A press release sent out this morning by Transamerica outlines the new changes and policies associated with the upcoming sale of TransCare II 2012 in New York.
Transamerica will make TransCare II 2012 available in New York effective May 9, 2013.
TransCare II, their previous Long Term Care insurance, will no longer be available in New York after May 8, 2013.
New York is the most recent state to acquire TransCare II 2012. California began selling TransCare II 2012 on March 22, 2013.
Several changes will go into effect and are applicable only to businesses in New York. New business rates will increase 5%. These new rates will be available to quote May 9, 2013.
Transamerica will no longer make available any Long Term Care policies with a benefit period for longer than 6 years. Transamerica quoting software will no longer allow brokers and consumers in New York to request quotes for benefit periods longer than 6 years.
Changes will also be made to commissions and discounts. All changes will go into effect May 9, 2013. Read the full press release here.
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Transamerica began business in 1906 as a branch of Bank of America and became an independent company in 1956, with its focus on the insurance industry. Transamerica was acquired by AEGON in 1999.