We are making a change that affects several universal life insurance products* sold during the period of 1983 to 1998. Effective with policy anniversary dates of February 22, 2016, we will be raising monthly deduction rates on these policies to address our expectations as to the future costs of providing coverage. The percentage of the increase varies by policy, but we do expect some of the increases to be substantial.
We are advising all of our general agents about this, as well as the producers on record as having sold one or more of these policies.
Policy owners who are affected by this change will receive the enclosed 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 customer service center staffed with employees who have been trained specifically to help customers affected by this MD increase. The number for this center is 1-844-987-0897 and it’s open between the hours of 8:00 am and 6:00 pm Central Time.
Although we have suggested that policy owners contact their insurance representative, we recognize that you ability to service these policies is limited, so we encourage you to refer customers to the number above. If you have questions, please call 1-866-545-9058 between 8:00 am and 6:00 pm Central Time.
*Products include the following.
Assured Life – Plan codes UL1X0048, UL1X0059, UL1X0148, UL1X0159, UL1X0248, UL1X03, UL1X04, UL1X05, UL1X0848, and UL1X0859
Preferred Policy Owners Life – Plan codes UL1X82, UL1X93, UL1X84, and UL1x85
Assured Life 7 – Plan codes UL1XA1, UL1XB1, UL1XC1, UL1XD1, UL1XE1, UL1XF1, UL1XO1, UL1XP1, UL1XQ1, UL1XR1, UL1XM1, and UL1XN1
TransLife – Plan codes UL1X36, UL1X37, UL1X38, UL1X15, UL1X33, UL1X34, and UL1X35
Transcender – Plan code UL1X76
TransMax – Plan codes UL1X56, UL1X57, UL1X58, UL1X59, UL1X66, UL1X67, UL1X68, UL1X69, UL1X70, and UL1X71
Click here to see the sample letter to affected policy owners