ProdMod: Transamerica Launches Updated Financial Foundation IUL

FROM TRANSAMERICA…

FFIUL Just Keeps Getting Better

Effective December 4, 2021, Transamerica Financial Foundation IUL® (FFIUL) may be an even more attractive option for your agents and their clients. From lower charges and fees to expanded coverage, FFIUL features several exciting enhancements we think you and your agents are going to love:

  • Reduced Per Unit Charges (PUC) – New lower PUC in all cells for bands 2, 3, and 4 mean many new policies with a face amount of $100,000 and above are now even more competitively priced.
  • 30% Lower Minimum No-Lapse Premiums – Requires less premium to guarantee the policy stays in force if your client’s financial circumstances change.
  • Higher Funding Limits – Transamerica’s illustration and administrative systems have been updated to reflect new regulatory interest rates under the 7702 & 7702A guidelines.
  • Expanded LTC Coverage:
    • LTC International Coverage Benefit – FFIUL policyholders in the U.S. with the LTC Rider, who incur qualified LTC expenses at an international long term care facility outside the U.S., District of Columbia, and Canada, can now file an LTC claim.
    • LTC Informal Care – The Long Term Care Rider now allows clients to pay family members, friends, or even neighbors for providing care as outlined in the plan of care.

Transition Rules

  • All applications submitted on or after December 4, 2021, will reflect new repricing and new plan codes.
  • In-flight applications (submitted prior to December 4, 2021)
    • Cases issued on or after December 4, 2021, will get the new plan codes, repricing, and illustration.
    • Cases issued or printed prior to December 4, 2021, will have old rates and plan codes.

Find out more about these changes from Transamerica…

Transamerica 2021 Year-End Deadlines

Below please find important deadlines regarding year-end commission and payout dates for Transamerica.

  • December 20th: All premium and final delivery requirements must be received in good order on or before this date to ensure placement prior to year-end.
  • December 21st and after: New business and delivery requirements will continue to be processed, but are not guaranteed to be in force prior to year-end.
  • December 24th: Last commission cycle for the year. All business to count for 2021 production year will need to be placed by this date.
  • December 24th: Closed for the holiday

Please contact your sales support team for any questions you may have.

ProdMod: Transamerica’s New Term Rates Put Them In The Hunt

FROM TRANSAMERICA…

Lower Rates Across the Portfolio

With new, highly competitive rates, Transamerica now holds the top-ranked position for one in three of 3,942 quoting scenarios and finishes in the top three for more than half when comparing annual rates among top competitors.

We took a balanced approach to these adjustments, looking at where we could reprice and still remain competitive, which allowed us to make bigger price reductions for your clients across all risk classes. The key takeaway? Transamerica is now ranked in the top three 45% of the time for our two best risk classes, 63% for nonsmokers, and 97% for smokers.

Transition Rules

  • All new applications submitted on or after October 2, 2021, will reflect new pricing.
  • Applications received on or before October 1, 2021, and issued by November 5, 2021, will automatically receive the better of old or new rates; if issued November 6, 2021, or later, the case will receive the new rate.

Find out more about these changes from Transamerica…

ProdMod: Transamerica suspends sales of LTC Riders on FFIUL polices in WA

FROM TRANSAMERICA…

After August 16, 2021, Transamerica will not accept applications for Financial Foundation Index Universal Life (FFIUL) policies that include a Long Term Care (LTC) rider in the state of Washington. No exceptions will be made. For any business submitted after August 16th, we will do our best to communicate with you the options available to your client.

Transition Rules

  • This does not impact existing business, including future reinstatements
  • In order to process, we must receive both paper and iGo applications for FFIUL with LTC rider policies “in good order” before midnight CT, on August 16th
  • Any application already received before the deadline and in process will continue through underwriting and new business review
  • Some administrative systems may take longer to update with this information. Your patience is appreciated.

Find out more about these changes from Transamerica…

  • Formal Announcement from Transamerica

AdminUpdate: Have You Checked Out the New Non-Med Limits at Transamerica?

FROM TRANSAMERICA…

Underwriting — New Non-Medical Guidelines

We have expanded our underwriting initial requirements to include more non-medical eligibility for higher face amounts and more risk classes, making it possible for your healthiest clients to qualify for the lowest rates. Nonmedical guidelines have been expanded to include all risk classes for the following scenarios:

Transamerica Financial Foundation IUL® & Trendsetter® Super

  • $100,000 up to $2,000,000 for ages 18 thru 45
  • $100,000 up to $1,000,000 for ages 46 thru 55

All riders available at the above age/face amounts.

Trendsetter® LB

  • $100,000 up to $249,999, ages 18 – 60 up to Preferred Nonsmoker available
  • $250,000 up to $2,000,000 for ages 18 thru 45
  • $250,000 up to $1,000,000 for ages 46 thru 55

All riders available at the above age/face amounts. Additionally, clients retain these risk classes if they choose to convert their term policy or term rider to a permanent policy. We are confident that these changes will help provide more individuals and families the coverage they need with fewer exams and labs.

Find out more about these changes from Transamerica…

ProdMod: Transamerica to Exit Standalone LTC Market

FROM TRANSAMERICA…

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 our FAQs for other details about the transition, mailing addresses, and fax number.

Thanks again for 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.

Additional contact information can be located here.

Find out more about these changes from Transamerica…

Updated: Year-End Processing Deadlines for All Core Carriers Now Available

With just over three weeks left before 2021 is upon us, we now have the final year-end deadlines for 2020 business from all the AIN Core Carriers. Please review the list below for additional details for each insurance company,

Important: These deadlines may or may not reflect the transition rules regarding AG 49A. Please see AIN’s AG 49A Resource for those rules and deadlines.


The pertinent 2020 year-end cutoff dates for the AIN Core Carriers can be found via the links below.

Transamerica Year-End Processing Deadlines

Below are important deadlines regarding year-end commission and payout dates.

  • December 21 – All premium and final delivery requirements must be received in good order on or before this date to ensure placement prior to year-end.
  • December 22 and after – New business and delivery requirements will continue to be processed, but are not guaranteed to be in force prior to year-end.
  • December 25-Last commission cycle for the year. All business to count for 2020 production year will need to be placed by this date.
  • December 25 – Closed for the holiday

Please contact our sales support team at 866-545-9058 for any questions you may have.

Foresters Financial Year-End Processing Deadlines

Business Processing

PlanRight:

  • All Applications with full requirements received by midnight ET, December 24th, will be processed as 2020 business.
  • Any applications received after the deadline will be processed on a “best effort” basis (in date and time-received order), “We shall make every effort to accommodate all business in 2020

Non-PlanRight Foresters Products (including Term conversions):

  • All Life Applications with full requirements received by midnight ET, December 18th, will be processed as 2020 business.
  • Business received after the deadline will be processed on a “best effort” basis (in date and time-received order), “We shall make every effort to accommodate all business in 2020

Life Deliveries

  • Completed delivery paperwork received by midnight ET, December 24th, will be processed for the pay period ending Wednesday, December 30thth.
  • If the delivery requires a premium payment, the check must be original and received by this date.

Commission Payments

To accommodate year end-processing, our weekly pay period cycles will occur on the following dates:

  • Period ending Wednesday, December 16: Business fully processed between December 10 – 16 is scheduled for deposit into your bank on Friday, December 18.
  • Period ending Tuesday, December 22: Business fully processed between December 17 – 22 is scheduled for deposit into your bank on Thursday, December 24.
  • Period ending Tuesday, December 29: Business fully processed between December 23 – 29 is scheduled for deposit into your bank on Thursday, December 31.
  • Period ending Thursday, December 31: Business fully processed between December 30 – 31 is scheduled for deposit into your bank on Tuesday, January 5.
  • Period ending Wednesday, January 6, 2021: Business fully processed between January 1 – 6, 2020 is scheduled for deposit into your bank on Friday, January 8, 2021. Regular pay periods resume thereafter.