Universal Life Product Guide. every life has a story. Updated march 26, 2012.

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1 ADVISORS PLEASE NOTE: Effective April 23, 2012, the following Designated Indices are being substituted with Designated Indices with similar investment objectives. Accordingly, the names of the corresponding Managed Index Interest Options are updated to reflect the new Designated Indices, as listed below. Designated Index imaxx Canadian Equity Value Fund imaxx U.S. Equity Growth Fund imaxx U.S. Equity Value Fund imaxx Global Equity Value Fund NEW Designated Index Dynamic Value Fund of Canada AGF American Growth Class CI American Value Fund Dynamic Global Discovery Fund Updated march 26, every life has a story. Universal Life Product Guide

2 About this guide This guide contains product information for WealthAdvantage and EstateAdvantage policies. This guide is effective November 28, 2011, and contains product information for WealthAdvantage and EstateAdvantage policies. This material has been prepared for the use of Transamerica s advisors in conjunction with other product information. The intent of this guide is to provide an overview of the WealthAdvantage and EstateAdvantage plans. For a precise understanding of the rights and obligations of the policyowner and Transamerica, please refer to the WealthAdvantage and EstateAdvantage contracts. IMPORTANT: This guide is not designed to provide tax, legal, accounting or other professional advice. If you are not a qualified tax advisor, we recommend that you advise your client to seek the advice of a tax professional. It is the owner s responsibility to determine the consequences to him or her under relevant income tax legislation, and Transamerica assumes no liability to the owner. The sections that reference tax information provide a summary only of the current principal Canadian federal income tax consequences arising under the Income Tax Act (Canada) and the regulations thereunder to prospective owners of WealthAdvantage and EstateAdvantage policies who are residents of Canada. The tax information contained in this guide is based upon the provisions of the Income Tax Act (Canada), the regulations thereunder currently in effect, all proposed amendments thereto publicly released by the Department of Finance (Canada) prior to the date of printing this guide and upon Transamerica s understanding of the administrative practices and policies of the Canada Revenue Agency (CRA) currently in effect. The tax information, wherever contained in this product guide, neither anticipates any changes in law, whether by legislative, governmental or judicial action, nor does it take into account provincial or foreign income tax legislation or considerations. About the guarantees Transamerica makes certain guarantees with respect to WealthAdvantage and EstateAdvantage. These guarantees do not include: The portion of the total fund value attributable to a particular Index Interest Option. This varies in accordance with fluctuations in the daily interest rate formula for each Index Interest Option. The interest rate applicable to the Index Interest Options. In fact, this interest rate may be either positive or negative, depending on the performance of a particular index. A negative interest rate will reduce the benefits and values under this policy, which include but are not limited to the total fund value, the cash surrender value, the net cash surrender value, the maximum benefit amount for a Living Benefit and the death benefit. Transamerica does not accept responsibility for any errors or omissions contained in these materials. The information contained within this document is current as of the date of publication and is subject to change.

3 Every life story is unique, and that s why we offer more than one universal life plan. Each plan addresses different needs, so together with your client, you can choose the plan that is best for now...and for the future. WealthAdvantage EstateAdvantage with Accumulation Bonus EstateAdvantage Low-Fee This product is intended to suit policyholders who plan to invest more aggressively and have longer-term financial goals and investment planning time frames. These products are intended to suit more conservative policyholders with shorter-term financial goals and investment planning time frames. Why choose Transamerica s WealthAdvantage and EstateAdvantage universal life? Financial strength and stability Transamerica has been helping Canadians achieve financial security since Over the years, we ve learned that financial peace of mind means different things to different people. Whether it s saving for retirement, protecting family and assets or helping clients achieve their specific goals, their needs are unique. That s why we offer a diverse range of solutions. We want to be there with the insurance and investment options needed at every stage of life. Transamerica Life Canada is a wholly-owned subsidiary of AEGON N.V., one of the largest insurers in the world. Based in the Netherlands, it has major company operations in Hungary, Spain and the U.K., in addition to the Netherlands and Americas. Transamerica is one of Canada s leading providers of life insurance and investment products. Its financial strength is complemented by a solid network of 18,000 accredited advisors located in all major cities across Canada.

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5 Table of contents 1. Product Overview 1 2. Insurance coverages 4 Coverage and rider issue ages and amounts 4 Coverage types 5 Death benefit options 5 Increasing death benefit 5 Level death benefit 6 During the COI period 6 After the COI period (varies with the COI option) 6 Cost of Insurance (COI) options 7 Mixing COI options 8 Switching COI options 8 Built-in premium tax 8 COI banding 8 Underwriting programs 8 Non-medical underwriting 9 Medical underwriting 9 Overview of required forms 10 Underwriting risk classifications 10 Summary of underwriting program and applicable risk classification by age and face amount 11 Underwriting requirement 12 Underwriting materials 12 Ratings 12 Policies with multiple universal life coverages 14 Multiple universal life coverages 14 Base universal life coverage 15 Multiple life special options 15 Severance Option 17 Change of Primary Life Insured Option 17 Joint life coverages 18 Joint last-to-die 18 Joint first-to-die 21 Switching between joint options 23 Riders 24 Level Cost Rider 24 TermSelect Riders Investment choices 25 Interest Options 25 Relative risk rating 26 Asset allocation solutions 32 Investor Profile Questionnaire 32 Index Allocation Interest Options (passive) 33 Managed Portfolio Options 34 imaxx TOP Portfolio Index Interest Options 34 Transamerica Interest Option fact sheets 35 Rates of return 35 Interest Option transactions 35 Allocation instructions 35 Interest Option transfers Client bonuses 36 Meeting market needs with client bonuses 36 Different bonuses for different needs 36 WealthAdvantage Performance Bonus 36 EstateAdvantage Accumulation Bonus option 36 EstateAdvantage low-fee option 37 A closer look at the universal life client bonuses 38 WealthAdvantage Performance Bonus example Optimizing investments while maintaining tax-exempt status 40 Tax-exempt testing and policy anniversary processing 40 Tax-exempt testing 40 If a policy fails a tax-exempt test 41 If a policy passes a tax-exempt test 41 The 250% rule (or anti-dump-in rule) 41 Maximum premium estimate 41 Recalculating maximum premium estimates) 42 Optimizer Option 42 Eligibility 42 How Optimizer works 42 Optimizing policies with multiple universal life coverages 42 Changing the Optimizer option 43 Termination 43 Illustrating Optimizer on LifeView 43 Side Account 44 Side Account as a safety net 44 How the Side Account works 44 T-Bill Interest Option and Fixed-Rate Interest Options 27 Index Interest Options 28

6 6. Plan flexibility 45 Easy access to funds when needed 45 Policy loans 45 Policy and coverage surrenders 47 Withdrawal order 50 Taxation of loans, withdrawals and surrenders 50 Easy Interest Option changes when needed 51 Allocation instructions for premiums 51 Interest Option transfers 51 Market Value Adjustments (MVAs) 52 Premium flexibility 53 Planned periodic premiums 53 Minimum premiums 53 Maximum premiums 53 Easy insurance coverage adjustments when needed 54 Increasing the face amount 54 Decreasing the face amount 54 Death benefit option changes 54 COI option changes Living Benefits 55 Qualification 55 Types of disability 55 Benefit amount 56 Payment of benefit amount 56 Face amount adjustment 56 Claims for Living Benefits 56 Occupational disability claim 56 Critical condition disability claim 56 Continuous disability 57 Living Benefits: Definitions and highlights 57 Exclusions for disability claims 58 General exclusions 58 Exclusions for pre-existing conditions Optional Benefits 59 Accidental Death and Dismemberment Rider 59 Schedule of losses 59 Definition of accident 59 Termination 59 Exclusions 59 Children s Insurance Rider 60 Coverage availability 60 Eligibility 61 Paid-up term insurance 61 Conversion 61 Coverage termination 61 Rider termination 61 Payor Waiver Riders 62 Payor Waiver of Monthly Deductions on Death or Disability (PWMD) Rider 62 Payor Waiver of Planned Premiums on Death or Total Disability (PWPP) Rider 62 Common terms and conditions for payor waiver riders 63 Waiver Riders 64 Waiver of Monthly Deductions Rider 64 Waiver of Planned Premiums Policy administration 67 Monthly deductions 67 Lapse and reinstatement process 67 Shortage 67 Key benefits 67 Lapse 67 Reinstatements 67 Anniversary statements and estatement Library 68 Claims processing 68 Payment of death claims 68 Placing an order for marketing material or forms 69 Special note about edition dates 69 Other sources for marketing materials 69 Illustration systems (LifeView) How to structure UL insurance for the market you are in 70 Guaranteed UL: Is it possible? 70 Using UL as an investment vehicle 70 Comparing and illustrating UL plans 70 Conclusion 72 Glossary of common terms 73 Index 75

7 1. Product overview Following is an overview of the coverages offered and some of the key options and features available with those coverages. Coverage options Death benefit options Cost of Insurance (COI) option Policy fee Premium tax Joint life coverage options Insurance coverages Single Joint Multiple Life Level (with ART COI only). Increasing (with ART or level COI). (Only one option can be selected per policy.) Annual Renewable Term (ART) to age 100. ART 85/20. Level COI. $10 per month; no extra charge for extra lives. None: built into cost of insurance. Joint life Joint last-to-die Deductions to last death (up to 5 lives). Deductions to first death (maximum 2 lives). Fund value payout options on each death or last death allowed on policies rated up to 300%. Single life insurance option. Minimum issue amounts Adults: Issue amounts and ages Juveniles: (0 to 15) Min. face amount Max. face amount Min. face amount Wealth Advantage Estate Advantage $100,000 $25,000 $20,000,000 (ART COI) $10,000,000 (Level COI) $25,000 (If an additional coverage; otherwise, the minimum face amount of $100,000 applies.) Joint life $100,000 $20,000,000 (ART COI) $500,000 (Level COI) $25,000 Level COI Rider $100,000 $25,000 TermSelect Riders $50,000 Joint first-to-die (up to five lives) Single life insurance option. Survivor Option. Additional death benefit. Switch option from joint first-to-die to joint last-to-die deductions to last death (two lives). Multiple UL coverages Up to 15 insurance coverages. Fund value payout options on each death, last death or proportionate, allowed with insured rated up to 300%. Severance Option allows coverages to be severed from the policy but continue as issued. Change of primary life insured. Issue ages (age nearest birthday) Underwriting programs Non-smoker: 0 to 80 Smoker: 16 to 80 Underwriting (Non-smoker classification for juveniles) Non-medical underwriting program for face amounts below $250,000 and ages 45 and under. Preferred underwriting program at $250,000 and above and ages 16+. * The total face amount for all level cost of insurance coverages and Level Cost Riders for a life insured under all EstateAdvantage policies may not exceed $500,000. [ 1 ]

8 TermSelect Rider Level COI Rider Riders 10-, 20- or 30-year renewable and convertible terms. Level (to 100) (available with level death benefit option only). Cost of Insurance bands Band structure $25,000 to $49,999 $50,000 to $99,999 $100,000 to $249,999 $250,000 to $499,999 $500,000* (For TermSelect Riders only, there are additional COI bands of $500,000 to $999,999, $1,000,000 to $2,499,9999, and $2,500,000+.) Combined banding combines face amounts of all non-joint universal life and rider coverages to determine underwriting program and requirements for each life insured. Investment choices T-Bill Interest Option Fixed-Rate Interest Options: One-, five- and 10-year terms (minimum $500). Guaranteed minimum returns: WealthAdvantage and EstateAdvantage with Accumulation Bonus 1-year: 0% 5-year: 0.5% 10-year: 1.5% EstateAdvantage with low-fee option 1-year: 0% 5-year: 1.75% 10-year: 2.75% Individual Index Interest Options Thirty-two Interest Options providing passive and managed solutions, including: six passive total return Interest Options four passive currency-neutral Interest Options sixteen third-party managed options that index historically consistent, above-average performance from managed investment Canadian mutual funds four imaxx mutual funds that feature outstanding Canadian and international investment managers with proven performance Portfolio Index Interest Options Eight Interest Options providing both passive and managed solutions, including: four passive index allocation portfolio options four managed imaxx TOP asset allocation options indexed to top-performing Canadian, U.S. and international mutual funds Client bonuses WealthAdvantage EstateAdvantage Performance Bonus Credited in years 2+. Percentage tied to policy rate of return (with guaranteed minimums). Applied to the average fund value in the previous year, net of loans. Accumulation Bonus Low Fee Credited in years 2+. Fixed percentage (1.25%). Applied to the average fund value in the previous year, net of loans. No bonus available. Plan flexibility Policy loans 10% charged annual loan rate. 8% credited annual interest rate on Security Account. Internal loan repayment provision available in year 16. Withdrawal order for monthly deductions Monthly Deduction Interest Option. Policyowner picks one Interest Option; otherwise, the default withdrawal order applies. * The total face amount for all level cost of insurance coverages and Level Cost Riders for a life insured under all EstateAdvantage policies may not exceed $500,000. [ 2 ]

9 Plan flexibility (continued) Surrender charges WealthAdvantage Duration: 10 years EstateAdvantage Duration: 7 years Coverage surrender charges (also applies on face amount reductions). Partial withdrawal surrender charges: a percentage of the withdrawal amount (minimum withdrawal $500). 10% free partial withdrawal After the second anniversary, the client can withdraw up to 10% of the net fund value. The maximum amount available for a free surrender is equal to the lesser of: 10% of the net fund value the net fund value, minus three monthly deductions, minus half the total policy coverage surrender charges Optimizer Eligible with face amounts of $250,000 or more. Earliest start is in year 6. Maximum decrease of 15% over years 6 to 10. Interest Option transfers Four free transfers per policy year. Optional benefits Accidental Death and Dismemberment Rider Pays an additional benefit amount if the life insured dies or loses sight or limbs as a direct result of an accident (not available with joint life coverages). Children s Insurance Rider Provides low-cost term coverage on the lives of the life insured s children (including stepchildren or legally adopted children). Allows each child to convert his or her coverage for up to five times the initial coverage amount, subject to certain conditions. Provides paid-up term insurance if the life insured dies before the children, prior to their 25th birthday (other conditions may apply). Waiver and Payor Waiver of Monthly Deductions Rider Monthly deductions are waived for life if the insured becomes totally disabled before age 60, and between ages 60 and 65, monthly deductions are waived for the later of two years and age 65. Payor Waiver of Monthly Deductions Rider is also available to insure the payor on a child s policy (usually a parent). Waiver and Payor Waiver of Planned Premium Rider Premiums, up to a max. of $1,000 per month, are waived if the insured becomes totally disabled before age 65. The amount being waived will be the lesser of the average premiums paid during the 12-month period before disability and $1,000. Payor Waiver of Planned Premium Rider is also available to insure the payor on a child s policy (usually a parent), up to $400 per month. Built-in, no-cost additional benefits Living Benefits Compassionate Assistance Program (CAP) Living Benefits enable your clients to access their fund value by making a request for a lump sum benefit amount upon disability. The policy definition of disability includes both (1) occupational disability and (2) critical condition disability (see contract for 26 covered conditions). There is no age restriction for this built-in feature, which uses new industry-standardized critical illness definitions. This non-contractual feature currently offered by Transamerica allows an owner to receive a loan against the death benefit of his or her policy if the life insured is suffering from a terminal illness and has a life expectancy of two years or less. Upon the death of the life insured, the death benefit payable to any beneficiaries will be reduced by the loan amount, accrued interest and any premiums waived after the loan was issued. (Living Benefit must first be exhausted.) [ 3 ]

10 2. Insurance coverages Coverage and rider issue ages and amounts Coverage options Minimum face amount Maximum face amount WealthAdvantage EstateAdvantage WealthAdvantage EstateAdvantage Minimum issue age Maximum issue age Single life $100,000** $25,000** Joint life $100,000** Multiple life $25,000 juveniles (ages 0 to 15) Minimum issue amounts apply based on single or joint coverages added as part of the multiple life coverage. $20,000,000 (ART COI) $10,000,000 (Level COI) $20,000,000 (ART COI) $500,000* (Level COI) 0 80 Rider Options TermSelect10 $10,000, Single life: $50,000** TermSelect20 $20,000, Joint life: $100,000** TermSelect30 $20,000, Level Cost Rider Single $100,000** Joint $100,000** Single $25,000** Joint $100,000** $10,000,000 $500,000* 0 80 * The total face amount for all level cost of insurance coverages and Level Cost Riders for a life insured under all EstateAdvantage policies may not exceed $500,000. ** Preferred underwriting is automatically applied when the underwriting requirement or a life insured is $250,000 and greater and the insured is 16 years of age or older. Illustrations with face amounts above the stated maximum must be reviewed by Transamerica s Head Office. Any LifeView illustration above the stated maximum will not be valid without Head Office review, and a disclaimer will be printed on the illustration report pages. [ 4 ]

11 Coverage types Coverage types describe combinations of death benefit and Cost of Insurance (COI) options, and the type selected by the client is noted on the data page of each issued policy and other Transamerica reports. Death benefit option COI options Level death benefit ART to 85/20 years Level death benefit ART to 100 Increasing death benefit ART to 85/20 years Increasing death benefit ART to 100 Increasing death benefit The death benefit includes the face amount (the amount of insurance coverage selected), plus the fund value, less any outstanding loans, accrued interest, withdrawals and premiums due. The NAAR is equal to the face amount selected at issue and remains constant, subject to taxexempt increases. (See Tax-exempt testing on page 40 for further details.) = NAAR = Fund value = Death benefit Increasing death benefit Level to 100 Only one death benefit option may be selected per policy. Death benefit options Both WealthAdvantage and EstateAdvantage provide level and increasing death benefit options to reflect different insurance needs and budgets. Regardless of the death benefit option selected, the total death benefit is the Net Amount at Risk (NAAR), defined below, plus the fund value, less any outstanding policy loans, accrued interest and premiums due. However, with some of the Fund Value Payout Options, the fund value may not always be included with each death benefit. (See Joint life coverages or Multiple universal life coverages. ) Only one death benefit option may be selected per policy. This option is available with all COI options. The fund value is paid upon death, in addition to the face amount, unless a different Fund Value Payout Option is specified. (See Joint life coverages or Multiple universal life coverages.) Avoiding pitfalls The death benefit is affected by the performance of the Interest Options. A negative interest rate will reduce the benefits and values under this policy, which include, but are not limited to, the total fund value, the cash surrender value, the net cash surrender value, the maximum benefit amount for a Living Benefit and the death benefit. Potential market Fund Value Payout Options are available for increasing death benefit policies with multiple universal life coverages and/or joint last-to-die coverages. [ 5 ]

12 Level death benefit This option is available only with ART COI. This option keeps the face amount at a fixed, level amount of coverage. Therefore, as the investment portion of the plan grows, the NAAR decreases, which may result in decreasing the COI over time. option. The death benefit, thereafter, is affected by the performance of the Interest Options. However, the death benefit cannot fall below the reset NAAR. Example: If the amount of insurance is $150,000 and the amount allocated to that coverage is $160,000, the NAAR would be zero. The death benefit paid would be $160,000. Monthly COI costs would be zero. = NAAR = Fund value = Death benefit During the COI period (varies with the COI option) The death benefit is equal to the face amount or the proportionate fund value, whichever is greater. The NAAR is equal to the face amount less the fund value. As the fund value increases, the NAAR decreases, which reduces the amount of insurance risk for which COI is charged. The fund value is not guaranteed, and may increase or decrease, depending on market conditions and the volatility of the Interest Options chosen. The annual renewable term (ART) COI rates per $1,000 of NAAR will increase annually until age 100 (for ART to 100 COI) and to the later of age 85 or 20 coverage years (for ART to 85/20). Example: If the amount of insurance is $150,000 and the allocated amount for that coverage is $25,000, the NAAR is $125,000. The death benefit paid would be $150,000, but monthly costs would be based on the guaranteed COI rate, multiplied by the NAAR of $125,000. After the COI period (varies with the COI option) The death benefit is equal to the NAAR as of the last day of the COI period, plus the fund value. The face amount is reset at the NAAR effective on the last day of the COI period and fixed until the policy terminates. The death benefit effectively switches to an increasing death benefit Avoiding pitfalls Under the level death benefit option, after the end of the COI period (i.e., at the later of age 85 or 20 years, for ART to 85/20 years, or after reaching age 100), the death benefit effectively switches to an increasing death benefit option. Thereafter, the death benefit is affected by the performance of the Interest Options. A negative interest rate will reduce the total fund value and the death benefit. If the fund value has exceeded the original face amount, there may be no guaranteed face amount, and the death benefit will be entirely a function of the total fund value. Clients in this situation should consider switching to Fixed-Rate Interest Options and other low-risk options to minimize this risk. On a multiple life policy with a level death benefit option, the proportion of the fund value paid with each death decreases the fund value. Also, the cost of any other coverages that have not yet reached the end of the COI period will continue to be deducted. The face amount may increase under the level death benefit option where there are exempt-test face increases (page 41). Potential market This plan design is especially efficient when clients have a level need for insurance protection and an increasing need for wealth accumulation. In general, the level death benefit also makes insurance more affordable as the client ages, since the NAAR, and in many cases the total COI deducted, decreases as the fund value increases. However, this depends on the performance of the fund value and the applicable COI rates in later years. Those who wish to minimize the COI in later years and who have decreasing insurance needs may consider the Optimizer feature (page 42). [ 6 ]

13 Cost of Insurance (COI) options All of Transamerica s COI options are fully guaranteed. The following COI options are available: Annual renewable term (ART) COI with rates increasing yearly on an attained-age basis. Rates for the applicable coverage will be $0 at the end of the applicable COI period: ART to 85/20: The COI period ends at the later of age 85 or 20 coverage years. ART to 100: The COI period ends at age 100. Level COI:* term to 100, with rates based on issue age. Level rates are guaranteed for the COI period, to age 100, providing the insurance coverage does not change. While the COI period ends at age 100, the coverage remains in force thereafter until death. Note that the level COI option is only available with an increasing death benefit option. Note that joint last-to-die, with deductions to first death, is only available with an increasing death benefit with level COI. Key benefits With either universal life plan, clients may combine coverages with ART and coverages with level COI. Potential market ART to 100 COI will appeal to clients with level or decreasing protection needs and long-term accumulation needs, especially when combined with the Optimizer Option. It provides them with the lowest COI in early policy years, which allows for faster fund accumulation. ART to 85/20 COI is attractive for individuals who do not want to worry about the high COI charges after age 85 (or 20 coverage years, if later). Both ART to 100 and ART to 85/20 COI should be used when the funding level is above the minimum premium and when the insurance need is expected to remain level or decrease over time. Level COI is attractive for individuals who have a permanent insurance protection need. Avoiding pitfalls With ART COI, if the policy is in danger of going into shortage within a 12-month period of the anniversary, then: If paying by Pre-Authorized Debit (PAD) and paying minimum premiums, Transamerica will automatically increase the PAD amount each year to reflect the increased COI rates for that policy year. This is done to reduce the risk of the policy lapsing. We plan to inform clients about the increased amounts approximately 30 days prior to their policy anniversary. This automatic increase is explained in the PAD agreement in the Application and our current Request for PAD form. Please ensure your client reviews this component of the Application and understands the implications. If paying on a direct billing basis, Transamerica will automatically increase the amount displayed on the billing notice that is sent to clients approximately 20 days prior to their policy anniversary. Projected values on illustrations using ART are very sensitive to investment returns. It is critical to illustrate at conservative interest rates. * The total face amount for all level COI coverages and Level Cost Riders for a life insured under all EstateAdvantage policies may not exceed $500,000. [ 7 ]

14 Mixing COI options COI options can be mixed when a policy is issued on multiple lives. This can be illustrated on LifeView by beginning with a base universal life coverage and then adding a new coverage with a different COI option. Note that level COI is only available with the increasing death benefit. Switching COI options In some instances, we allow the COI option for a particular coverage to be changed in a future year. (Please refer to Plan flexibility in this guide for details.) COI deductions The COI is calculated and deducted on a monthly basis from the tax-deferred fund value, regardless of the mode of premium payment. The monthly COI is calculated as the NAAR multiplied by the applicable annual COI factor (found in the policy data page of the contract), divided by 12. With the level death benefit option, the NAAR fluctuates from month to month; therefore, the COI will fluctuate in tandem. The COI factors are guaranteed for the life of the policy unless there is a material change, such as a change of the life insured or the total face amount per life insured. The COI factors are expressed as a rate per $1,000 and vary by gender, smoking status, preferred underwriting classification (if applicable), amount of insurance and issue age (attained age for ART) of the life insured. The monthly COI is adjusted by any applicable ratings. Monthly deductions include the monthly COI, rider costs and the policy fee. Built-in premium tax With both WealthAdvantage and EstateAdvantage, the COI factors include the provincial premium taxes, and we guarantee that we will not charge your clients an additional fee to cover any fluctuations in provincial premium tax. This guarantee is spelled out in the contract and can be found in Section 7: Monthly Deductions. COI banding The COI factor applicable to all coverages for a life insured on any given month will vary, based on the total face amount at the beginning of that month for that life insured. To determine the appropriate COI band for a life insured, we add the face amount of all coverages (including TermSelect and additional coverage riders) for that life insured. This combined banding approach can result in a discount at higher face amounts. Please note that this feature does not apply to joint life coverages. COI bands WealthAdvantage total face amount EstateAdvantage total face amount $25,000 to $49,999 juveniles $25,000 to $49,999 all ages $50,000 to $99,999 juveniles $50,000 to $99,999 all ages $100,000 to $249,999 $100,000 to $249,999 $250,000 to $499,999 $250,000 to $499,999 $500,000+ $500,000+ (Juveniles = 15 days to 15 years) Key benefits Combined banding and built-in premium tax are attractive COI features that are rare in the industry. Most of our competitors charge the provincial premium tax on the full premium, even on the deposits in excess of the COI. Underwriting programs (These rules are applicable to all Transamerica life insurance products.) Transamerica offers two underwriting programs: non-medical medical [ 8 ]

15 Non-medical underwriting Our non-medical approach to underwriting is designed for ease making it easier for your clients to get the protection they need for themselves and their families, while making it easier for you to do business. Providing a better experience for your clients, quicker processing of applications and speedy delivery of policies, our non-medical approach makes it easy to recommend Transamerica Life Canada. Face amount and age availability Our convenient non-medical underwriting applies as follows: Tip: Providing complete details for all questions that are answered with a yes, and ensuring that your application is in good order, can help the underwriter to quickly make a decision and avoid processing delays. Medical underwriting Medical underwriting means the proposed insured s insurability will be assessed by the underwriter based on the information provided in a Life Insurance Application, along with specific medical requirements. Face amount and age availability Medical underwriting applies as follows: Age Face amount Age Face amount 0 16 <$500, <$250, <$100, Not available 0 16 $500, $250, $100, All face amounts In order to qualify for non-medical underwriting, the proposed insured must have lived in Canada for at least 12 months. Requirements The current Long Form Application (LP257) is required. Note that Transamerica reserves the right to request additional medical requirements for any proposed insured (such as blood and urine testing, physician s report, medical examination, etc.) based on the initial assessment of the application. If it is determined by the underwriter that any of the above four medical requirements are necessary, the applicant will fall under what we call medical underwriting. Misrepresentation It s important to ensure that the questions on the application and any questionnaires are answered truthfully and completely. Any misrepresentation can lead to voided contracts and unpaid claims. Medical underwriting also applies where the underwriter assesses the need for further information about a client, based on the information provided on the Long Form Application for non-medical underwriting. Misrepresentation It s important to ensure that the questions on the application and any questionnaires are answered truthfully and completely. Any misrepresentation can lead to voided contracts and unpaid claims. Requirements The Long Form (LP257) or Short Form (LP411) Application can be used for medical underwriting. While the Long Form Application is not required, it can help provide the underwriter with more complete knowledge about your client, which can result in faster underwriting and a better rate for your client. [ 9 ]

16 Overview of required forms For more information on requirements for our underwriting programs, refer to Transamerica s Underwriting Handbook (LP1393). Underwriting program Application required Additional requirements Non-medical Medical A current Long Form Application (LP257) must be completed.* Current Short Form Application (LP411) can be used.* The Long Form Application (LP257) may also be used, and can help to provide more details to the underwriter, which can result in speedier processing of your application. It could help you manage your client s expectations with regards to the risk classification the underwriter applies. Be sure to provide complete details on the application, particularly for any yes answers. Include a cover letter or use the remarks section if you need more room. Refer to the Underwriting Requirements Chart (LP501).* * To determine the most current edition of our applications, visit Transamerica s website at or click on Marketing Materials/Forms and Applications in our LifeView illustration software. Underwriting risk classifications We offer five underwriting risk classifications: Elite non-smokers Preferred non-smokers Standard non-smokers Preferred smokers Standard smokers Tobacco use Have not used cigarettes, cigarillos (little cigars), cigars, pipe, shisha/hookah (water pipe), nicotine patch, Nicorette chewing gum or any other smoking cessation products, marijuana, hashish, betel nuts, snuff or tobacco in any other form in the last 24 months. Have not used cigarettes, cigarillos (little cigars), cigars, pipe, shisha/hookah (water pipe), nicotine patch, Nicorette chewing gum or any other smoking cessation products, marijuana, hashish, betel nuts, snuff or tobacco in any other form in the last 12 months. Do not use tobacco products. Smoke more than 12 cigars per year, use a pipe or chewing tobacco, but do not use any other tobacco products. Are users of tobacco products. Health Excellent medical and non-medical history. Good medical and non-medical history. Average medical and non-medical history. Good medical and non-medical history. Average medical and non-medical history. Lifestyle Statistically excellent risks. Statistically good risks. Statistically average risks. Statistically good risks. Statistically average risks. We will offer cigar smokers standard non-smoker rates if the cigar use is limited to 12 cigars per year and the urine test results are negative for cotinine (nicotine). For those qualifying for non-medical underwriting, a urine test is not needed. NICORETTE is a registered trademark of the GlaxoSmithKline Group of Companies. [ 10 ]

17 Preferred and elite underwriting risk classes Preferred underwriting is automatically applied when the underwriting amount* for a life insured is $250,000 and greater and the insured is 16 years of age or older. For preferred underwriting, we consider facts that go beyond the gender and smoking habits of your clients. We look at other health-related factors, such as physical build, lifestyles and personal and family health history, to consider their eligibility for an elite, preferred or standard classification. If your clients have a longer life expectancy, based on these factors, our preferred underwriting program can substantially reduce their life insurance premiums. Summary of underwriting program and applicable risk classification by age and face amount Age Face amount Applicable underwriting program Applicable risk classifications <$500,000 Non-medical $500,000+ Medical Standard non-smoker Standard non-smoker <$250,000 Non-medical Standard smoker Elite non-smoker Preferred non-smoker $250,000+ Medical Standard non-smoker Preferred smoker Standard smoker <$100,000 Non-medical Standard non-smoker $100,000 $249,999 Medical Standard smoker Elite non-smoker Preferred non-smoker $250,000+ Medical Standard non-smoker Preferred smoker Standard smoker Standard non-smoker <$250,000 Standard smoker Elite non-smoker Medical Preferred non-smoker $250,000+ Standard non-smoker Preferred smoker Standard smoker * The underwriting requirements and amount are based on the total amount of life insurance for a particular life insured, including single life and joint life coverages and riders (within 6 months). [ 11 ]

18 Underwriting requirement The underwriting requirement is based on the total amount of life insurance for a particular life insured on one policy, including single life and joint life coverages, as well as riders (Level Cost and TermSelect Riders). Example Insured 1 Insured 2 Coverage 1 Single life universal life for $200,000 Insured 1 is not eligible for a preferred or elite underwriting risk classification, as the total amount of life insurance is $200,000, and preferred and elite underwriting risk classification begin at $250,000 and greater. Underwriting materials Coverage 2 Single life TermSelect $70,000 Coverage 3 Single life universal life for $180,000 Insured 2 is eligible for a preferred or elite underwriting risk classification, because the total amount of life insurance ($70,000 + $180,000) is $250,000, and therefore qualifies for preferred or elite. Avoiding pitfalls In this example, if Insured 2 cancelled the TermSelect rider, this would drop the sum insured below the $250,000 amount, and thus the preferred rate classification for the remaining coverage (coverage 3) would no longer apply, and Insured 2 would be paying non-preferred rates from then on. The following is a list of underwriting materials that can be ordered through our icanorder website. Some materials are only available in PDF format, and are available online through our Transamerica.ca website or through our illustration software, LifeView. Long Form Life Application Supplement to the Life Insurance Application also automatically populated in LifeView with illustration. Underwriting Age and Amount Requirements Chart Form number LP257 LP343 LP501 Available for order or through Transamerica.ca Order Website (PDF only) Website (PDF only) Underwriting Handbook LP1393 Order Avoiding pitfalls As determining the appropriate class can only be done after all evidence has been submitted and assessed, it is recommended you use care when speaking to your clients about their risk classification, so as best to manage your client s expectations and to avoid potential disappointments. While it is all right to let them know there s a possibility that they may qualify for a preferred or elite underwriting risk classification if you indeed think that they will be eligible it is still best to provide quotes for only the standard classes. This helps prevent the client from being disappointed if the premium quoted later is higher, because they did not qualify for the better risk classification. Ratings What is a rating? Certain factors such as our gender, age, family history, current conditions, lifestyle choices and whether or not we smoke can impact when we are likely to die. Depending on these factors, one individual may have a greater risk of dying earlier than another. If there is an increased risk of an individual dying earlier than normal, then the individual s mortality is also considered to be higher than normal. To offset that risk, an individual who presents a greater than average risk with regards to mortality, may be charged a higher premium rate. In the insurance industry, individuals with a higher mortality are said to have Extra Mortality. [ 12 ]

19 The increased risk, and thus the extra premium charged, of an individual is quantified using one of two methods: Extra percentage tables; and Permanent and temporary flat extra premiums Extra percentage tables When there are health issues, for example, elevated blood pressure, the extra percentage tables are used. The increased risk or Extra Mortality, of an individual is quantified as a percentage where 100% represents the normally expected health risk (mortality). This percentage is then applied to the standard premium or cost of insurance. As an example, consider two individuals, Anne and Sally. Both are female, both age 35 and both are non-smokers. However, Anne has a health condition, which increases her risk of dying sooner compared to Sally, who is healthy. Thus, Anne would receive a rating for elevated mortality. Say that Anne s health condition has a rating of 50%, this would mean Anne s insurance policy would carry a rating of 150% (100% Normal Mortality + 50% Extra Mortality). If Anne s health condition improves over time, the rating may be reduced or removed if she applies to have it reviewed and if the underwriting is favourable with regard to the entire medical history. An application for a rating review can be made at least two years after the rating was applied. In some cases, when the risk is particularly high (typically higher than 400%), an insurance company may not be prepared to assume the risk and the proposed insured may be declined. Permanent and temporary flat extra premiums Permanent This approach calls for a fixed extra premium per thousand dollars of sum insured/face amount over and above the standard premium charge. The additional mortality risk is likely to be present over a certain period of time. For example, Bob has a history of reckless driving and has received five speeding tickets over the last two years. Because those who drive recklessly are more likely to die sooner than those who don t, Bob will receive a rating. If Bob changes his driving habits and no longer speeds, he may apply after two years to have the rating removed or decreased. Some avocations such as scuba diving or mountain climbing could draw an extra premium for the life of the policy or until the lifestyle of the insured has changed and an application is made to have it removed. Temporary Similar to permanent, this approach also calls for a fixed extra premium per thousand dollars of sum insured/face amount over and above the standard premium charge. However, unlike a permanent flat extra a temporary flat extra is on a temporary basis or a designated period of time. The extra premium may only be charged for a fixed number of years. For example, Gary is a hobby pilot and does not have enough experience time according to his record. In two years, he will have achieved his required number of experience hours. So, Gary receives a temporary rating for those two years, which will drop off automatically without the need for application or review. Reconsideration of ratings and declines If your client receives a rating, he or she may be eligible for future reconsideration of that rating. Likewise, if your client has been declined, there may be circumstances under which we would review that decision. Reconsideration will only be possible if the overall medical history and lifestyle has improved. [ 13 ]

20 Reconsideration of medical ratings is not always possible. Some conditions are unlikely to improve over time. For example, consider Type 1 diabetes (insulin dependent). The longer the client has Type 1 diabetes, the greater the risk of complications and thus the greater the mortality. As such, Type 1 diabetic ratings are unlikely to be eligible for reduction in subsequent years. Knowing that reconsiderations may be a possibility will help you deliver the rated policy to your client. It will also provide you with a basis to follow up with your client in the future with the chance to review the rating or to turn a declined individual into a client (insured). Good to know Generally percentage and permanent extra premiums can only be reviewed after two years and new medical evidence will be required. The change of the rating is subject to the new evidence received and the assessment by the underwriter at that time. Good to know For joint life policies, for the rating of any of the lives to be reviewed, new medical evidence is required on all lives insured. The rating reconsideration may be declined if any of the lives insured are no longer in the same risk class as when the policy was originally issued. Good to know For the review of certain lifestyle ratings, such as those related to an avocation, we will request only the appropriate questionnaires and will not require medical requirements or information. For other ratings, however, we will complete a full review, which can include medical, financial, travelling and lifestyle underwriting. Policies with multiple universal life coverages Multiple universal life coverages With WealthAdvantage and EstateAdvantage, more than one universal life coverage can be included under the same policy without any additional policy fee. Each coverage must satisfy the minimum and maximum face amount requirements. (See Coverage and rider issue ages and amounts on page 4.) The main difference between multiple universal life coverages and a Level Cost Rider (see Riders on page 24 for more information) is that when calculating the death benefit or NAAR, no fund value is attributed to the face amount payable for the Level Cost Rider. As well, no surrender charges are applicable for additional coverage. Since there are no surrender charges associated with riders, the maximum tax-exempt room is lower than when using UL coverages. Within the universal life contracts, a primary life insured is someone who is insured under a universal life coverage. There may be several primary life insureds on a policy having multiple universal life coverages. In general, upon the death of any life insured, his or her death benefit will be paid to the beneficiary specified for that coverage, and the policy will continue with the remaining lives insured, provided at least one primary life insured is surviving. Under the level death benefit option, the fund value that is attributed to each coverage in order to calculate the NAAR and the associated COI is determined proportionately, based on the face amount for each coverage. The policy matures when the last universal life coverage terminates. Only one death benefit option may be selected per policy. [ 14 ]

21 Base universal life coverage There are certain privileges attributed to the base universal life coverage. For example, on a multiple life policy, the Optimizer Option will reduce the face amount for the base universal life coverage only. As well, some riders and optional benefits are only available with the base universal life coverage, such as the Children s Insurance Rider. The base universal life coverage is usually indicated as Life 1 on the life insurance application or Base Coverage on the LifeView illustration software. Key benefits Only one policy fee applies. The investment component is conveniently administered through centralized policy Interest Options. Premium billing and policy administration are applied to the entire policy, rather than to each life insured. Up to 15 coverages (any combination of base coverages and riders) can be included under one policy, including the support of up to five lives on joint first-to-die coverages. The policyowner can assign separate beneficiaries for each coverage under the policy. If your clients select the increasing death benefit option, they may have either ART or level COI options for different lives. Any coverage can be severed from the original policy and continued under a different policy, at any time. (See Severance Option. ) A policy fee will be added to a severed coverage under its own policy. A life insured for a specific coverage can be changed (See Change of Primary Life Insured Option. ) Multiple life special options Fund Value Payout Options Unless a different Fund Value Payout Option is specified, the death benefit will include the applicable proportionate fund value, based on the total face amount for the life insured. Proportionate fund value payout is specified in the contract and does not require a separate contract endorsement. Alternate Fund Value Payout Options are available at time of issue with an increasing death benefit option. Transamerica offers Fund Value Payout Options for all lives who are issued without a rating or are rated up to a maximum of 300%. The Fund Value Payout Options must be illustrated with LifeView and specified on the Supplement to the Life Insurance Application. These options are added to the policy as contract endorsements and will be specified on the data page and policy statement. Depending on the option selected, in addition to the face amount for each coverage, the death benefit will be as follows: Proportionate: The proportionate fund value is payable upon each death (default). Each death: The total fund value, less three monthly deductions, is payable upon each death (minimum $500 payout). Last death: The total fund value is payable at last death only. Potential market Multiple life coverages are attractive to both businesses (corporations and partnerships) and families, because they offer great flexibility, without additional policy fees. [ 15 ]

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