Transamerica Life Bermuda Launches New Universal Life Plan for HNWIs at 3.5% p.a. for 5 Years
10th July 2020 | Hong Kong
Transamerica Life (Bermuda), a leading High Net Worth life insurance provider, has launched a new universal life plan for High Net Worth Individuals (HNWIs) with a 3.5% p.a. lock-in interest rate for the first 5 years.
” Transamerica Life Bermuda launches new universal life plan with 3.5% p.a., lock-in interest rate for 5 years “
Known as Wealthassure Universal Life, the new universal life plan will provide HNWIs with a lock-in interest rate 3.5% p.a. for the first 5 years in a time of market volatility, capital preservation with life insurance protection of 101%, and the flexibility to access cash from the universal life plan.
The minimum sum for the policy is $500,000 and the maximum sum is $10 million. In Asia, clients can buy the universal life plan via banks or brokers in Hong Kong and Singapore.
Wealthassure Universal Life
Transamerica Life Universal Life Plan: Wealthassure
Wealthassure is designed for HNWIs who are seeking a life insurance solution that offers capital preservation and stable returns while complementing their overall goal for achieving an integrated, balanced wealth management plan.
The universal life plan also offers access to liquidity to provide for life’s planned and unplanned events. In addition, the continual wealth accumulation and protection features offer surety to HNWI’s wealth management planning at low risk, enabling them to pass their wealth on to the next generation.
Key Features of Wealthassure Universal Life
- 3.50% p.a. lock-in interest rate for 5 years
- Projected 3.4% p.a. thereafter (min. guaranteed 1.25% p.a.)
- Capital preservation feature – Breakeven point in 4 years
- No medical examination required – (Easy to buy)
- Minimum sum: $500,000, Maximum sum: $10 million
- Payment option: Single pay or 5-pay
- Flexible access to cash – partial withdrawal
- 101% death benefit
- Insured Party Exchange – Insured party may be changed once
Breakeven, Withdrawal and End-of-Policy
- Single-pay policy: breakeven in 4th year
- 5-pay policy: breakeven in 6th year
- Partial withdrawal of min. $50,000
Wealthassure Single-pay policy breakeven in the 4th year while the 5-pay policy will breakeven in the 6th year.
Partial withdrawal (min. $50,000) is available after the free-look period, subject to a surrender charge. From the 11th policy year, systemic withdrawal option is available starting, with the minimum amount of USD 50,000 (annual / semi-annual).
The plan ends at the policy holder request to terminate the policy, policy lapse, at death or when Transamerica life Bermuda exercises the right to terminate the policy.
In Asia, Wealthassure and Transamerica Life Bermuda products are available from banks and brokers in Hong Kong and Singapore. The product is also available in Switzerland, Dubai, Latin America and the UAE via Transamerica Life Bermuda office.
Marc Lieberman, President and CEO of Transamerica Life Bermuda:
With our singular focus on the HNW market, we are continually strengthening our product suite to meet our HNW customers’ needs by developing innovative products that help them to maximise their wealth protection, while supporting their legacy and retirement planning.
The current economic uncertainty and global health concern over COVID-19 are driving HNWIs’ desire to have stronger capital protection along with a cash cushion that helps them meet their lifestyle needs while safeguarding their financial legacy. Wealthassure is our answer to their need for a life insurance solution that provides capital surety and flexibility while giving them peace of mind from knowing that their loved ones are protected from any unfortunate event.”
About Transamerica Life Bermuda
Transamerica Life (Bermuda) Ltd. (TLB) is a recognised leading HNW life insurance provider with extensive expertise in all aspects of HNW wealth protection, including handling large sums assured and complex cases supporting legacy and business planning. Transamerica has been in Asia for over 80 years and has been a pioneer in managing universal life portfolios for almost 40 years.
TLB is part of the Aegon Group – a leading international financial services group providing life insurance, pensions and asset management based in The Hague, Netherlands with a presence in over 20 countries in the Americas, Europe and Asia. Aegon N.V. is listed on the Amsterdam and New York stock exchanges. Aegon companies employ almost 24,000 employees and have 29.9 million customers across the globe.
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