Transamerica Introduces Universal Life Insurance Policy For Workers
Transamerica, headquartered in Baltimore, has debuted a new universal life insurance policy designed as a voluntary workplace benefit. The company is also introducing a combination of policy riders that, for a fee, could potentially pay up to three times the value of the policy’s death benefit.
The Transamerica Universal Life Insurance policy is portable, which means policyholders can keep it for life. In addition to the death benefit, there is a chronic condition rider that can help policyholders with eligible healthcare expenses while they are still living.
The insurance offers several benefits, including a no-health-questions-asked policy, permanent life insurance with flexible premiums, multiple premium rating structures and cash value accumulation that policyholders can borrow against. It also offers rates that do not increase as the policyholder ages.
Transamerica’s Chronic Condition Rider pays an accelerated benefit for policyholders with chronic conditions and is designed to help them meet their financial needs while they are still alive. If the insured client cannot perform two or more of six specified activities of daily living or has a severe cognitive impairment, that person will receive a payment of 4% of the death benefit amount each month for up to 25 months. No institutionalization is required to receive benefits, which are payable monthly or as a onetime lump-sum benefit.
The Extension of Benefits Rider extends payment of 4% of the death benefit amount each month for an additional 25 months when the insured client selects monthly payments with the Chronic Condition Rider.
The Benefit Restoration Rider restores 100% of the monthly payment each month the Chronic Condition Rider is paid. The rider ensures that the insured client’s beneficiary receives a total death benefit, and there are no restrictions on how it may be used.
SEI Partners With LifeYield To Add Household Account Service
SEI Investments Co. has added a new service that lets private banks and trust companies in the U.S. deploy a single investment model across multiple accounts within the same client household—what’s known as a unified managed household. The company will offer the service within the SEI Wealth Platform through a strategic partnership with LifeYield, a software-as-a-service provider headquartered in Boston.
Using LifeYield’s technology, SEI’s platform can automate asset location recommendations based on anticipated returns and applicable tax code implications. This in turn allows for the optimization of asset placement and greater tax efficiencies at the household level, as well as the opportunity for higher after-tax returns and more balanced risk of household assets.
SEI is headquartered in Oaks, Pa.
Edelman Expands In-House Tax Planning Support Capabilities
Edelman Financial Engines, a financial planning and investment advisory company headquartered in Boston, is expanding its in-house tax planning support.
The firm’s planning team will be able to conduct tax consultations with in-house CPAs. The initiative will expand the firm’s tax planning capabilities with an innovative tax planning software solution.
Last year, Edelman Financial Engines acquired Viridian Advisors, an independent firm specializing in comprehensive financial planning and tax planning services for individuals, families and businesses. The acquisition added a team of CPAs, financial advisors and client service associates for Edelman Financial Engines’ nationwide network, and they now serve as the core of the firm’s tax planning and support team.
For more information, go to PlanEFE.com or call 1 (833) PLAN-EFE.