Communication from Transamerica:
ANNUITY PRODUCT AND RIDER CLOSURES
You deserve a product partner that is dedicated to delivering and maintaining solutions that evolve with the ever-changing market environment. While we remain committed to the long-term success of our annuities business, we are making adjustments to our product offerings as we transition our focus from Minimum Guaranteed Withdrawal Benefits to accumulation and protection.
This is well represented through our continued offerings of Investment Only Variable Annuities which include policy value, return of premium and annual step-up death benefit options and the Transamerica Principal Optimizer SM (TPO) rider offered with a Transamerica variable annuity. For an additional fee, this optional rider allows clients the opportunity to invest with open allocation and a principal guarantee after a 10-year waiting period.
Effective February 26, 2021, the products and riders listed below will no longer be available.
1) DISCONTINUED PRODUCTS
The following annuity products will no longer be available for new sales.
- Transamerica Secure Retirement Index®
- Transamerica Secure Retirement Index® II
2) DISCONTINUED RIDERS
The following annuity riders will no longer be available for new sales.
- Additional Death DistributionSM (ADD)
- Additional Death Distribution+SM (ADD+)
- Retirement Income Choice® (all versions)
- Retirement Income Max® (all versions)
- Transamerica Income EdgeSM (all versions)
- Transamerica Income Plus®
For existing policyholders, we will discontinue the ability to add these riders as of March 31, 2021. (Check the prospectus for specific rider availability)
For Additional Death DistributionSM (ADD) and Additional Death Distribution+SM (ADD+), the spouse will continue to have the option to re-add the rider at the time of the death claim, if the Spousal Continuation option is chosen.
3) IMPORTANT DATES
New Business – Paper Applications:
- Application must be signed on or before 2/26/21
- This includes applications subject to New York Regulation 60
- Completed application, including all accompanying paperwork (transfer forms, replacement forms, etc.) must be received in our offices, by close of the NYSE on or before 3/5/21
- All paperwork must be in good order by 3/12/21
- Initial premium must be received by close of the NYSE on or before 3/30/21
New Business – Electronic Applications:
- The last submit date for firm back office review must be on or before 2/26/21
- Completed application, including all accompanying paperwork (transfer forms, replacement forms, etc.) must be received in our offices, by close of the NYSE on or before 3/5/21
- All good order requirements resolved by 3/12/21
- Initial premium must be received by close of the NYSE on or before 3/30/21
The last policy issue date for variable annuity policies electing one of the discontinued riders will be 3/31/21.
The last policy issue date for Secure Retirement Index and Secure Retirement Index II policies will be 4/1/21.
Existing Policies:
- Rider Service forms to elect a rider must be received in our offices, in good order, by close of the NYSE on or before 3/31/21
For assistance or questions, please call our sales desk at 1-800-851-7555
Your clients should consider a variable annuity’s investment objectives, risks, charges, and expenses carefully before investing. Go to transamerica.com for prospectuses containing this and other information. Encourage them to read carefully.
Transamerica variable annuities’ range of fees and charges include 1.15% – 1.50% M&E&A, 0% -8% surrender charges, $50 annual service charge, and investment option management fees. A fund facilitation fee of up to 0.30% annually may apply for certain investment options. Additional fees apply to optional benefits selected, including living benefit riders.
Annuities issued in all states except New York by Transamerica Life Insurance Company, Cedar Rapids, Iowa, and in New York by Transamerica Financial Life Insurance Company, Harrison, New York. Variable annuities are distributed by Transamerica Capital, Inc., 1801 California St., Suite 5200, Denver CO 80202. References to Transamerica may pertain to one or all of these companies.
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For broker/dealer use only. Not for use with the public.
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