| IMPORTANT DISCLOSURE REQUIRED |
| California Assembly Bill 1209 mandates a new disclosure relating to the risk of lapse of certain universal life policies, and also provides requirements for a disclosure statement, policy values report, and a dated information statement related to payment of accelerated death benefits for long term care (LTC). |
| For universal life insurance policies that include coverage for LTC, the policy may lapse due to insufficient account value even if all scheduled premiums are paid on time and no loans or withdrawals are taken. The applicant must provide a "Disclosure of Risk of Lapse and Offer of Protection Against Lapse" at time of application. |
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The disclosure must be signed and dated by the applicant and the agent |
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A copy of the disclosure must be retained by the applicant and an additional copy must be retained by the company |
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| Effective Saturday, May 16, 2020, the disclosure form will be available through iGo Electronic Application platform. You can also locate the form here. Please ensure this form is completed in its entirety when submitting your application. |
| If the disclosure form is not received when the application is submitted, this will become an outstanding requirement. You will receive an automated email from Transamerica informing you of any outstanding requirements for a pending policy. This will also be available through Transamerica portals, where you can upload any outstanding requirements. |
