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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, Trans World Assurance Company and American Fidelity Life Insurance Company have 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.
>> Click here to read the full letter.
Trans World Assurance Company Announces 2011 Interest Rate
SAN MATEO, CA…One of the country’s top private insurers of military personnel, small groups and municipalities, Trans World Assurance proudly announces its 2011 interest rates. Both the Accumulation Fund as well as the Future First Universal Life Policy will each receive 5%. For the Accumulation Fund, this represents a 10.21% average over the last 32 years.
A company spokesman stated, "We are extremely pleased to have this history of excellent returns over such a long time while maintaining a very conservative investment philosophy. The stock market has gone up and down, and real estate has gone up and down, delivering losses to many Americans. Our primary investment vehicle over the years has been United States treasury notes, as well as highly rated corporate bonds. The safety of our customers’ money, the steadfast payments of our interest, and our long track record make our products a very attractive option for building a sound financial foundation. As we enter our 50th year of service to those in the military serving our country, small group businesses, and individuals of all walks of life, we are proud to say that no one has ever lost a penny with Trans World Assurance Company.”
Trans World Assurance Co., founded and run by experienced life insurance professionals, provides innovative products designed to meet the specialized needs of career military and municipality workers, as well as small businesses, throughout the United States and around the world. Established in 1962, TWA is headquartered in San Mateo California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300 or visit www.transworldassurance.com
Trans World Assurance Enters 50th Year of Service to Military
SAN MATEO, CA…Trans World Assurance Company is proud to announce that it is entering its 50th year serving those in the Armed Services. The California-based company was founded in 1962 and has grown over the years to be one of the most solid and financially sound insurance companies in America.
Board Chairman Earl Bartlett, USAF retired, states, “We continue to emphasize the safety of the policyholders’ funds above all else. We believe that we are one of the few companies in America that can say that for every dollar in our policyholder funds, we have more than a dollar invested in United States treasury obligations. In today's world of falling stock prices and falling real estate prices, we offer an extremely safe environment for those who have purchased our policies.
We salute those in the military who have served both historically and today. The policies that they have purchased from us while serving provide a financial foundation as they transition from the military to civilian life. Also, we are proud to be one of the providers of Servicemembers’ Group Life Insurance and also act as a conversion company to Veterans’ Group Life.”
Trans World Assurance Co., founded and run by experienced life insurance professionals, provides innovative products designed to meet the specialized needs of career military and municipality workers, as well as small businesses, throughout the United States and around the world. Established in 1962, TWA is headquartered in San Mateo California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300 or visit www.transworldassuance.com.
Trans World Assurance Corrects the Record: Compliance With New Military Regulation Was Prompt and Voluntary
SAN MATEO, CA…In response to a recent press release by the California Department of Insurance, Trans World Assurance Company issues the following statement:
“The recent press release by the California Department of Insurance regarding our company is inaccurate and misrepresents the result of an agreement that was reached between Trans World Assurance Company and the CA Department of Insurance. Trans World complied promptly with California’s new Military Insurance Sales Regulation; we voluntarily adjusted our policies, created a new life insurance product, and made refunds to all consumers that were affected by the legislation, prior to any enforcement. Trans World did this even though we believed the regulations to be unfair to those serving in the military—treating them differently than their civilian counterparts—and we felt that the changes could be harmful to those military individuals.
“The Military Insurance Sales Regulation adopted by various state insurance departments, including California, limits the types of policies that may be sold to members of the military. The same limitations do not apply to civilians. We do not think this is right.
“We have disputed whether the Military Insurance Sales Regulation is applicable to FDB. However, we voluntarily modified our FDB policies to comply with the Regulation, and developed a new universal life product. On December 21, 2010, the California Insurance Commissioner issued a press release about the recent settlement between Trans World and the California Department of Insurance. Unfortunately, the release is not accurate in material respects, and wrongly suggests that Trans World sold policies that took advantage of service members. That simply is not true. The automatic payment provision (where insurance premiums were automatically deducted from a savings account) protected the valuable insurance policies of many policyholders as they transitioned from the service into civilian life. However, Trans World voluntarily modified our procedures in all states—including California—by deleting the automatic payment provisions and modifying the interest computations of our policies. We advised the California Department of Insurance of our actions before it initiated its administrative proceedings. Long before the settlement, in which Trans World specifically did not admit to any wrongdoing, all of our policies were modified and all service members were reimbursed, in full compliance with the new Regulation.
“Trans World Assurance Company has provided the members of our military with safe, top-performing life insurance products for over 50 years. We have tens of thousands of satisfied policyholders who can attest to the value of our products and our commitment to honoring the trust they place in us. Trans World was among the first underwriters and continues to underwrite Servicemembers’ Group Life Insurance (SGLI). In short, Trans World supports the men and women who serve our country and believes that they should have the same rights as their civilian counterparts to consider and purchase financial products.”
Trans World Assurance Co., founded and run by experienced life insurance professionals, provides innovative products designed to meet the specialized needs of career military and municipality workers, as well as small businesses, throughout the United States and around the world. Established in 1962, TWA is headquartered in San Mateo California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300 or visit www.transworldassuance.com.
Trans world Assurance Company announces bonus interest rate
In yet another exciting addition to its FUTURE FIRST UNIVERSAL LIFE INSURANCE policy, Trans World Assurance Company announces a 6 1/2% bonus interest rate for all policies reaching $100,000 in cash value. This bonus interest rate will be applied to the entire cash value of the policy as long as it remains above $100,000.
This bonus interest rate will greatly reward those individuals who have faithfully paid into their policy over the years, and provide both them and their beneficiaries a truly superior product. This bonus interest rate is in addition to the Charitable Benefit Rider and Early Distribution Rider that are also available on this policy.
Trans World Assurance Co. announces the release of its NEW Accelerated Benefit Rider
SAN MATEO, CALIFORNIA…The truce value of any insurance product is often only realized during times of great hardship. The Accelerated Benefit Rider provides enhanced security and access to funds if the insured become seriously ill.
The Benefits are:
- You will have the ability to give a portion of the life insurance proceeds to loved ones while you are still alive.
- You can have the enjoyment of using some of your life insurance funds to take a trip or make special purchases.
- You will be able to pay medical bills or other expenses so that others are not left with this responsibility.
- There are no costs or additional premiums for this benefit.
How it works:
In the event of terminal illness, this rider allows an insured to "accelerate" receipt of a policy's death benefit. The maximum accelerated death benefit which may be elected under this policy is the lesser of:
- 50% of the death benefit at the policy anniversary following submission of proof of life expectancy:
or
- 100,000
"We are excited to add this valuable benefit to our Future First Universal Life Policy. It is another step in our efforts to provide outstanding products and service to our customers," stated a company spokesman.
Founded in 1962 by Marine Aviator Charles P. Woodbury, Trans World has been dedicated to providing high quality insurance and cash accumulation products to those who have served our country and given so much to us. While maintaining a low overhead and a conserative investment philosophy, we have returned to the customer an outstanding return over the last half-century. TWA is headquartered in San Mateo, California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300 or visit www.twasite.com
Trans World Assurance Co. announces the release of its NEW Charitable Benefit Rider
SAN MATEO, CALIFORNIA…Trans World Assurance Company proudly announces the release of its new Charitable Benefit Rider. This rider is available with the company’s Future First Universal Life Insurance policy. The rider will provide an additional 1% death benefit above the base policy face amount. The Charitable Benefit Rider adds no additional cost to the policy. It does not increase the premium, reduce the cash values or cause a reduction in death benefit.
“Buying life insurance is a way of doing something for others. You will be leaving a legacy for your family as well as those causes that are important to you. The policyholder will have the right to select the charity to target those they feel most strongly about,” said a company spokesman. There are many charities that might strike close to home. Military members will be aware of comrades that have experienced some type of disability. By targeting charities that support the benefits for these servicemen, our policyholders will be giving a very special gift indeed.”
The selected charity must be qualified under current tax law. Trans World’s agents will stand ready to help and assist the insured to select the charity that might be most meaningful to them.
Trans World is proud of its history and its outstanding track record.
Founded in 1962 by Marine Aviator Charles P. Woodbury, Trans World has been dedicated to providing high quality insurance and cash accumulation products to those who have served our country and given so much to us. While maintaining a low overhead and a conservative investment philosophy, we have returned to the customer an outstanding return over the last half-century. TWA is headquartered in San Mateo California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300 or visit www.twasite.com
Trans World Assurance Company Announces the Release of Its FUTURE FIRST UNIVERSAL LIFE INSURANCE Policy
SAN MATEO, CA--(Marketwire - October 1, 2009) - As a leading life insurer for military personnel, Federal employees, small groups and individuals, Trans World feels a responsibility to maintain the highest level of innovation, performance and safety for its many clients. With the introduction of its FUTURE FIRST UNIVERSAL LIFE INSURANCE POLICY, Trans World meets that responsibility.
Trans World's commitment to the safety and security of its policyholders remains steadfast.
Trans World continues to invest primarily in United States Treasury obligations, making it one of the safest and most secure insurance companies in the nation. "The company has avoided the speculative investments that many other companies have fallen victim to," stated a company spokesman. "We believe we are one of the few companies that can say that for every dollar of our customers' liabilities, we have more than a dollar invested in United States Government obligations. Now, more than ever, we are committed to continuing this conservative philosophy. With this new policy, it is our wish to help restore the dreams that have been lost, and to build for the future."
The innovative FUTURE FIRST policy has numerous highlights:
- Flexible life insurance protection that changes with your needs over time.
- Premium payments that can be tailored to suit your budget.
- Cash value distributions through withdrawals and loans can be free of any income tax.
- Death benefit proceeds are generally free of state and federal income taxes.
- The ability to contribute extra funds to enhance the cash value growth of the plan.
- Charitable gifting riders.
- The structure of the FUTURE FIRST UNIVERSAL LIFE policy maximizes the potential for asset accumulation, while at the same time providing an increasing death benefit.
Trans World is proud of its history and its outstanding track record.
Founded in 1963 by Marine Aviator Charles P. Woodbury, Trans World has been dedicated to providing high quality insurance and cash accumulation products to those who have served our country and given so much to us. While maintaining a low overhead and a conservative investment philosophy, we have returned to the customer an outstanding return over the last half-century. As we move forward in time, such will be our commitment to the new FUTURE FIRST UNIVERSAL LIFE INSURANCE POLICY. TWA is headquartered in San Mateo, California, and is licensed in 46 states and worldwide.
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TWA strong and stable even in bad economy
December 1, 2008
With the current economy causing companies to fold or seek a bailout from the government, TWA remains strong and financially stable. While many companies were looking to cash in on risky investments such as the sub prime lending market, TWA stood fast and continued its steady and conservative approach to investing in US Treasury Notes. TWA is proud to announce that they have more funds in US Treasury Note liabilities than they have in customer deposit fund liabilities. This is a claim few companies can make and is one of the reasons TWA policyholders remain happy and thankful through these tough economic times. To learn more about TWA’s financial position, please call for a copy of a TWA independent financial analysis report.
TWA announces FutureFirst Universal Life
November 5, 2008
TWA is set to launch another innovative product called FutureFirst. FutureFirst Universal Life is designed for people looking to cover their lives and protect their future. FutureFirst Universal Life will offer Value, Safety and Tax-Deferred Growth. At TWA your Future always comes First. Contact a representative to see if FutureFirst Universal Life is available in your area.
40th Anniversary of Servicemen's Group Life Insurance
Trans World Assurance Co. proudly celebrates the 40th Anniversary of the Servicemen's Group Life Insurance (SGLI) program as one of its participating members.
Congress created SGLI in 1965 to address the needs of service members for life insurance during the Vietnam War. Unlike previous government life insurance programs administered by the federal government, SGLI is a group policy, purchased by the Secretary of Veterans Affairs to provide coverage for service members who may have difficulty obtaining insurance due to risks associated with military service or because of service-connected disabilities.
Earl Bartlett, Chairman of Trans World's Board of Directors, states that "It is an honor for us to be one of the members of this partnership. It is one of the ways that we can give something back to those who have given so much to defend and protect our country. This is an example of how private industry and the government can work together to better serve our country."
A quarter century of outstanding performance
SAN MATEO, CA--(MARKET WIRE)--Jan 25, 2005 -- One of the country's top private insurers of military personnel, small groups and municipalities, Trans World Assurance Co. (TWA), is pleased to announce a 7 percent earned interest rate on its Accumulation Fund for 2005. For the last quarter century the Accumulation Fund has averaged 11.23%. "Our conservative approach has ensured a positive return for our policyholders once again," said TWA president Charles B. Royals. "We pride ourselves on consistently yielding returns that are among the best of all life insurance companies by maintaining minimum investment expense through U.S. government securities and one of the lowest overhead and operating-expense-to-income ratios in the business.
"Our policyholders -- the men and women who keep America safe -- deserve a safe repository for their family's resources. We meet this need with our Accumulation Fund, and we're proud to be able to give something back to them with yet another positive performance," Royals added. "For the past 43 years, TWA has been honored by the trust our clients place in us. We uphold this trust by continuing to invest in sound assets, such as U.S. treasury notes."
The Accumulation Fund, a tax-deferred, interest-bearing fund, is part of the company's Flexible Dollar Builder Life Insurance plan. The interest rate on the fund is guaranteed by TWA to be at least 4 percent. The current rate of 7 percent will remain the same for the rest of the year. Trans World Assurance is rated (B++) Good by A.M. Best.
In addition to their life insurance premium, policyholders can contribute up to $1,000 a year to the fund in the first year, and more in the following years. Contributions grow tax-deferred, and policyholders can make withdrawals for education, home buying or emergencies.**
Trans World Assurance Co., founded and run by experienced life insurance professionals, provides innovative products designed to meet the specialized needs of career military and municipality workers, as well as that of small businesses and Americans throughout the United States and around the world. Established in 1962, TWA is headquartered in San Mateo California, and is licensed in 46 states and worldwide. For more information call (650) 348-2300.
*Past performance is not an indicator of future results.
**There may be a 5% charge on amounts withdrawn in the first 10 years.
Barbara Woodbury honored by United States Marine Corps with Sunset Parade
TWA Director, Barbara Woodbury, was the Guest of Honor at a Sunset Parade held at the Marine Corps War Memorial in Arlington, Virginia. This ceremonial parade was hosted by the Sergeant Major of the Marine Corps and Mrs. Estrada, who is a Marine in her own right.
The parade is a tradition that includes the renowned U. S. Marine Corps Band and the Corp's esteemed Silent Drill Team. This historic military ritual honors the patriotic spirit of all Americans and is one of the most popular summer events in our nation's capitol, as exemplified by the large crowd.
Also on hand to honor our enlisted Marines were: Attorney General and Mrs. Ashcroft; Congressman Cunningham; Governor Pete Wilson; Assistant Secretary of the Navy, the Honorable H.T. Johnson and Mrs. Johnson; Mrs. Pace, wife of Vice Chairman of the Joint Chiefs, General Pete Pace; Mrs. Jones, wife of General James L. Jones, Supreme Allied Commander of Europe; the Assistant Commandant of the Marine Corps, General Nyland; General and Mrs. Fulford, and many other distinguished Americans and heroes.
Ms. Woodbury, the daughter of two WWII Marines, was honored for the work she has done throughout the years for enlisted Marines and their family members. She remarked "...to be honored by those I consider to be the greatest heroes in the world today is overwhelming to me...” She went on to say, "I was born to the Corps. This honor ranks right up there with the night I became a Marine and the day I was born to two of the greatest Marines who ever lived." Marines have always been an inspiration to her. She smiled and said "do not tell Marines what can't be done. They will prove you wrong every time. Marines know what can be done....and they do it! It is their spirit and sense of fraternity that makes them unique and special Americans. It is what makes them 'no better friend, and no worse enemy'." She went on to say that she loves and admires her many, many friends in the other services, as well, but that they would understand that this was a night to honor our Marines, to honor our Corps.
We at TWA are proud of our men and women in uniform and all those who support them, most especially during this challenging war on terror. We stand united with our heroes, one and all.
Trans World Assurance Co. wins policyholder class action trial
March 21, 2003
Recent Jury Verdicts and a Court decision found that Trans World Assurance Co. did not defraud its policyholders. In the highly publicized California class action lawsuit Heathcock v. Trans World Assurance Company, the Jury's Special Verdict rejected the class plaintiffs' claims and specifically found that no misrepresentations were made and that there was no breach of the covenant of good faith and fair dealing. In its Decision, the Court concurred in the Jury's findings and found that Trans World did not act unlawfully, fraudulently or unfairly in selling and servicing its Flexible Dollar Builder (FDB) life insurance policies. The Court also reversed earlier rulings certifying the case as a class. The Court also entered a judgment against the plaintiffs for $71,000 for costs. All appeals by the plaintiffs have now been dismissed.
The Jury Verdicts and Court Decision are consistent with the results of other cases that have gone to trial and prove once and for all that TWA's agents fairly disclose the material terms of the FDB. Unfortunately, while the Heathcock lawsuit was pending, its unproved allegations received much notoriety and cited inappropriately as evidence of misconduct by TWA's agents. The Jury Verdicts and Court Decision confirm that Trans World and its agents involved with the plaintiffs are innocent of any wrongdoing. "We are pleased that Trans World and its agent sales force have been vindicated by the Jury Verdicts and the Court Decision," stated Trans World Assurance Co.'s management.
In summarizing the Jury's decision the Court stated:
"The jury returned its special verdicts in favor of both TWA and AFLI. These special verdicts included the following findings: (1) Neither TWA nor AFLI made any false representation, whether intentionally or negligently, to Heathcock, Cavanaugh or Bremer; (2) Neither TWA nor AFLI concealed or suppressed any material fact to Heathcock, Cavanaugh or Bremer; (3) Neither TWA nor AFLI breached the implied covenant of good faith and fair dealing, which breach caused damage to Heathcock, Cavanaugh or Bremer.