Transamerica is no longer offering Long-Term Care Insurance products.
Transamerica discontinued the sale of new Long-Term Care Insurance policies starting in the first quarter of 2021. The last day they accepted an application was March 31, 2021.
In addition, the enrollment of new employer-based Long-Term Care Insurance ended on June 30, 2021.
This decision does not impact any existing Long-Term Care Insurance policy. LTC Insurance is guaranteed renewable, so once issued, it can not be canceled by the insurance company as long as the premium continues to be paid.
The action was probably made, in part, by the extremely low-interest-rate environment.
If you own a Transamerica policy, it will remain in force and features many benefits.
Transamerica offered several features and benefits consumers and Long-Term Care specialists alike look for in a long-term care insurance policy. These benefits include:
Transamerica did offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide additional dollar-for-dollar asset protection.
You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - Cost of Care Calculator - Choose Your State | LTC News .
When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise.
Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News .
There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.
If you own a Transamerica Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News
Long-Term Care Insurance is medically underwritten, and every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find
a trusted and qualified specialist that represents the major insurance companies that offer these products - Work With a Specialist | LTC News .
Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.
Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.
Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:
State variations may apply.
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