News

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COVID-19 Update: We're here for you

As our office learns more about COVID-19, we would like to take this opportunity to assure our valued policyholders that we are continuing to monitor the situation closely. In response to COVID-19, Trans World remains strong and able to continue all key insurance functions including premium collections, claims, and policyholder service. We are taking the necessary precautions as recommended by the CDC to keep our policyholders, employees and their families safe, and prevent the spread of the virus. Should it become necessary to implement any COVID-19 emergency measures, response times may be greater than normal and a communication will be sent to you.

Please use our website to request withdrawals, review premium payment history and download forms for policy changes. Simply click on the "Login Now" link and register. Also, you may download and print a Claims Packet should you need to report a claim. Inquiries may be submitted by clicking on the "Claims" link at the top of this page. Please feel free to call our home office for assistance if needed.

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An Open letter from former military commanders in support of access to responsible businesses offering reliable financial products and opportunities

We are writing to encourage your support for our men and women in uniform by ensuring their access to legitimate, reputable financial opportunities beyond those offered by the U.S. government.

Specifically, TransWorld Assurance Company and has a long history of serving and supporting our military. Founded more than 45 years ago by WWII veteran Charles Woodbury, these companies served as a founding underwriter of the Servicemembers Group Life Insurance, (SGLI) which continues to provide insurance to our military families today. The Woodbury family remains deeply involved in the business, dedicated to the mission of supporting our military personnel. Based on many years of experience, each of us considers Barbara Woodbury – daughter of these companies’ founder – to be a true patriot. In both her personal and professional endeavors, Barbara works tirelessly in support of our troops and their families, and we hold her in the highest regard.

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Trans World Assurance Announces a New Whole Life Insurance Policy

Trans World Assurance Whole LifeTrans World Assurance's new Whole Life Policy not only provides a family with financial protection through a death benefit, but it also accumulates cash value that can be accessed through policy loans.

"Every family needs financial protection, and life insurance is an important part of that protection," says Charles Royals, president of Trans World Assurance. "The new Whole Life Insurance Policy offered by Trans World Assurance is a traditional product that has stood the test of time. Whole life insurance has a long history of providing financial security for families."

Trans World Assurance's new Whole Life Insurance Policy offers the following benefits:

• Life insurance protection for a lifetime (as long as the insured's premiums are paid)
• Cash value can be accumulated on a tax-deferred basis
• The insured has access to cash value through policy loans
• Level premiums to age 100
• Because there is no "war clause," the policy is military-friendly
• Accidental Death Benefit Rider and Waiver of Premium Rider are available with this policy

Other policies offered by Trans World Assurance include:

• Future First Universal Life Policy
• Flexible Dollar Builder Life Insurance/ Accumulation Fund Policy
• Twenty Pay Life Graded Death Benefit Policy

For more information about coverage, riders, restrictions, costs, and fees call Trans World Assurance at (650) 348-2300.

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Trans World Assurance Announces Online Account Access For Future First Universal Life Policyholders

Trans World Assurance, in a continuing effort to provide military members with better and more convenient service, has made updates to its online system. These updates allow Future First Universal Life policyholders to view their policy information online.

With online account access Future First Universal Life policyholders can:

• obtain information about life insurance policies
• view death benefit information
• view accumulated cash values
• change contact information
• download forms

These updates are part of an ongoing effort by Trans World Assurance to better serve military members. The company recognizes that its military policyholders need the ability to easily access information and communicate with Trans World Assurance from all over the world. The company continues to stay true to the vision of its founder by sticking to the principle of giving outstanding service and unwavering support for those that serve our country.

"We want to give members convenient online access to Trans World Assurance as they travel abroad," said a company spokesman. "With thousands of members of the military and their families as customers, our mission is to give them the tools and control to manage their important information anytime, anywhere."

Trans World Assurance was founded 50 years ago by Charles P. Woodbury, a decorated Marine aviator and has grown into one of the most solid and safe insurance companies in America. The company has emphasized ultra safe investments and has weathered the financial storms to which other companies have fallen victim. The company is currently and has been a long standing underwriter of the SGLI program, covering all military members.

Trans World Assurance Online Account Access Register/Login

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Trans World Assurance Remains Focused on Compliance and Customer Satisfaction

With a focus on customer satisfaction and on compliance with military regulations, Trans World Assurance is committed to improving the overall customer experience.

A number of military regulations currently exist to ensure that representatives from commercial insurance companies give accurate advice to military members and market to them in a way that is clear and straightforward. Unfortunately, a recent report from the DOD Inspector General found that, within the military ranks of E-4 and below, insurance conduct violations still exist.

“It is a large industry with numerous and sometimes conflicting regulations. All companies must constantly work to ensure that all regulations are complied with,” stated a Trans World Assurance spokesperson.

The recent DOD Inspector General report recommended that Military Services "update financial training to increase Service members’ awareness."

“We applaud the military for educating its own population,” stated Trans World Assurance President Charles Royals. "At Trans World Assurance, we have dedicated a number of resources to educate and monitor our agents. We have implemented a number of preventative actions such as a needs assessment, internal education, additional follow-up with new customers, budget reviews, and more closely monitoring agents. A thorough understanding of military rules and regulations are required and are an important part of our fiber. These actions can go a long way in ensuring that infractions are avoided, but we have to look at doing more."

Trans World Assurance has made a number of major changes to help ensure compliance with new DOD and NAIC regulations. One major change was to develop and launch a new life insurance product that provided military members with a higher face amount of coverage at a reasonable cost. The new "Universal Life" product was designed, according to each individual's circumstances, to meet the test of suitability for the servicemen.

“We are constantly working to provide great insurance solutions for military members. Military professionals, young or older, and especially those with families, need to have viable and affordable insurance options,” stated Mr. Royals.

In an article on Military.com entitled "Beyond SGLI," Mike McHugh discusses life insurance options for military members. Captain Mike McHugh graduated from the Naval Academy in 1968, served in the Navy as a Submarine Officer, and retired after 30 years of service. In his article, Mike McHugh discusses how the Service Death Gratuity and Servicemembers Group Life Insurance (SGLI) are temporary life insurance solutions, "Therefore, you are faced with losing $500,000 in financial protection for your family when you leave the service. Do not expect your new employer to replace it. To replace it with an individual life insurance plan, you will need to show proof of insurability. That means a medical questionnaire and a physical exam. Make sure you are insurable. The process takes time so start early."

McHugh goes on to say, "SGLI is not enough protection for a young growing family and it will terminate when you leave the service; long before you need it. For most non-tobacco using servicemembers, it costs you more per month than you should be paying. You would be well served to purchase individual coverage while you are young and healthy and can obtain the best rates. You will then own an insurance plan that will provide you with the increased coverage that you need and a plan that you will be able to take with you when you leave the service. And remember, do not expect a civilian employer to even come close in replacing your active duty survivor benefits -- It is your job for you to protect your family."

The average overall length of enlistment for U.S. military personnel is just under 15 years for all branches calculated together. The average service time for officers is less, averaging about 11 years. When members join the military, they are automatically enrolled in life insurance and premiums are automatically deducted from their military pay. This insurance is temporary and terminates 120 days after service.

“Our primary goal is to help military members supplement their current life insurance, if needed. In addition, we feel strongly that military members should have access to permanent life insurance solutions. Permanent life insurance can help an active duty military member lock in good rates and accumulate some cash for long term or unforeseen expenses, especially when the economy is as uncertain as it is right now,” stated Trans World Assurance President Charles Royals.

"Trans World Assurance is going to stay true to its core objectives of providing only the best cash advantage life insurance available. Our market is a special one and we have put many things in place to support the Inspector General's mandate that all sales be appropriate and done in a compliant way. At Trans World Assurance, we recognize that we can do better in all areas of business. Our customer satisfaction level is high, but we still need to focus on improving our systems and overall customer experience."

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Trans World Assurance Recommends that Military Members Complete a Life Insurance Needs Assessment Because of Conflicting Information

When military members research their insurance options, they can encounter conflicting information in the media, on military bases, among many chains of command, in financial training and from military support services like Family Support and Readiness Centers. In general, there seems to be two conflicting perspectives about what coverage military members need.

One perspective promotes the Servicemembers Group Life Insurance (SGLI) as the only necessary option. When members join the military, they are automatically enrolled in the SGLI for the maximum amount of coverage and premiums are automatically deducted from their military pay. From this perspective, many outlets view SGLI as the only life insurance that members need and insurance from private insurers is often criticized.

In a recent CNN article entitled "Report: Private firms still selling unsuitable insurance to troops," CNN Senior Producer Charles Keyes discusses a new report by the Inspector General. The report describes the state of life insurance sales to military personnel five years after new laws were instituted to restrict the ability of private insurers to sell insurance in the military market. According to the article, the Inspector General found that insurance agents persuaded personnel "to buy insurance they may not need or be able to afford." The article recognizes that "All military personnel are automatically enrolled in a life insurance policy administered by the Veterans Administration from their first day of training or active duty."

On the other hand, another perspective recognizes that the SGLI may not be enough insurance coverage for some military members. Proponents of this perspective also highlight the fact that the SGLI is not a permanent insurance solution. SGLI terminates 120 days after service at which point members can convert their SGLI to Veterans Group Life Insurance (VGLI), which can be very expensive and increases in cost over time. Another option is for members to find insurance from a private insurer.

In an article on Military.com entitled "Beyond SGLI," Mike McHugh discusses the limitations of the SGLI and suggests that members should also research other options offered by private insurers. Captain Mike McHugh graduated from the Naval Academy in 1968, served in the Navy as a Submarine Officer, and retired after 30 years of service. In his article, when describing the SGLI, Mike McHugh said, "SGLI is not enough protection for a young growing family and it will terminate when you leave the service; long before you need it." He goes on to describe members options after leaving the military. "SGLI is very generous in providing you with coverage for free for 120 days after you leave active duty, but then it is gone. You do have an opportunity to convert over to Veterans Group Life Insurance (VGLI) when you separate or retire from active duty. However, if you are healthy, you will find the VGLI premiums to be very expensive and they increase every five years."

Because of the abundance of conflicting information, Trans World Assurance recommends that all military members complete a life insurance needs assessment.

Trans World Assurance President Charles Royals states, "Military members may be overwhelmed and confused when researching life insurance decisions. Each member's individual circumstances and needs are unique. The first step in making these decisions is to do a life insurance needs assessment. The U.S Department of Veterans Affairs provides a Life Insurance Needs Calculator on its website to help guide military members. This calculator can be a helpful guide, but ultimately, members should seek the advice of an insurance or financial planning professional to determine their individual needs. If military members are near retirement or close to separation, the U.S Department of Veterans Affairs website also lists a number of private companies that military members can use to convert their SGLI into a permanent form of life insurance."