Transamerica Long-Term Care Insurance Review

Transamerica is no longer selling traditional Long-Term Care Insurance; however, existing policyholders will continue to maintain their coverage. However, they do sell life insurance with riders that meet federal Section 7702(b) guidelines and living benefit life insurance products that do not.

Review of Transamerica Long-Term Care Insurance

If you own a Transamerica policy, it will remain in force and features many benefits. Their traditional LTC Insurance products provide benefits similar to those of other LTC Insurance plans.

These benefits include:

• Partnership
• Daily Benefits from $50 to $500 a day
• Five Inflation Options Available
• Elimination Periods from 0 to 365 days
• Monthly Home Care Benefit
• Zero-Day Elimination Period for Homecare
• Spouse/Partner Shared Care Benefit
• Cash Alternative
• Restoration of Benefits
• Return of Premium with Death Before Age 67
• Return of Premium at Death - Minus Claims Available
• Joint Waiver of Premium
• Three-Year Rate Guarantee

Transamerica did offer Partnership Long-Term Care Insurance plans in most states. Partnership policies provide additional dollar-for-dollar asset protection. 

Available Life Products with Qualified Riders for Long-Term Care

Transamerica’s Financial Foundation Indexed Universal Life (FFIUL) policy (and similar Universal Life products) can be issued with an optional Long-Term Care (LTC) Rider that accelerates part of the life insurance death benefit for qualifying long-term care needs.

While not considered the strongest way to address long-term care, the rider does meet federal guidelines. It works by accelerating a portion of the life insurance death benefit once you meet the benefit triggers.

This type of policy differs from true hybrid long-term care policies, which include an extension-of-benefits rider that provides additional long-term care coverage beyond the death benefit.

These products are not partnership certified in any state.

Claims

If you own a Transamerica long-term care policy and need help filing a claim, LTC News offers free, no-obligation assistance, including help locating quality caregivers and care facilities. Because many agents have limited experience with the claims process, this support can be valuable for the entire family — Filing a Long-Term Care Insurance Claim.