TOP 15 & TOP 25 Program Details

Transcription

1 TERM TOP 15 & TOP 25 Program Details The Transamerica Opportunity Program (TOP) from Transamerica Financial Life Insurance Company offers qualifying clients an easier way to increase or extend their existing term life coverage with a Trendsetter Super 15 or Trendsetter Super 25 policy with accelerated underwriting and no medical exams. Under TOP, we will modify the initial underwriting requirements for qualifying individual Trendsetter Super 15 and Trendsetter Super 25 cases. The program is not guaranteed issue. Additional evidence of insurability will be requested if the Underwriter determines it s necessary. TOP Program Rules and Guidelines 1. The products currently available that may be applied for are Trendsetter Super 15 or Trendsetter Super The previously issued term life policy being topped :* Must have been fully underwritten, with blood work, to qualify. If it was issued without blood work/analysis, it is not eligible. Must have been issued Preferred (including Preferred Plus or similar) or Standard (including Standard Plus or similar). classes are acceptable; however, Substandard rated policies are not eligible for the program. Must have had a face amount of $100,000 or more. Must be from a specifically identified qualifying carrier, which includes Transamerica Life and Transamerica Financial Life. Must have been issued within a five-year rolling period, which is defined as the duration of time between the policy date of the previously issued policy (as shown on the face page) and the date of the new Trendsetter Super application. 3. Qualifying issue ages (age nearest birthday): 18 to Face Amounts Maximum amount of new coverage is dependent on the rolling period: Period from Previous Policy Issue Date Maximum Face Amount One Year (Rolling Date) $1,000,000 Three Years (Rolling Date) $750,000 Five Years (Rolling Date) $500,000 Multiple policies adding up to the designated maximum face amount may be issued under the program; however, new coverage under the TOP program may never amount to more than $1,000,000 in total per individual life per lifetime. Coverage maximums are limited to normal Company maximum retention. 5. Qualifying Risk Classes Applicants may qualify for one of the following risk classes, based on the classification of their previously issued policy and Underwriter s approval:,,, and. Preferred Plus and Standard Plus classes are not available on new coverage under the program. 6. The program is not guaranteed issue. Additional evidence may be requested if the Underwriter determines it is necessary. *Term/UL Hybrid products such as Genworth Life s Colony Term UL, West Coast Life s and Protective Life s Secure-T and Lincoln National s DurationGuarantee UL are also eligible for TOP. For producer use only. Not for distribution to the public.

2 TOP 15 & TOP 25 Program Details 7. Maximum Company retention on one life is not to exceed $5 million. Applications that would require us to exceed our maximum retention will require full new business evidence. 8. The program is designed as additive coverage, not as replacement. It does not require any assignment or termination, nor does it alter the face amount and conversion option of the previously issued policy. 9. Normal Trendsetter Super product parameters and conditions apply. Modified New Business Requirements 1. Application for Trendsetter policy form. 2. Authorization to Obtain Information (MIB). 3. Nonmedical. 4. Copy of the previously issued term policy face page, and any additional policy data pages required to show name of insured, date of issue, face amount, and risk class. If using a Transamerica policy, the policy number (noted in the remarks or cover letter) can be used instead of copied policy pages. 5. Any additional signed state-specific authorizations and disclosures required to transact new business. Applications The basic application is APA 40NY-107 for TFLIC. The non-medical report is MPN 1. The program does not require, nor does it have, a unique application. All of the new business supplemental forms and disclosures are still required. Note: A note in the Remarks section of the application should indicate that the policy is being applied for under the TOP program. For Transamerica policies being topped, the policy number should be included in the Remarks section. Trendsetter Super 15 and Trendsetter Super 25 are term life insurance policies issued by Transamerica Financial Life Insurance Company, Harrison, NY (Policy Form # and Policy Form # ) Premiums increase annually starting in year 16 for the 15-year policy and in year 26 for the 25-year policy. These policies are available only in New York. Insurance eligibility and premiums are subject to underwriting. Transamerica Financial Life Insurance Company is authorized to conduct business in New York. OL 2600A 0111 For producer use only. Not for distribution to the public.

3 All American Life Select Nontobacco (Class I, II) Select Nontobacco (Class III) (Class IV) Select (Class V) (Class VI) Allianz Ultra Super Preferred Plus Nontobacco Allstate Preferred Elite Preferred No- Standard Select No- Standard No- American General Preferred Plus Nontobacco Standard Plus Nontobacco American National (ANICO) Preferred Plus Nontobacco Standard Plus Nontobacco American United Life Elite Standard Plus Nontobacco 1

4 Americo 1 AmerUs Premier Non- Preferred Plus Non- Standard Non- Aviva 1 Premier Non- Standard Plus Non- Standard Non- AXA Preferred Elite Non- Standard Plus Non- Standard Non- Bankers Life of NY Preferred Plus Preferred Non Standard Non Banner Life Preferred Plus (William Penn Life in NY) Plus Centrian Life Preferred Plus Nonnicotine Preferred Nonnicotine Select Nonnicotine Standard Nonnicotine Preferred Nicotine Standard Nicotine 1 Acceptance within this program will be based on providing evidence to Underwriting that the policy being topped was fully medically underwritten. 2

5 Cincinnati Life Super Select Non- Select Plus Non- Select Non- Ultra Standard Non- Preferred Standard Standard Columbus Life Super Preferred Non Preferred Plus Non Preferred Non Standard Non Equitable Life Preferred Plus Federated Insurance Company Preferred Plus Fidelity and Guaranty Life Super Preferred Plus Nontobacco Nontobacco First Investors Life Preferred Plus Non- Standard Non- User General American Elite 3

6 Genworth / First Colony Preferred Best No Nicotine (American Mayflower in NY) Preferred No Nicotine Select No Nicotine Standard Plus No Nicotine Standard No Nicotine Preferred Nicotine Standard Plus Nicotine Standard Nicotine Grange Life Executive Preferred Non- Preferred Non- Standard Non- Guardian Elite Preferred Plus Nontobacco Standard () Harleysville Premier Select Select Hartford Life and Annuity Company Preferred Best Preferred Plus Preferred Non Nicotine Standard Non Nicotine Preferred Nicotine Standard Nicotine Indianapolis Life Premier/Preferred Plus Preferred No Standard No Jackson National Preferred Plus Nontobacco 4

7 Jefferson Pilot Preferred Plus Non- Standard Non- John Hancock Super Preferred Standard Plus Standard Non- Kansas City Life Preferred Elite Nontobacco Lincoln Benefit Preferred Elite Preferred Non-smoker Standard Select Non- Standard Non-smoker Standard Non- Lincoln National Preferred Plus Nontobacco (Lincoln Life & Annuity Co. of NY) ManuLife Super Preferred Preferred Non- Standard Non- Mass Mutual Ultra Preferred Non-smoker Select Non- Plus Standard Non-smoker Non- Select 5

8 MetLife Elite Plus Preferred Non- Preferred Plus Standard Plus Standard Non- Midland National Preferred Plus Nontobacco Minnesota Life Preferred Select Nontobacco Nontobacco Plus MONY Ultimate Select Select Standard National Life Insurance Preferred Plus Non- Company of Vermont Preferred Non- Non- Nationwide Preferred Plus Nontobacco Nontobacco Standard Preferred Standard New England Financial Select Preferred Preferred Non- Non- 6

9 New York Life Select Preferred Plus Select Standard Standard North American Super Premier Nontobacco Northwestern Select Preferred Non- Premier Nontobacco Standard Plus Nontobacco Standard Non- Premier Ohio National Super Preferred Preferred Non- Select Non- Non- Select Old Mutual (OM Financial Life) Super Preferred Plus Non- Non- Old Republic Preferred Plus Preferred Non- Non- 7

10 Pacific Life Super Select Preferred Plus Standard Plus Penn Mutual Preferred Best Preferred Plus Preferred Non- Phoenix Home Life Advantage Premier Advantage Select Advantage Standard Primerica 1 Preferred Plus Principal Life Super Super Protective Life Select Super Standard Non- Non- 1 Acceptance within this program will be based on providing evidence to Underwriting that the policy being topped was fully medically underwritten. 8

11 Prudential (Pruco Life) Preferred Best Preferred Plus Non- Plus Non- Preferred Plus ReliaStar Life Insurance Co (ING) Super Select Non- Standard Non- SBLI Preferred Plus Nonnicotine Perferred Preferred Nonnicotine Select Nonnicotine Standard Nonnicotine Preferred Nicotine Standard Nicotine State Farm Preferred Nontobacco Stonebridge Life 2 Preferred Elite Non- Preferred Plus Non- Non- Sun Life Super Preferred Best Standard Best Standard Non- Non- 2 Previously issued term policy face amount must be $100,001 or greater. 9

12 Symetra Life Preferred Best Nonnicotine Transamerica (TLIC and TFLIC) Transamerica Family Markets (Prior to 1/21/2011) Preferred Plus Nonnicotine Preferred Nonnicotine Nonnicotine Standard Plus Nicotine Nicotine Preferred Plus Standard Plus Preferred Elite Non Preferred Plus Non Preferred Non Non Transamerica Family Markets Preferred Plus (1/21/2011 and later) Standard Plus Travelers Preferred Plus Preferred Non- Non- United of Omaha 1 Preferred Plus Non- Standard Plus Non- Standard Non- Standard Plus 1 Acceptance within this program will be based on providing evidence to Underwriting that the policy being topped was fully medically underwritten. 10

13 United States Life Ins Co Preferred Plus in the City of NY Preferred Standard Plus Standard West Coast Life Super Preferred Standard Plus Standard Non- Western Reserve Life (Prior to 1/21/2011) Preferred Elite Non Preferred Plus Non Preferred Non Non Western Reserve Life Preferred Plus (1/21/2011 and later) Standard Plus Woodmen of the World Super Standard Non- This listing is just a guide. Eligibility is subject to underwriter s approval. For producer use only. Not for distribution to the public. OL 2710NY