Transamerica To Discontinue LTC Sales

At Aegon and Transamerica, we take pride in our mission of helping customers achieve a lifetime of financial security. We recognize that this mission comes with challenges and requires continued transformation. Today, during Aegon’s Capital Markets Day, we acknowledged the need for change within our organization, and we are pleased to share a bold new vision that will integrate new ways of thinking, modernize our operations, and realign our product investment to improve our agents’ and customers’ experience and financial outcomes.
Our strategic plan underscores our continued commitment to, and investment in, the long-term success of our life insurance business. The planned investment will fuel our goal of becoming a top tier provider in the term, whole, and indexed universal life insurance segments. While we plan to expand investment in key segments, we will cease sales of those products that no longer fit the long-term objectives of the portfolio. In Q1, we will no longer actively sell individual long term care (LTC) solutions; however, we believe there is a need for customers and advisers to plan for LTC needs in retirement and we will continue to distribute combination solutions with long term care riders.
This approach will allow us to expand our key product set, evolve our infrastructure, and realign our strategic priorities in order to deliver a more valuable experience for all of our customers. In addition, it will allow us to more effectively deliver on the commitments we make to you, all while operating more efficiently.
This is a significant milestone for our organization. We want to thank you for your continued trust and confidence in Transamerica. With your support, we have built a remarkable company, and we believe together the future has never been brighter.