Updates for Transamerica Lifetime WL

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Expanded Transamerica LifetimeSM Conversion Options
Transamerica is excited to announce the Transamerica LifetimeSM Whole Life product will increase the maximum conversion face amount from $2,000,000 to $9,999,999, beginning December 11, 2021. This update means your clients can convert higher face amounts without needing to convert them into multiple policies.

Transamerica LifetimeSM Pricing and Nonforfeiture Rates Updates
In response to regulatory changes to the nonforfeiture discount rate, effective December 11, 2021, Transamerica LifetimeSM will have higher guaranteed cash values at the same cost-effective rates for the Pay to Age 100 payment period. As a result of these regulatory changes, the 10, 20, and 30-pay scenarios will experience a rate increase.

Transition Dates

  • Applications submitted on or after December 11, 2021, will reflect the newly repriced product.
  • Paper applications signed and received in good order on or before 4 p.m. ET, December 10, 2021, will receive the old rates.
  • Paper applications signed and received after 4 p.m. ET, December 10, 2021, will receive the new repriced product rates.
  • iGO e-App® applications (including inflight iGO e-App® applications) must be submitted and signed before 11:59 p.m. ET, December 10, 2021, to receive the old rates. 
  • Inflight applications submitted before December 11, 2021, but not issued or placed in force, will need to be placed in force before January 1, 2022, to receive the old rates and not require an amendment.

7702 Updates for Transamerica LifetimeSM
Congress passed the Consolidated Appropriations Act of 2021, which included changes to Section 7702 and 7702A of the Internal Revenue Code (IRC). As such, we’re updating the new minimum interest rate assumptions used to calculate premium limits for Transamerica LifetimeSM.

Know that these changes do not affect the guaranteed level premiums, cash surrender value, or the guaranteed death benefit on Transamerica LifetimeSM.

For all the details on these updates, see our Frequently Asked Questions

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