Very recently, we received the first notice (Notice of Change in Non-guaranteed Elements of your Policy) in what appears to be another wave of COI increases from Transamerica Life Insurance Company. As to why this increase is taking place, the multi-page letter indicates the following: What’s Changing and Why Once a month, Transamerica withdraws a monthly deduction from the policy's accumulation value (i.e., the [...]
In the summer of 2017 we posted a blog about another Transamerica cost of insurance (COI) rate increase affecting Ultra 115 and TransSurvivorship products purchased in 1998-99. We anticipated that the increases would be around 58%—a hefty raise. What we are seeing now could easily surpass that. We are now beginning to receive notices of monthly deduction rate increases for some policies. Some of the [...]
We recently received confirmation from Transamerica that they are raising cost of insurance charges on their Ultra 115 and Survivorship 115 products issued in 1998 and 1999. Increases will take effect on the policy anniversary dates beginning August 1, 2017. Although illustrations are not yet available, we have learned that the increases are expected to be 58%. Updates will be posted as they become available.
In the past 6 months we have posted a number of blog entries concerning the rash of cost of insurance (COI) increases. One of the first carriers to alert policy owners to a COI increase was Transamerica. We reported back in September of 2015 about the Transamerica increase and the effect on a policy we reviewed (See: Transamerica Cost Increase Causes Premium to Maturity to [...]