No, but there are some considerations. Your monthly benefits are effective beginning on your retirement date, regardless of whether you take a PLS advance. But by taking an advance in a lump sum, your monthly benefit is reduced for your lifetime to offset the advance of PLS. And, while monthly benefits begin on your retirement date, PLS advances take up to 90 days after your retirement date to finalize before payment is made.
Annual renewable term life is life insurance that renews every year. This type of life insurance automatically renews up to age 85. Beyond this age, you will not qualify for any type of life insurance and your term policy will be canceled.
Affordable: Transamerica's term life insurance rates are among the most affordable in the industry. 30-Year Terms: Transamerica is one of few life insurance companies to offer 30-year policy terms. Flexible Coverage Options: Transamerica offers term life policies with minimum coverage levels as low as $25,000.