Transamerica is committed to helping consumers protect their families by offering products that provide guarantees and flexibility in the face of economic uncertainty. However, the rapidly changing regulatory environment has necessitated some revisions to our second-to-die universal life product.
Effective June 1, 2012 TransACE Survivor® will be revised
as follows:
Premiums will increase across all age groups and
risk classes
The maximum face amount will be capped at our company retention limit and will also take into account inforce Transamerica coverage on the proposed insureds
Targets will increase and the renewal compensation schedule will be shortened
Despite the revisions made, TransACE Survivor will continue to offer a no-lapse guarantee endorsement to provide lifetime guaranteed coverage; an Enhanced Surrender Value Endorsement (ESVE) with the opportunity to receive up to 100% of premiums paid;1 and a Surrender Penalty Deferral Endorsement (SPDE) for a one-time face amount reduction after the 5th policy anniversary.2
Please note the following important dates and deadlines
In order to receive the current TransACE Survivor product without the June revisions, the following conditions must be met:
April 30, 2012 – All final, formal applications must be signed, dated, in good order with all fields completed and received in our Cedar Rapids home office by close of business on this date.
May 31, 2012 –TransACE Survivor policies must be physically issued by this date, with a policy date no later than May 28, 2012.
All applications submitted after April 30th or with a policy date after May 28th will be issued the June 2012 TransACE Survivor product.
