Transamerica to Discontinue Standalone Long Term Care on April 1st
As announced December 10, 2020, on Capital Markets Day by Aegon CEO Lard Friese, Transamerica will discontinue sales of our individual, standalone Long Term Care (LTC) business on March 31, 2021.
In addition, acceptance of applications under approved multi-life cases (worksite and association) will end on June 30, 2021. LTC riders on life insurance policies are not affected. The only impacted products are TransCare® II and TransCare® III.
It’s important that you know your clients with existing policies are not impacted. Their customer experience will stay the same, and they will not experience any change in their service.
Individually Sold, Standalone LTC
- Paper, fax, and LTC eApp applications must be signed, dated, and received by us no later than March 31, 2021.
- Applications for individual coverage received on or after April 1, 2021, will not be processed.
MultiLife LTC – Worksite and Association
- The last day to submit paper, fax, and eApp MultiLife applications under approved MultiLife cases is June 30, 2021.
- MultiLife applications received on or after July 1, 2021, will not be processed.
For both Individual and MultiLife LTC, agents contracted to sell TransCare® II, and TransCare® III products will have their agent agreements amended to “servicing-only agent.” Upgrades in coverage will not be allowed after March 31, 2021, unless contractually required by the insurance policy.
Frequently Asked Questions
Take a look at Transamerica’s FAQs for other details about the transition, mailing addresses, and fax number. Transamerica appreciates your continued support during the transition. If you have any other questions, give the LTC Sales Desk a call at 888-545-2713, Mon – Thu 8:30 a.m. – 8 p.m. ET, and Fri 8:30 a.m. – 7 p.m. ET.
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2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
For more than 35 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. Copyright 2021