Rate change – New rates for Banner and William Penn OPTerm 10, 15, 20, 25 and 30 effective April 2, 2020. No changes to OPTerm 35 and 40. About 10% of pricing cells across all ages will see an increase. Rate percentage increases are minimal, with most well under 1%. Pricing remains highly competitive! Check out updated Term Webpage.
Grace period extension: During these extraordinary times, LGA has extended the grace period to 90 days of coverage. Any policies with premiums due from March 15, 2020 onward will be afforded a 90 day grace period. We are currently changing our bills to reflect this change. Should customers experience any hardships, please have them contact Customer Care for assistance.
Work from home: Resource for updates on life operations, underwriting, policy delivery, vendors and partners – and to see what electric capabilities they already have in place; like electronic applications, pending case tools and more.
Printed policies temporarily suspended: The transition to employees working from home will temporarily suspend policy prints for all life insurance products including MoneyGuard.
In the absence of policy print, electronic policy delivery and PDF policy delivery options will be leveraged:
DocFast for iPipeline subscribers: If a customer is known iPipeline subscriber, we will be leveraging DocFast technology unless otherwise requested.
DocuSign for non-iPipline subscribers: If I customer is not a known iPipeline subscriber, we will be leveraging DocuSign technology unless otherwise requested.
Digital PDF Policy Delivery: Lincoln will provide a PDF copy via secure email to the Case Manager on file. This option will be available upon request.
LTC Age Restrictions has been lifted in ALL 50 States (8.19.20)
For a complete list of effective dates, view the FAQ.
Reminder: Underwriters will initiate scheduling the face-to-face assessments for LTC applicants age 65 and over after medical records have been received, reviewed and deemed favorable for insurability. This new process ensures they are only requesting face-to-face assessments on individuals who are indeed insurable, subject to the completed assessment.
Updates from Customer Services: Information regarding grace period extensions, processing claims that are in an extended grace period, coverage during a pandemic, changes to duplicate policy request processing, and self-service resources available to you and your customers.
Life Policy Output Procedures: Beginning April 1, 2020, all life insurance policies with or without delivery requirements will be mailed directly to the policyholder.
Annuity New Business: Our annuity teams are providing information regarding signing applications electronically, submitting requirements via fax and email, and keeping up with our annuity rate changes.
LTC Underwriting & New Business: LTC Underwriting and New Business have received several inquiries for processing alternatives in light of the current situation.
Flexibility & Resources for submitted business, electronic copy of policies, underwriting vendors, paramedical exam processes, lab processing, medical records providers and temporary insurance agreements.
Information regarding business continuity, annuity business submissions, life & annuity policy delivery requirements can be found on our Resource Center page.
At this time, Transamerica Underwriting is putting all focus on the underwriting of formal applications. Therefore, we are temporarily suspending our rapid review process, with the exception of rapid reviews on foreign nationals and foreign travel. For those risks, please send an email directly tointernational@transamerica.com.
