The updated supplemental health insurance policies offer greater benefits when an insured person experiences the challenges of extra costs that occur from a covered event.
PRODUCT: Transamerica Accident Insurance; Transamerica Critical Illness Insurance.
COMPANIES: Transamerica Life Insurance Company.
BEST RATING: A
AVAILABILITY: Appointed independent agents and brokers only.
FOCUS: Transamerica has expanded its workplace benefits offerings with refreshed supplemental accident insurance and critical illness policies available for employers to offer employees. Inspired by customer feedback, the updated supplemental health insurance policies offer greater benefits when an insured person incurs extra costs from a covered event.
“Transamerica recognizes the need for protection that goes beyond common conditions," says John Stanley, senior managing director of employee benefits at Transamerica. “With that in mind, we have designed our accident and critical illness supplemental insurance solutions for a modernized workforce. We enhanced these policies to include benefits that employees want and use."
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States.
COVERAGE DETAILS: Inspired by customer feedback, the updated supplemental health insurance policies offer greater benefits when an insured person experiences the challenges of extra costs that occur from a covered event.
Transamerica Accident Insurance complements major medical insurance by providing a benefit that employees can use however they need, whether that's covering co-pays and deductibles or household bills and expenses.
New benefits include an organized sports benefit rider that pays an additional percentage of total benefits; acupuncture or chiropractic benefits that allow up to 10 annual visits at up to $150 per visit; mental health benefits that allow up to five annual mental health visits with a psychiatrist or psychologist at up to $150 per visit; and observation benefits that pay for treatment in a hospital emergency room if the insured person is being held for observation due to a covered accident and is not admitted as an inpatient due to a covered accident.
Transamerica Critical Illness Insurance pays a lump-sum cash benefit that can be used for expenses such as out-of-pocket medical bills or time lost from work. New features include payments of up to 110% of the benefit amount available on most conditions, including invasive cancer, and 100% for non-invasive cancer; child benefits payable up to 200% for conditions including cerebral palsy, cystic fibrosis, and Down syndrome; and benefits for COVID-19 treatment.
UNDERWRITING: Rate factors are proprietary but are applied automatically at quote time and factor in SIC code and group size. Underwriters may use additional factors if the group provides further information. Transamerica Accident Insurance has a minimum premium of $1.27 weekly. There is no minimum premium on Transamerica Critical Illness Insurance. However, there is a minimum benefit of $5,000.
TARGET: Employers with more than 100 employees.
COVERAGE AVAILABILITY: Transamerica Critical Illness Insurance is available in all states except CA, ID, MO, NH, NJ, NM, NY and WA. It is unavailable in Puerto Rico, Virgin Islands and Guam.
Transamerica Accident Insurance is available in all states except NH, NM, NY and WA. It is unavailable in Puerto Rico, Virgin Islands and Guam.
CONTACT: 800-851-7555; transamerica.com.
Will Jones is IA editor-in-chief.