Transamerica Brokerage has created TransamericaForLife.com, a tool designed to assist potential customers in determining the appropriate amount of life insurance coverage they need by relating it to their monthly income.
“Most customers find it overwhelming to calculate the total amount of life insurance needed to pay for a lifetime of expenses. 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,” said Michael Babikian, executive vice president and chief marketing officer of Transamerica brokerage.
Research conducted by the Life Insurance and Market Research Association (LIMRA) propelled Transamerica to design the product after they found that close to 70 percent of US households with minor children would be left in financial uncertainty were the lead breadwinner to die. When the disturbing yet potentially lucrative fact came to light further research determined that more than one in three consumers claimed that they don’t have a policy because they can’t decide what type of policy to buy and how much coverage they need.
TransamericaForLife.com has built an Income Protection Option calculator for interactive use.