BSMG Blog: Protecting the Future of Families and Businesses

Transamerica Exiting the Standalone LTC Market

Posted by Brokers' Service on 3 Feb 2021

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.

Multi-Life LTC - Worksite and Association

The last day to submit paper, fax, and eApp Multi-Life applications under approved Multi-Life cases is June 30, 2021.

MultiLife applications received on or after July 1, 2021, will not be processed.

For both Individual and Multi-Life 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.

Topics: Long Term Care, Insurance Industry News, LTC