Transamerica has determined payroll allotment will no longer be an option for Final Expense products due to market conditions, effective April 16, 2018.
The Underwriting and New Business departments have deemed Final Expense products will no longer accept payroll allotment as a form of payment. Impacted products include:
- Immediate Solution (WL08)
- 10-Pay Solution (WL08)
- Easy Solution (WL09)
- Guaranteed Whole Life (GWL)
- Guaranteed Whole Life Final Expense (GWLFE)
This includes payroll deductions, list bill, government allotments, and military allotments for Final Expense products.
Policies in force with payroll deduction or list bill active will continue to collect premiums in that manner.
Starting April 11, 2018, no new policies will be accepted with payroll option as a form of payment. Complete documentation must be received by April 11 to ensure the client can use payroll deduction. Clients requesting the payroll option after April 11 must select a different method of payment.
If you have questions, please email Transamerica at FinalExpenseNewBus@Transamerica.com.
Discontinuing Payroll Allotment Option for Final Expense Products
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