Changes to Benefit Increase Options Effective March 9, 2015
As you know, Transamerica LTC is committed to the long term care market. We believe that providing stand-alone long term care products represents a key element of any solid financial plan.
Transamerica LTC will continue to manage our products and offerings to help ensure their long term sustainability and maintain our position as a leader in the long term care industry.
To ensure we stay true to this objective, we’re announcing the following two changes to our product portfolio effective March 9, 2015:
- We are suspending sales of the 3% Compound Benefit Increase Option (BIO) Rider across all of our product lines: TransCare II®, TransCare III®, and Transamerica Secure®
- We will discontinue commissions for sales of the 5% Compound BIO Rider.
All applications that include the 3% Compound BIO must be received by Transamerica LTC no later than close of business onFriday, March 6, 2015. You may continue to use the current application forms.
Why the change?
These changes are consistent with our strategy to have sustainable products for the long term and reflect our ongoing commitment to the long term care market.
If you are currently enrolling a worksite case, you may continue to enroll the case and offer the 3% Compound BIO Rider until the end of the open enrollment period. All re-enrollments are subject to the new modifications listed above.
To learn more about each of these benefits, please view our BIo flyer here.