The company is meeting the increasing demand for more growth potential while providing the long-term protection HNW customers are looking for.
Transamerica Life (Bermuda) Ltd. (TLB), a leading High Net Worth (HNW) life insurance provider, announced in end December 2020 the launch of its new Genesis Indexed Universal Life ("Genesis Indexed UL") plan. Genesis Indexed UL will be available immediately in Bermuda and will be coming to Singapore in early 2021.
Designed for HNW customers seeking opportunities to grow and protect their wealth, Genesis Indexed UL allows them to enjoy the benefit of potential gains, whilst being shielded from market downturns as well as providing them with the peace of mind of knowing that their financial legacy is secured. Offering broad diversification across world markets and economic sectors, Genesis Indexed UL is tied to three major international stock indices - the S&P 500® Index, the Hang Seng Index and the EURO STOXX 50 ® Index. A "Guaranteed Floor Rate" in the product's Index Account provides assurance for customers while they participate in the upside growth opportunities of the stock markets.
Key features and benefits of Genesis Indexed UL include:
- Lifetime insurance protection – with a Death Benefit designed to last a lifetime, providing secure life protection for both family and business needs;
- Growth potential – its Index Account provides opportunity for higher interest earnings along with a guaranteed persistency bonus, enhancing the policy's long-term growth performance potential;
- Protection from market downturns – provides a Cumulative Guaranteed Crediting Interest Rate of 2.00% p.a. on a cumulative basis upon full surrender, while customers also may allocate all or a portion of the premiums or account value to a Fixed Account that earns a declared interest rate not less than the Guaranteed Minimum Crediting Interest Rate over the life of the policy;
- Flexibility and control – allows customers to choose payment options for Single Premium and Planned Premiums as well as choice in premium allocations between the Index and Fixed Accounts and fund transfers;
- Dollar Cost Averaging – an in-built mechanism, at the customer's discretion, that serves to stabilise returns and reduce exposure to market volatility;
- Accessibility – Withdrawals and Policy Loans from the Cash Value of the policy can be accessed when needed with a Surrender Charge-free Withdrawal without any reduction of the Sum Assured from Policy Year 11 onwards;
- Tailored underwriting and pricing – with a non-medical limit up to USD 3 million Sum Assured for ages up to 55 for residents of selected countries; and
- Insured Exchange Option – an Insured life can be changed during the life of the policy (subject to certain conditions), adapting to different customer needs.
"The launch of Genesis Indexed UL further exemplifies our commitment to the HNW market as we continue to expand TLB's product portfolio to meet the changing needs and requirements of HNW customers, especially in the areas of wealth accumulation and preservation," said Michael Goodall, Chief Commercial Officer of TLB. "With the current global outlook and economic environment, HNW customers are looking for financial solutions that offer them more wealth accumulation opportunities along with flexibility and greater capital protection, all of which helps them navigate their affairs in today's uncertainties. We are proud that Genesis Indexed UL, which was specially designed to answer our customers' complex needs, will be a key financial tool in helping our customers achieve their financial growth goals while providing them and their family with the security that they value most," he added.
The "S&P 500® Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by TLB. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by TLB. Genesis Indexed Universal Life is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or any of their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.
The EURO STOXX 50 ® Index (EURO STOXX 50 ® is a registered trademark of STOXX Ltd.) is the intellectual property (including registered trademarks) of STOXX Ltd., Zurich, Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. Genesis Indexed Universal Life is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the EURO STOXX 50 ® Index or its data.
The mark and name "Hang Seng Index" is proprietary to Hang Seng Data Services Limited ("HSDS") which has licensed its compilation and publication to Hang Seng Indexes Company Limited ("HSIL"). HSIL and HSDS have agreed to the use of, and reference to, the Hang Seng Index by TLB. ("the Issuer") in connection with Genesis Indexed Universal Life (the "Product"). However, neither HSIL nor HSDS warrants, represents or guarantees to any person the accuracy or completeness of the Hang Seng Index, its computation or any information related thereto and no warranty, representation or guarantee of any kind whatsoever relating to the Hang Seng Index is given or may be implied. Neither HSIL nor HSDS accepts any responsibility or liability for any economic or other loss which may be directly or indirectly sustained by any person as a result of or in connection with the use of and/or reference to the Hang Seng Index by the Issuer in connection with the Product, or any inaccuracies, omissions or errors of HSIL in computing the Hang Seng Index. Any person dealing with the Product shall place no reliance whatsoever on HSIL and/or HSDS nor bring any claims or legal proceedings against HSIL and/or HSDS in any manner whatsoever. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker or other person dealing with the Product and HSIL and/or HSDS and must not be construed to have created such relationship.