Despite all of the attention the IUL Markets receive, we are still in the “widows and orphans” business. Transamerica’s reprice of both the Trendsetter Super and Trendsetter LB position the Trendsetter LB, with Chronic and Critical Illness benefits, as an extremely effective risk management solution for clients who need to protect their loved ones most of all.
Premium rates for Trendsetter Super and Trendsetter LB have been adjusted to maintain an overall competitive price.
The Trendsetter changes are really two separate stories, starting with Trendsetter Super, Transamerica’s traditional level term insurance product:
- Prices have been adjusted in most cells, with some increasing, some decreasing, and some remaining the same.
- Standard rates appear to remain extremely competitive, while Preferred classes have increased on average.
The Trendsetter LB Story is significantly different, and makes an already compelling sale even easier to execute:
- Trendsetter LB prices largely decreased, making the “spread” between the traditional “old term” and “new term” represented by Trendsetter LB even narrower than before.
- The price drops were significant. As an example, using $1MM of 20 year term:
- Male, age 50, PNS:
- Trendsetter LB Old Rates: $1370/yr
- Trendsetter LB New Rates: $1285/yr
- A drop of 6%
- Female, age 50, PNS:
- Trendsetter LB Old Rates: $1140/yr
- Trendsetter LB New Rates: $985/yr
- A drop of 13%!
- Male, age 50, PNS:
Important: While these Trendsetter LB prices make the product extremely relevant for new sales, when combined with the TOP and TOP Plus programs from Transamerica, they become a compelling reason for a producer to go back to their existing clients to talk about the “new term insurance” that is now available as an additional policy, potentially without an exam! For more on the TOP and TOP Plus Programs, please see the Transamerica tab on the Carrier Resources page
Applications received through iGO® or in the Transamerica Cedar Rapids Administrative Office:
- Between February 14, 2015 and March 20, 2015 will automatically be issued with the base plan rate that is most favorable for the applicant.
- On or after March 21, 2015 will be issued with the new rate.
- Please see the announcement from Transamerica for additional details.