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Transamerica Trendsetter LB Review

If you are looking for term life insurance with living benefits, Transamerica’s Trendsetter LB is an excellent choice.  It allows you access to your death benefit of you develop a chronic, critical or terminal illness while your policy is in force.  The cost of care for these types of illnesses can be quite expensive.  If you are looking for more comprehensive coverage from a term policy, the Trendsetter LB from Transamerica could be an excellent choice.  Here’s how it works.

Chronic and Critical Illness Statistics

A chronic illness is a disease of slow progression and long duration that requires constant treatment. According to the CDC, as of 2012, about half of all adults—117 million people—had one or more chronic health conditions. One of four adults had two or more chronic health conditions.

A critical illness is a life threatening illness that is strictly defined such as heart disease, stroke or cancer.  Although heart disease, stroke and cancer are the leading causes of death in the United States, (according to the CDC), the good news is that many people survive these critical illnesses.  The bad news is that recovery can take a long time and become quite expensive.

If you developed a critical or chronic illness, would you have the funds available for care or to replace lost income?  There are people who develop serious chronic and critical illnesses as early as their 40’s and 50’s.  Having a term life insurance policy that could help cover the unexpected costs of these illnesses could be an invaluable planning tool.

Transamerica’s Trendsetter LB Policy Options

The Trendsetter LB is a term life insurance policy with living benefits.  You can choose 10,15,20,25 or 30 year term durations with face amounts from as low as $25,000 to as high as $999,999.  There is also a no medical exam option for applicants up to age 60 for face amounts less than $250,000.  The best rating available on the no exam option is ‘Standard’.  The policy is convertible to a permanent policy up to the insured’s 70th birthday (75th for preferred plus applicants).

Trendsetter’s Living Benefit Features

Chronic Illness Accelerated Death Benefits – This feature allows you to accelerate up to 24% of your death benefit each year you are unable to perform 2 out of the 6 activities of daily living (ADL’s) for a period of 90days.  The ADL’s are bathing, eating, dressing, toileting, continence and transferring. You could also qualify if you are suffering from a severe cognitive impairment.  You can accelerate up to the lesser of 90% of the death benefit or $500,000.

Critical Illness Accelerated Death Benefits – This feature allows you to accelerate your death benefit if you have been determined by a physician to have suffered a critical illness such as stroke, cancer, heart attack, major organ transplant or ALS to name a few.  Like the chronic illness rider, you can accelerate up to the lesser of 90% of the death benefit or $500,000.

Terminal Illness Accelerated Death Benefit – If it has been determined by a physician that you have less than 12 months to live, you can accelerate up to the lesser of 100% of the face value of the policy or $500,000. Having access to funds if you become terminally ill will give you the opportunity to handle your financial affairs with your loved ones before you pass away.

How Benefit Amounts are Determined

It is important to know that although you can accelerate up to 90% of the face value of your policy with the critical and chronic illness riders, the actual amount you receive will be based on a number of different factors.  The amount received will be based on how much you choose to accelerate, your life expectancy as determined by Transamerica, the accelerated benefit interest rate in effect and any administrative fees.  For instance, if you own a $500,000 policy and you choose to accelerate 50% of the death benefit, you will be eligible to receive up to $250,000.  If your condition is severe with a short life expectancy, you will most likely receive close to or all of the $250,000 benefit.  If your condition is less severe and your life expectancy is expected to be longer, you will most likely receive less than $250,000.  One important thing to note is that even if you receive less than $250,000, it will be as if you accelerated that amount and $250,000 in death benefit will be left on the policy.

You can find out in advance what your amount will be so that you can determine if taking the benefits will be worthwhile for your situation.

Transamerica Trendsetter LB Rates

With all of these features, you might think that the Trendsetter LB would be expensive.  The fact is that rates for the trendsetter are reasonable considering the chronic illness and critical illness rider benefits.  Here are some sample rates in for male and female nonsmoker applicants at various ages in excellent health for 20 years of coverage. Rates are monthly.

Male$250,000$500,000$999,999
35$19.57$32.68$62.78
40$26.45$43.00$83.42
45$33.97$61.06$119.54
50$51.17$92.88$183.18

Female$250,000$500,000$999,999
35$16.13$26.66$50.74
40$21.72$34.83$67.08
45$27.52$48.59$94.60
50$40.64$73.10$143.62

Available Riders

The following riders can be added to the base policy.  These are simply basic descriptions of the riders and do not discuss the detailed terms and conditions of each.

Waiver of Premium – Waives premium if you become completely disabled.

Children’s Insurance Rider – Provides life insurance coverage on policyholder’s children.

Accidental Indemnity Rider – Pays a multiple of death benefit is death is accidental.

Monthly Disability Income Rider – Provides monthly income benefit for up to 2 years in the event of total disability.

Is Transamerica’s Trendsetter LB Worth it?

One of the main issues consumers have with term life insurance is that they feel that it only provides a benefit if they die.  The Trendsetter LB product from Transamerica not only offers death benefit protection, but living benefits as well.  The product is not meant to replace health insurance or long term care insurance.  Instead it is meant to add another layer of protection to your life insurance coverage.  If you are looking for more comprehensive term coverage option, the Trendsetter LB product is an excellent option from trusted company that has been around for more than 100 years and carries an A+ rating with A.M. Best.  If you would like more information about the Trendsetter LB product or a quote, please give us a call at 877-205-4172 or email us at info@termlifeanswers.com

About Us

Term Life Answers was created with the main goal of finding consumers the best rates on life insurance.  If you are looking for the best rates for life insurance, we can help.  We shop the top life insurance carriers in the industry to match you with the company that best fits your situation and offers the best rate.  If you have any questions about your life insurance needs, life insurance products or your existing coverage, feel free to give us a call at (877) 205-4172 or email us at info@termlifeanswers.com .