Effective April 24, 2021, Transamerica expanded our underwriting initial requirements to include more nonmedical eligibility for higher face amounts and more risk classes, making it possible for your clients to qualify for the lowest rates without the hassle of invasive and time-consuming labs. Nonmedical guidelines have been expanded to include all risk classes for the following scenarios:
Transamerica Financial Foundation IUL® & Trendsetter® Super*
All riders available at the above age/face amounts.
All riders available at the above age/face amounts. Additionally, clients retain these risk classes if they choose to convert their term policy or term rider to a permanent policy.
Pro Tips: Do not order a paramed exam if your client fits into the bands outlined above. An underwriter will order the exam if a paramed exam is necessary. You or your designated contact on file will receive an email when the exam is ordered and every time the status changes. Status emails will give you the most up-to-date information on exam orders, scheduling, cancellations, and completion. Case status on agent portals may be delayed.
We are confident that these changes will help provide more individuals and families the coverage they need with fewer exams and labs. To learn more, please download our updated Underwriting Guidelines and FAQs.
Please note: Due to the circumstances around COVID-19, Transamerica will not be accepting applications on clients over the age of 75 for any life insurance product other than the Final Expense Solutions Portfolio. As of November 23, 2020, we removed this restriction for Final Expense Solutions Portfolio product applications, including the Immediate Solution, 10-Pay Solution, and Easy Solution.
You may have noticed that the COVID-19 outbreak has affected licensing requirements, like everything else in our lives. Transamerica is sharing updates we’ve received from state insurance departments. Use the links below for the latest information.