REMINDER! TRANSAMERICA TO DISCONTINUE SELLING STANDALONE LONG-TERM CARE ON MARCH 31, 2021
As a reminder, Transamerica will discontinue the sale of individual, standalone long term care insurance (LTCI) products on March 31, 2021. Also, acceptance of applications under approved multi-life cases (worksite and association) will end on June 30, 2021. The impacted products are TransCare® II and TransCare® III.
These changes will not affect any LTCI policies previously issued to existing customers. The administration and service of in force policies will stay the same, and customers shouldn’t see a change in their experience. LTCG, a trusted leader in the LTCI business, will remain the administrator of Transamerica LTCI business handling all policyholder services, including claims.
As a part of this change, Transamerica is modifying your Agent’s Agreement (the “Agreement”) to remove your authority to sell LTCI policies and solicit applications after the dates below, at which point you will be a servicing-only agent. This will not affect any other rights and obligations under the Agreement, including your right to receive commissions in accordance with the terms of your Agreement.
- The last day to submit an individual, standalone application (paper or eApp) is on 3/31/21.
- The last day to submit an application under an approved multi-life case is on 6/30/21.
- Illustrations, forms, and sales collateral removed from ARC on 7/1/21.
- Transamerica previously stated that commission statements would be removed from ARC on 12/31. However, at this time, they have no plans to remove commission statements from ARC.
FREQUENTLY ASKED QUESTIONS
Take a look at Transamerica’s FAQs for other details about the transition, mailing addresses, and fax number.