Convert Your Term Policy

Transamerica Term Life Conversion

Written by TermLifeConversion.com

Who Is Transamericatransamerica logo

Transamerica has been around since 1904 which started as a bank founded by Mr. Amadeo Giannini.

Believe it or not, not only did Amadeo create Transamerica, but he is also the founder of Bank Of America.

You are in firm hands when it comes to the financial stability of Transamerica.

Look at their below ratings:

  • A.M. Best: A+ is 2nd highest of 16 ratings (as of October 12, 2018)
  • Fitch: A+ is 5th highest of 19 ratings (as of September 25, 2018)
  • Moody’s: A1 is 5th highest of 21 ratings (as of July 23, 2018)
  • S&P Global: AA‐ is 4th highest of 21 ratings (as of June 28, 2018)

What Is Term Life Conversion

A Term life conversion in its purest form is taking your term policy and converting it into either a universal life product or a whole life product.

When you buy a term life insurance policy, you are mostly looking at the monthly premium and the term length.

These periods usually go from 5 years up to 30 years depending on the company.

However, these policies will eventually end, and you will have to either renew them, let them lapse, or convert them.

Of the 3 options, in my opinion, conversion is always the best option if you have a medical condition that may prevent you from getting coverage at a later time.

You can do this conversion without having to take any exams or prove insurability as long as you convert the policy before the conversion expiration period.

Transamerica Products & Conversion Options

Trendsetter Super & YRT – NY

This product gives you term options of 10, 20 and 30 year terms at a very affordable price.

When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.

Conversion Period

In New York, you can convert your policy up to age 70 with the Trendsetter Super policy and up to age 75 if you were approved with a preferred plus rating.

For Example:

If you have a 15 year term policy and you are currently 55, you will have to convert the policy before you turn 70 years old.

If you have a 20 year term policy and you are currently 65, you will have to convert the policy by the age of 75 so that you don’t miss the conversion cutoff.  

Trendsetter Super & YRT – NY Conversion Options

Once you have decided to convert your policy, you can convert it to the TransACE® CV product which is a No-lapse guaranteed universal life conversion product.

Waiver Of Premium Conversion Options

At an extra cost, in the state of New York, the Trendsetter Super & YRT has a rider available that provides you with a waiver of your required premiums if you become totally disabled.

The disability must happen before your 65th birthday while the policy is in force.

If your policy is currently being paid for with the Waiver of Premium rider, and your policy was purchased before 1997, you can still convert your policy to a permanent plan.

However, you will probably need to call Transamerica for more specifics to verify eligibility.

Additional Conversion Features

You have no limits on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.

Trendsetter Super & YRT

This product gives you term options of 10, 20 and 30 year terms at a very affordable price.

When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.

Conversion Period

In all states other than NY, you can convert your policy up to the earlier of the end of the initial level premium period or at age 70 with the Trendsetter Super policy.

Again you can do conversions up to age 75 if you were approved with a preferred plus health rating.

For Example:

If you have a 15 year term policy and you are currently 55, you will have to convert the policy before you turn 70 years old or before the term ends.

If you have a 20 year term policy and you are currently 65, you will have to convert the policy by the age of 75 so that you don’t miss the conversion cutoff.  

Trendsetter Super & YRT Conversion Options

Once you have decided to convert your policy, you can convert it to the TransACE® CV product which is a No-lapse guaranteed universal life conversion product.

Additional Conversion Features

You have no limits on the number of conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.

Trendsetter Living Benefits (LB)

The Trendsetter® LB is a term life insurance policy that provides early access to the policy’s death benefit in the event of a qualifying chronic, critical or terminal illness.

This product is the best option for you if you want an affordable term policy that will pay out a death benefit while you are still living.

When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.

Conversion Period

You are able to convert your policy up to age 70 with the Trendsetter LB policy and up to age 75 if you were approved with a preferred plus rating.

Trendsetter LB Conversion Options

Once you have decided to convert your policy, you can convert it to the TransACE® CV product.

The TransACE CV product is a No-lapse guaranteed universal life conversion product.

Additional Conversion Features

You have no limits on the number of conversions you can do.

You are also able to do partial conversions as long as you don’t fall below the product minimum.

How To Get Started

It is essential you understand all of the steps necessary when it comes to doing a term conversion.

But here’s the thing: 

We convert policies through Transamerica all the time, so we know how this process works, and there’s no charge for our service.

This means you can get your term conversion done correctly, with the most savings the first time around.

We have a Simple 3 Step Process:

  1. We learn your specific situation, and budget then send you the best rates
  2. If the rates work for you, we’ll collect all the documents needed.
  3. Finally, we process the paperwork for you and become the agent on your new policy.

If you have been waiting to convert your policy because you didn’t understand the process, we are here to help. 

Just fill out the form on this page to get started or give us a call at 1-888-554-3432.

About Term Life Conversion
About Term Life Conversion

We work with individuals across the nation to secure the best life insurance rates.

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