Transamerica: New Business Changes

04-15-2020

On April 8, Transamerica announced more options for your clients who could not complete paramed exam requirements. This includes non-medical options up to $1,000,000 and additional choices to satisfy medical requirements up to $2,000,000. Transamerica has also announced other improvements to help how you do business.

New Policies Mailed Directly to Customers

Many areas across the country are impacted by state and federal “stay at home” orders. This has greatly impacted how you are interacting with customers. To help fill a gap in the new business process, Transamerica will begin sending new policies directly to customers. This will be a temporary adjustment, as we know how important it is for you to have a face-to-face conversation with customers.

A letter explaining a change to our traditional process is included in the package they receive. Click here to review a sample of the letter clients will be receiving.

Transamerica asks that you reach out to customers and have a virtual policy review. The extra help during this time will go a long way in building a long-term relationship.

Estimated start dates for this process:

Annuity: 4/13/2020
LTC: 4/13/2020
Trendsetter Term: 4/8/2020
FFIUL, FE, Lifetime, MedSupp: 4/17/2020

Changes to Customer Grace Periods

As the COVID-19 situation continues to impact our daily lives, customers may start to experience financial hardships. With that in mind, Transamerica has revisited their policy grace and lapse situations by extending payment due dates — similar to how they respond to natural disasters.

For life and health customers whose coverage lapsed on or after March 11, 2020, Transamerica is sending a follow-up letter to let them know the window in which they can make a payment and keep their insurance coverage active has been extended.* They’ll have an additional 30 days beyond their most recent notice to bring premiums up to date.

Please give us a call at 1-800-792-6795 if you have any questions about these changes.