Transamerica has issued the following bulletins:
Effective June 8, the Life & Protection Division of Transamerica will begin mailing the following notice to producers who are on record as having sold one or more of a block of selected inforce universal life policies. The notice will include a sample of the policy-owner letter, which is available via the link below.
The product specialist center will be contacting affected General Agencies starting June 8. In the meantime, please direct any questions to the center at 1-844-987-0897 between 8 a.m. and 6 p.m. Central Time.
City, State, Zip Code
Increase to Monthly Deductions Rate for Certain UL Policies
We are making a change that affects several universal life insurance products* sold during the period of 1987 to 1998. Effective with policy anniversary dates of August 1, we will be raising monthly deduction rates on these policies to address our expectations as to the future costs of providing this coverage. The percentage of the increase varies by policy, but we do expect some of the increases to be substantial.
We have alerted general agents via email and are advising producers on record as having sold one or more of these policies.
Policy owners who are affected by this change will receive this sample letter, which includes current policy information and the options available to them based on the policy they own. We will send the letters 45 days prior to the anniversary date, to give policy owners time to understand the change and consider their options.
Transamerica has created a product specialist center staffed with employees who have been trained specifically to help producers and customers affected by this MD increase. The number for this center is below.
Although we have suggested that policy owners contact their insurance representative, we recognize that your ability to service these policies is limited, so we encourage you to refer customers to the number below for help with questions and illustrations.
For more information, please call us at 1-844-987-0897 between the hours of 8 a.m. and 6 p.m. Central Time.
*Products include the following.
|Model Plan||Product Group|
|TULCL||TransUltra 95, 96|
|TMXSL||TransMax Survivor 90, 91|
|TSLAL||TransSurvivor Life 92|
|TSLBL||TransSurvivor Life 95, 96|