Transamerica Life Insurance Company (TLIC), a provider of financial services and products has introduced a new TransTerm life insurance policy to carry insureds through periods of uncertainty and of instability.

TLIC said that policy locks in economical premiums for the designated term, however by offering control, guarantees and flexibility, addresses the challenges like blended families, aging family members, boomerang kids returning home and retirees and near-retirees.

The benefits of the policy include: income protection strategies; estate tax planning strategies; business planning strategies and charitable giving strategies.

In addition, TransTerm also offers planning advantages when staying within a budget by offering: cost-effective premiums; income protection option; a waiver provision; an accident indemnity rider; an accelerated death benefit and children’s insurance rider.

Transamerica Insurance & Investment Group, a marketing unit of TLIC senior vice president and chief marketing officer Michael Babikian said that one of the few financial instruments that can take the risk out of life is life insurance. TransTerm is exceptional in that it offers cost-effective term-like level premiums now, plus permanent protection. Consumers know what their premiums down the road will be if their needs change and they want more permanent insurance.

"At a time when people want to guarantee certain opportunities for their families, but also need the ability to change their plans over the years, TransTerm is the perfect solution," Babikian said.