Trans World Assurance Company, California: Overview, Contacts, Services, Finances, Coverage, Claims, Compliance, Renewal & Cancellations, Reviews

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Trans World Assurance Company: Safeguarding Your Financial Future.

An image illustration of Trans World Assurance Company
Trans World Assurance Company: Protecting Your Future with Trust and Excellence.

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.

Company Details

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.

The company employs dedicated professionals committed to providing excellent service and support.

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.

Company Contacts

Here’s some essential information about TWA:

Phone Number (650) 348-2300
Address 885 South El Camino Real, San Mateo, CA, 94402
Customer Service Contact Email Form
Policy Details Flexible Dollar Builder and Future First Universal Life
Email Address info@twalife.com
Fax Number (650) 348-7318
Operating Hours 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.

Financial Details

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.

Coverage Details

TWA offers comprehensive and flexible coverage depending on product type, coverage amount, and policyholder-selected options.

Key coverage details include:

Claims

TWA’s simple and efficient claims process ensures beneficiaries receive their death benefit swiftly.

The process comprises:

  1. Notify TWA: Inform TWA of the policyholder’s death via phone, email, fax, or mail.
  2. Submit the Claim Form and Documents: Complete the claim form and submit it with necessary documents like the death certificate and policy contract.
  3. 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:

  1. Review the Policy: Customers should review their policy contract and annual statements, checking coverage, premiums, cash values, and options.
  2. Contact TWA: If renewal or policy changes are desired, customers can contact TWA to receive a renewal form and available options and riders.
  3. Submit the Renewal Form and Documents: Customers fill out the renewal form and provide required documents, such as identification proof and medical exam reports.
  4. Confirm the Renewal or Change: TWA reviews the renewal form and documents, approving eligible renewals or changes.

Company Culture

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.

Customer Experiences

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.

FAQs:

  • 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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