Trans World Assurance Company: Safeguarding Your Financial Future.
Are you seeking a reliable and trustworthy life insurance provider in California?
If so, you might have encountered Trans World Assurance Company (TWA), a company serving both military personnel and civilians for over 50 years.
But what exactly does TWA offer, and how does it compare to other insurance companies?
In this blog post, we’ll examine TWA’s:
History, products, services, financials, coverage, claims process, legal compliance, renewals, cancellations, company culture, and customer experiences.
Our goal is to assist you in making an informed decision about your life insurance needs.
History and Founding Year:
TWA, founded in 1962 by Charles P. Woodbury, a decorated World War II veteran and former president of the American Life Insurance Association, aims to provide a secure and stable life insurance product.
This product benefits military personnel and their families.
The company invests in U.S. government and corporate bonds to ensure policyholders’ cash value’s safety and growth.
CEO and Leadership Team:
Charles S. Woodbury, the founder’s son, currently leads TWA as its president and CEO.
Market Share and Company Size:
TWA has a market share of 0.02% in the U.S. life insurance industry, with over $1.6 billion in assets and over $2.4 billion in liabilities as of 2020.
TWA operates in 49 states, the District of Columbia, and several foreign countries.
Here’s some essential information about TWA:
|885 South El Camino Real, San Mateo, CA, 94402
|Customer Service Contact
|Flexible Dollar Builder and Future First Universal Life
|Monday to Friday, 8:00 a.m. to 4:00 p.m. (PT)
Services & Products
TWA offers two types of life insurance products: Flexible Dollar Builder and Future First Universal Life.
Both products aim to provide protection, cash accumulation, and a secure retirement for policyholders.
Flexible Dollar Builder is a traditional whole life insurance policy that guarantees a death benefit and accumulates cash value at a guaranteed interest rate.
Future First Universal Life offers a more flexible and modern policy, allowing policyholders to adjust premiums, death benefits, and cash values according to their changing needs and goals.
TWA also offers special packages and bundled services:
- Military Savings Program: This program helps military personnel save money for future needs with high interest rates, tax-deferred growth, and easy access to funds.
- Family Protection Plan: This plan provides additional coverage for spouses and children, including lump sum benefits and monthly income in case of the spouse’s or children’s death.
- International Coverage: TWA provides coverage for policyholders outside the U.S. through a network of agents and representatives in various countries.
- Temporary or Short-Term Policies: TWA offers temporary policies for those needing coverage for specific periods, such as between jobs or while traveling.
TWA is financially strong and stable, rated A- (Excellent) by A.M. Best, a leading rating agency.
The company’s conservative investment strategy focuses on U.S. government and corporate bonds for policyholders’ cash value safety and solvency.
TWA boasts a high claim payout ratio, indicating the prompt settlement of customer claims.
TWA offers competitive and affordable premium costs that vary depending on product type, coverage amount, policyholder age, health, and other factors.
Multiple payment options, such as monthly, quarterly, semi-annual, or annual, are available to cater to customers’ budget and convenience.
Additionally, TWA provides discounts and promotions, including a military discount, loyalty discount, and referral bonus.
TWA offers comprehensive and flexible coverage depending on product type, coverage amount, and policyholder-selected options.
Key coverage details include:
- Policy Exclusions: TWA does not pay death benefits for suicides within the first two years of the policy or deaths resulting from war or military service.
- Coverage Limits: TWA offers coverage ranging from a minimum of $25,000 to a maximum of $10 million for life insurance products.
- Add-ons or Riders: TWA offers additional options, such as Accidental Death Benefit, Waiver of Premium, and Child Term Rider, enhancing policy coverage and benefits.
TWA’s simple and efficient claims process ensures beneficiaries receive their death benefit swiftly.
The process comprises:
- Notify TWA: Inform TWA of the policyholder’s death via phone, email, fax, or mail.
- Submit the Claim Form and Documents: Complete the claim form and submit it with necessary documents like the death certificate and policy contract.
- Receive the Payment: TWA reviews the claim, and if approved, pays the death benefit to the beneficiary via check, direct deposit, or wire transfer.
Legal & Compliance
TWA adheres to state and country laws and regulations in which it operates, maintaining privacy and terms and conditions policies to safeguard customer information.
Their code of ethics guides employee and agent conduct, and the company is a member of professional and trade associations.
Renewals & Cancellations
TWA offers policy renewal to meet customers’ evolving needs and goals:
- Review the Policy: Customers should review their policy contract and annual statements, checking coverage, premiums, cash values, and options.
- Contact TWA: If renewal or policy changes are desired, customers can contact TWA to receive a renewal form and available options and riders.
- Submit the Renewal Form and Documents: Customers fill out the renewal form and provide required documents, such as identification proof and medical exam reports.
- Confirm the Renewal or Change: TWA reviews the renewal form and documents, approving eligible renewals or changes.
TWA values integrity, excellence, service, and innovation in its company culture.
The company strives to provide top-quality life insurance products and services to its customers and supports the military community and society as a whole.
TWA fosters a positive and collaborative work environment for its employees and agents, helping them grow their skills and talents.
TWA maintains a high level of customer satisfaction and retention, reflecting the quality and reliability of its life insurance products and services.
The company has a low complaint ratio, indicating fewer complaints compared to the average insurance company.
- John S. from San Diego, CA, says, “I’ve been a TWA customer for over 20 years and am very pleased with their service and support.
They’ve always been responsive and helpful when I had questions or problems.
Their flexible and affordable products, along with impressive cash value growth, make me highly recommend TWA for anyone seeking a life insurance provider.
- How can I change my beneficiary?
You can change your beneficiary by filling out a beneficiary change form and submitting it to TWA via mail, fax, or email.
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Insurance Writer, Insurance Blob
Former Insurance Writer, New York Times
JOINED INSURANCE BLOB
Benson Clyde, an experienced Insurance Writer at Insurance Blob, brings a wealth of knowledge and expertise to the realm of insurance. With a distinguished background as a former Insurance Writer at the New York Times, Benson’s writing journey has been marked by a commitment to providing valuable insights and information to a wide audience.
Benson’s writing career took a significant turn when he joined the esteemed New York Times as an Insurance Writer. During his tenure, he honed his skills in producing insightful and informative content related to the insurance industry, gaining recognition for his ability to break down complex concepts for readers.
In May 2023, Benson Clyde transitioned to Insurance Blob, marking a new chapter in his commitment to delivering high-quality and engaging insurance content. His experience and expertise contribute to the platform’s mission of educating and empowering readers with valuable insurance insights.