support and reward you LifeScripter Layered insurance Ultimate
Rewards
Slide 31
31 Why Transamerica? Because of our LifeScripter tool How does
it make your life easier? It offers a fast and easy way to
calculate how much insurance your client needs at every stage of
life It presents that information in a way thats easy for your
clients to understand Its integrated with LifeView, so you only
have to input your clients information once Coming soon an enhanced
version of LifeScripter that will help your clients consider their
critical illness needs LifeScripter is an innovative insurance
calculator and the only one youll ever need
Slide 32
32 Why Transamerica? Because of our LifeScripter tool Layers
several different types, or durations, of insurance protection,
such as term insurance and permanent insurance, to create a
customized solution Evolves as your clients need for protection and
savings evolves It may help avoid the need for separate and
expensive permanent CI, DI and LTC plans Use LifeScripter to
present your clients with a layered insurance solution:
Slide 33
33 Why Transamerica? Because of our advisor rewards programs We
offer advisors rewards and conference programs with attainable
qualifications
Slide 34
34 Ultimate Rewards from Transamerica is now twice as good! Two
ways to participate its your choice: The one-year program Make it
Miami! in 2013 (Completed) Savour San Francisco in 2014 The
two-year program Fire and Iceland in 2014 Each program has its own
qualifications and criteria.
Slide 35
35 How to qualify Subject to eligibility, qualification for
rewards is based on a combination of convention credits and case
counts as follows: Convention credits are based on net life
first-year commissions One convention credit = $1.00 first-year
life commissions One case count for every settled newly issued life
policy number NOTES: 1.Additional coverages or additional lives on
existing life policies are not eligible towards case count.
2.Investment accounts are excluded from case count. 3.Investment
product sales are not eligible, nor are they included towards
convention credits.
Slide 36
36 Reward levelQualification criteria One-year program 2014
(San Francisco, California) Between, January 1, 2013, and December
31, 2013: 50,000 convention credits and 10 or more settled life
cases 40,000 convention credits and 15 or more settled life cases
30,000 convention credits and 30 or more settled life cases 50 or
more settled cases Two-year program (Iceland) Between, January 1,
2012, and December 31, 2013 : 200,000 convention credits and 20 or
more settled life cases, or 100,000 convention credits and 50 or
more settled life cases, or 120 or more settled life cases All
NLFYC generated from the Transamerica Term Exchange Program will
count towards Ultimate Rewards convention credits. However, these
policies will not count towards the case threshold for the San
Francisco or Iceland Ultimate Rewards programs.
Slide 37
37 Need more info? Visit www.transamerica.ca to: Track your
progress View the full program rules and regulations
Slide 38
38 Why Transamerica? Because of our new business &
underwriting process
Slide 39
39 Why Transamerica? Because of our innovations in underwriting
1 Preferred Underwriting Program 2 ePara 3 Innovative Attending
Physicians Statement (APS) policy 4 Dedicated underwriting team 5
New business and underwriting process improvements
Slide 40
40 Why Transamerica? Because of our life underwriting programs
Preferred Underwriting Program Available for face amounts of
$250,000 or greater and now offered for ages 16 and above
Non-Medical Underwriting Program Available for face amounts below
$250,000 and ages 45 and under Available for face amounts below
$100,000 and for ages 46-55
Slide 41
41 Why Transamerica? Because of our CI underwriting Available
for face amounts up to and including $250,000 for ages 45 and under
Available for face amounts up to and including $99,999 for ages
46-50 Not available for ages 51-65 Non-medical underwriting:
Slide 42
42 Why Transamerica? Because of our improved turnaround times
Underwriting on applications requiring paramedicals reduced by up
to 9 days! Paramedical received by Transamerica electronically same
day Ensured accuracy and completeness of all paramedicals greatly
reduces NIGOs No paperwork or misplaced documents Enhanced security
features Improved turnaround time with the new ePara:
Slide 43
43 Why Transamerica? Because of our innovative APS Our APS
policy is unique to the industry Reduces the number of second
follow-ups to doctors Allows for faster, more efficient processing
Makes it easier for your clients to get the protection they need,
while simplifying the new business process Overall underwriting
success compared to the industry i.e., more approved cases than the
industry: 87% approved compared to industry average of 76% (Munich
Re, 2011) Innovative Attending Physicians Statement (APS)
policy
Slide 44
44 Why Transamerica? Because of our dedicated underwriting team
Risk assessment team underwrites applicants for life insurance or
our CIPR Research Team is always busy: Conducting research on
emerging medical and industry trends affecting underwriting and
pricing of life insurance Working on our automated universal life
decision tool Looking for ways to make it easier to do business
with us Case coordinators help you get your business settled by:
Tracking the NB cases Answering your calls on a specific case
Consulting with the specific underwriter and providing answers
right away Marketing support to help you speed up the underwriting
process Underwriting guide, medical conditions pocketbook, tip
sheets 48 hr turnaround time
Slide 45
45 Why Transamerica? Because of our New Business Report and
underwriting process improvements Of all the cases weve
underwritten in 2012 that were eligible for preferred
classification (>$250,000), 41% received preferred or elite
status Whats happening in the industry: The industry results survey
for life are: 9% for declines 6% for rated New Business Report and
underwriting Source: Munich Re, 2011.
Slide 46
46 Why Transamerica? Because of our New Business Report and
underwriting process improvements Weve only declined 5% of life
clients Weve rated only 6% of life clients What about Critical
Illness? Weve only declined 7% of CIPR clients Weve rated only 5%
of CIPR clients AND Only 19% of our cases have required an APS when
there was a Critical Illness Protection Rider Total of APS
requested including CI was at 23% We can do better than that!
Slide 47
47 Why Transamerica? Because of our New Business Report and
underwriting process improvements We continue to deliver on our
commitment to be there when your clients and their families need it
the most In 2012, we settled 2,748 claims, paying out $293,841,804
in death benefits Claims
Slide 48
48 Why Transamerica? Because of the strength of our brand
Slide 49
49 Were part of something big Transamerica has three divisions:
Life & Protection Individual Savings & Retirement and
Employer Solutions & Pensions Transamerica Life Canada is part
of Life & Protection, the largest of the three divisions One of
the top 10 providers of life and protection products in U.S. and
Canada Operations in nine countries 4,500 employees worldwide Sales
of $1 billion Inforce premium of $6 billion Total claims of $4
billion 21 million customer contacts Note: Annual amounts for 2011
as at December 2011.
Slide 50
50 Why Transamerica? Because of our media campaign For the
first time in our history, we will be talking directly to your
clients with our Its real now SM campaign Creating greater
awareness of our brand and what we stand for Campaign focuses on
real moments in life, both joyful and bittersweet Talks about how
these moments transform how we think about our future and our
finances Exciting new campaign
Slide 51
51 Its real now! TV spots airing throughout the 2013 NCAA March
Madness and the Masters Tournament Streaming video of the stories
on the landing page of the.com website Online and mobile banner ads
Reaching the people
Slide 52
52 As part of our golf sponsorship, we help make better
tomorrows Zach Johnson Foundation Classic Title sponsor at the
second annual Zach Johnson Foundation Classic A number of pro
golfers and celebrities are playing Event raised an estimated $1M
last year for the Kids On Course program to help make a difference
in lives of children Birdies That Care: What does Transamerica do
each time Zach makes a birdie? Transamerica donates $50 for every
birdie that Zach Johnson makes throughout the season
Slide 53
53 Why Transamerica? Because were growing every day We gain
additional strength from having a closer relationship with another
Transamerica business in Canada Helps us reduce or control costs
through the sharing of support services Our advisors and consumers
will benefit more from the greater scale of support services, as
well as increased access to expertise Canadian Premier Life is now
a subsidiary of Transamerica Life Canada
Slide 54
54 Ultimate Rewards Program disclaimer Transamerica Ultimate
Rewards Program eligibility, qualifications and rules 2013-2014 The
program is open only to those advisors who meet qualification
requirements; no substitutions will be accepted Convention credits
and case counts cannot be shared or transferred from one advisor to
another Convention credits and case counts are non-transferable and
are not exchangeable for cash or other trips or awards Transamerica
Life Canada may cancel, discontinue, suspend and/or modify the
program, and/or the qualification criteria and requirements, at any
time, without notice During the qualification period, if an advisor
transfers from one distributor to another, his or her credits and
case counts will be accumulated from all distributors where he or
she settled Transamerica Life Canada business Case counts cannot be
split between advisors. If two advisors split a single case, the
case count will be attributed to only one of the advisors However,
split first-year commissions will be attributed to both advisors
based on the split percentages paid Advisors placing business under
corporate or shared codes can only qualify based on their personal
production Business must be submitted and settled under the
advisors own selling agent code Advisors may be restricted from
participation in the Transamerica Ultimate Rewards program by their
distributor and/or employer. Advisors are urged to clear their
participation with their applicable management Qualifiers must have
an inforce contract in good standing with Transamerica Life Canada
when the reward is redeemed For the 2013 one-year program, to be
eligible for convention credits, business must be settled and
commission paid to the advisor by December 31, 2012. For the 2014
one-year program, to be eligible for convention credits, business
must be settled and commission paid to the advisor by December 31,
2013 For the 2014 two-year program, to be eligible for convention
credits, business must be settled and commission paid to the
advisor by December 31, 2013. All qualifiers must meet Transamerica
Life Canadas standard persistency rate for business retention of no
less than 85% All eligible participants must support industry and
regulatory guidelines, including full and proper disclosure to
their customers of their participation in incentive and/or reward
programs Convention credits will not be awarded for policies
settled on the life of the personal producer or his or her
immediate family members Any convention credits and case counts
earned on policies that terminate in the three months immediately
following the qualification period, and which were submitted in the
last four months of the qualification period, may be deducted A
taxable benefit will be assessed to each qualifier (which will
include the total value for both the advisor and his or her guest
combined), and a T4 will be issued under the selling advisors code
for the total value Attendance is by invitation only from
Transamerica and is not a contractual right. Transamerica Life
Canada retains the right to refuse to award convention credits or
case counts, in its sole discretion Transamerica will cover
approved reasonable travel costs for the advisor and one guest over
the age of 18, as well as the hotel and hosted meal and scheduled
activity costs Inability to attend on the date selected by
Transamerica Life Canada for the Ultimate Rewards trip will lead to
forfeiture of the reward WFG (World Financial Group) advisors are
not eligible for the Transamerica Ultimate Rewards program Visit
the website for more details
Slide 55
55 This presentation is for advisor use only This communication
is published by Transamerica Life Canada (TLC) with material
obtained from a number of third-party sources and is intended for
advisor use only. Any information contained in this presentation is
intended for general information purposes only and should not be
considered specific or personal investment, insurance, estate
planning, legal or tax advice or a solicitation to purchase
insurance. While reasonable efforts have been made to ensure that
the contents of this presentation have been derived from sources
believed to be reliable and accurate at the time of publication,
Transamerica does not warrant the accuracy or completeness of the
information contained herein. Examples given in this presentation
are for illustration purposes only. The specific facts and
circumstances of each case will differ from client to client.
Neither Transamerica nor its affiliates, officers, employees or any
other person accepts any liability whatsoever for any direct,
indirect or consequential loss arising from any use or reliance on
the information, general strategies or opinions contained herein.
No one should act upon the information or examples without a
thorough examination of their legal and tax situation with their
own professional advisors based on the facts of their specific
case. Transamerica and the pyramid design are registered trademarks
of Transamerica Corporation. Transamerica Life Canada is licensed
to use such marks. SM Tomorrow Makers, Transform Tomorrow,
Transamerica Transform Tomorrow, We are the TOMORROW MAKERS and the
TOMORROW MAKERS and Its real now design mark are trademarks of
Transamerica Corporation. Transamerica Life Canada is licensed to
use such marks. Trademarks of Transamerica Life Canada. ePara is a
registered trademark of Hooper-Holmes Canada Ltd. LifeScripter is a
registered trademark of Transamerica Life Canada.