LOS ANGELES--(BUSINESS WIRE)--Nearly 70 percent of U.S. households with minor children would be in financial jeopardy if the main breadwinner died, according to the Life Insurance and Market Research Association (LIMRA). While life insurance can be a safeguard against this, more than one in three consumers claim they don’t have a policy simply because they can’t decide what type of policy to buy or how much coverage they need.1 Transamerica Brokerage has created TransamericaForLife.com as a resource for consumers to help determine the life insurance coverage they need by relating it to something that is easy to understand: their monthly income.
“Most consumers find it overwhelming to calculate the total amount of life insurance needed to pay for a lifetime of expenses,” said Michael Babikian, executive vice president and chief marketing officer of Transamerica Brokerage. “Transamerica Brokerage offers an Income Protection Option with most of our life insurance policies, in which the benefit is deposited monthly over a period of time—mirroring a paycheck—rather than being paid as a lump sum. This is helpful for loved ones who may have little or no experience managing large lump sums of money.”
TransamericaForLife.com has an Income Protection Option calculator that is interactive and easy to use:
1. Adjust the slider bars to enter the monthly amount needed to replace the breadwinner’s paycheck and how long it needs to last. Add in optional lump sums to pay for upfront expenses (e.g., medical expenses and funeral costs) and future expenses (e.g., education plans);
2. Answer a few basic questions (e.g., gender, state and age); and
3. Press the “Calculate” button to display an immediate monthly payment estimate for life insurance.
For example, imagine Greg Jones is married with three children and has a $6,500 monthly income. Greg wants to make sure that if something happens to him, his wife can still cover monthly expenses and his family can stay in their home. For a low monthly payment, Greg can guarantee that his wife and children will receive $6,500 per month to replace Greg’s salary for 20 years, giving him the peace of mind that his family is protected and the money he leaves behind will last as long as he has scheduled. He also has the flexibility to add a lump sum at the beginning to pay for immediate needs, such as hospital bills, and to the end to help pay for things like his children’s college education.
“Today’s consumers want guarantees, flexibility and control over their families’ financial future,” said Babikian. “And, if life’s circumstances change—such as with marriage, divorce, or additions to the family—during the policy owner’s lifetime, he or she can change the recipients and/or amounts of each lump sum or monthly payout. With this option, we help protect families and their dreams.”
Visitors to the TransamericaForLife.com website will receive a no-obligation quote from Oncor Insurance Services, LLC, with information on how to purchase a life insurance policy.
About Transamerica Brokerage
Transamerica Brokerage, a marketing unit of Transamerica Life Insurance Company (TLIC), offers an array of innovative financial services and products designed to help individuals, families, and businesses build, protect, and preserve their assets. Products and services offered through Transamerica Brokerage are underwritten by TLIC or its affiliated statutory insurance companies, and include term life insurance, universal life insurance, variable universal life insurance, and fixed annuities. TLIC is an AEGON company. AEGON is an international life insurance, pension and asset management company based in The Hague, the Netherlands, with businesses in more than 20 markets in the Americas, Europe and Asia.
About Oncor
Oncor Insurance Services, LLC, a wholly owned affiliate of Transamerica Life Insurance Company, is a national sales and insurance marketing agency operating in all 50 states and the District of Columbia. Oncor provides online quoting and direct marketing services for the fulfillment of life insurance needs.
1 LIMRA Life Insurance Consumer Studies (2010)
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