Transamerica Life Insurance – Reliable Protection Which Secures Your Tomorrow

For people seeking a good life insurance policy, plans offered by Transamerica can be a smart choice. Firstly, the wide range of policies makes sure that that every person finds a suitable plan. Secondly, the company has a strong reputation of reliability, hassle-free payouts and low claim denial statistics. Comprehensiveness of policies and formidable financial strength of Transamerica Life Insurance are two major aspects that work tremendously in favor of the company.

A bit about Transamerica

Transamerica is more than just a provider of life insurance. This corporation is a holding company which has several other life insurance companies under it. Many investment firms in America are also involved in this network. The company is based in the United States and its operations are spread across the world. The origins of the company date back to 1906. In 1999, it was taken over by AEGON N. V, a Dutch company.

The financial strength of the company was manifested during the recent recession. While several other financial organizations were dropping like a house of cards, Transamerica showed a strong balance sheet. With a strong backup of liquidities and good cash flow, the company reestablished its strength during the tough times. The company focuses on two main avenues:

  • Offer affordable long term insurance policies to customers
  • Reinvest premiums in developing assets that can bring in good returns

While several companies follow this ideology, Transamerica has proved beyond doubt that it is a master of strategizing and implementation. As a result of these efforts, Transamerica ratings from some of the most acknowledged firms have always been encouraging. The company has received:

  • A1 rating from Moody’s
  • AA- from Fitch
  • AA- from Standard & Poor

With these ratings, the company becomes one of the most highly rated insurers in world. Transamerica boasts of 13 million customers and the numbers are increasing with every passing year.

What does Transamerica life insurance offer?

The company offers both term life as well as permanent life policies.

The term policy is called TransTerm and is available for people up to the age of 85. It must be noted here that very few insurers cover people up to this age limit. Three options, Term 10, Term 20 and Term 30, are available. At the end of the term, the plan can be extended without the need to reapply. Term 30 policy can be extended until the age of 100. Premiums do increase after extension for all variations but the increase is low when compared to several other companies.

Permanent insurance is termed as Universal Life Insurance. Flexible rating and customized plans are its the major highlights. A variation of this plan is Variable Universal Life Insurance. If you want to enjoy higher investment power, this choice is the best because it offers increased cash-value accumulation. Whole Life is another kind of permanent plan that is designed so that your insurance is worth the cumulative sum that you pay for it. It comes with tax-deferred benefits.

With flexible options, great service and an unshakable reputation, Transamerica life insurance is a pleasure during your lifetime and beyond it.

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Medicare is a federal program established to assist with health insurance. It applies to those aged 65+ and those who are younger but who suffer from certain health conditions that make them eligible.

If you are eligible and not enrolled automatically, you can sign up for Medicare by calling Social Security. If you are receiving social Security or certain other benefits, you may be automatically enrolled in Medicare. If you are unsure, call Social Security for assistance on 1-800-772-1213.

Basic Medicare covers those services that the government deems to be medically essential. Medicare Part A provides coverage for inpatient services in skilled nursing and hospital stays, hospices and home healthcare. Part B provides coverage for outpatient care including preventive care, doctor visits and lab tests. Part D provides coverage for most prescription drugs. Part C is privately sponsored Medicare Advantage plans that provide coverage for the gaps that Parts A, B and D don't fill.

There is various payments required by Medicare, which can include cost sharing, premiums and deductibles. There are certain government programs that assist with Medicare payments such as Low Income Subsidy payments for those with less income and fewer assets.

Some people have employer group health plans if they are actively employed. If this is the case it's possible that they will want to delay their Part B application while this plan is in effect.

If a person has creditable coverage for their prescription drugs, which is equally good if not better than regular Part D coverage, they may wish to delay Part D enrollment or forget it altogether. Creditable coverage will often be granted as part of some healthcare plans that are associate with Medicare, such as Veteran Affairs or Tricare.

Medicare can be supplemented with other useful plans such as Medigap, retiree plans and Medi-Cal (for those on a lower income or with fewer assets) which are not government sponsored, but privately issued. Other examples of private health plans include the popular Advantage plans which are comprehensive in their coverage. They include Medicare Part A and Part B but these are paid as part of the plan's premiums.

No. If your Medicare benefits are based on retirement, you must wait until age 65 to enroll. If you enter into retirement at age 62, you may have continued medical insurance from a previous employer or else you would have to purchase temporary health insurance from a private insurer while you wait to become eligible for medicare.

It is advisable to submit your Medicare application three months before your 65th birthday. You should receive your Medicare card around one month later, then coverage will start as soon as you turn 65. Those getting social security benefits will be enrolled in basic Medicare Part A and B automatically. If you don't wish to pay premiums for Part B, you may terminate your enrollment.

Termination of Part B enrollment is taken seriously and as such a form cannot be submitted online. You will be required to attend an interview with social services and may face a surcharge. To terminate enrollment, form CMS-1763 can be filled in person or over the phone and the consequences will be made clear to you.

If you are older than 65, you'll usually be required to sign up during the GEP or general enrollment period. This takes place between January 1st and March 31st and coverage commences on July 1st. There will most likely be a late enrollment penalty for those who sign up during the GEP which would mean a 10% rate increase for each month that you were eligible but did not enroll in Medicare.

If you have a low income or few assets, you may be eligible for financial assistance courtesy of the Medicare Extra Help program. This helps with monthly premiums, co-payments on Part D and annual deductible payments. Your Extra Help application also gets the ball rolling for the Medicare Savings Program, which assists with other Medicare-related costs. You will be contacted by the state with instructions to apply.