We are proud to announce that Western Reserve Life (WRL) is now Transamerica Premier Life Insurance Company! Since receiving regulatory approval of the merger late in 2014, we have been awaiting individual state approvals of the merger. We are excited to announce that we have received approvals in all states except AK, AR, CA, FL, NM, PA and PR.
This merger allows us, and you, to leverage the Transamerica brand and provides more resources and brings additional support, so we can better help you build your business and help clients have better tomorrows. As always, our commitment to you and the families we protect will continue to be unwavering. We'd like to take this opportunity to share with you some important information that is relevant to you and your business.
Saturday, February 21, 2015
On February 21st, our systems will be changing over to reflect Transamerica Premier Life. This will cause widespread outages with our administrative systems and websites and could impact your ability to run illustrations on that day. We recommend that you download the Disconnected version of Mobility should you need to run illustrations.
New and Existing Policyholder Impacts
Beginning on Monday, February 23rd, all new policies issued in states that have approved the merger will be issued on Transamerica Premier Life paper.
Existing policyholders will receive a letter with a policy endorsement notifying them of the merger. Company correspondence and bank draft information will reflect the Transamerica Premier Life name as well.
Financial Foundation IUL (FFIUL) Enhancements
Along with the new name, Transamerica Financial Foundation IUL, we have made enhancements to the FFIUL product based on your feedback. The new Transamerica FFIUL will now offer:
- a $25,000 minimum base policy face amount
- the Long Term Care Rider available with Guideline Premium Test (GPT)
- Dollar Cost Averaging from the Basic Interest Account to the Index Accounts
- Two-year rolling targets
- Non-medical underwriting available for face amounts up to $99,999
Select the links below for updated FFIUL Marketing Materials:
Click here for the updated FFIUL Client Guide
Click here for the FFIUL State Approval List
Appointments
All current life and health appointments with WRL will automatically be converted to Transamerica Premier Life. New life and health appointments can be obtained by visiting www.mywfg.com > Tools > Licensing and Appointments (eAgentApp).
Illustrations
Transamerica Premier Life products can be illustrated on Mobility, Mobility 5.3 and the Disconnected version of Mobility. Mobility will be updated the weekend of February 20th with the new company name and with the FFIUL enhancements. In addition, all versions of Mobility will be updated with new maximum illustrated rates for the FFIUL product. The new maximum illustrated rates are:
- S&P® 500 Index Account: 8.54%
- Global Index Account: 9.67%
Websites
Our website has a new web address - www.premier.transamerica.com. This website replaces the WRL website in an effort to make the transition as seamless as possible, all established WRL website logins and passwords will remain the same for premier.transamerica.com.
The WRL website will experience an outage most of the morning, Saturday, February 21st and will be unavailable for business management and online transactions. We appreciate your understanding during this downtime and will work as quickly as possible to minimize any inconvenience. When the site becomes available it will be premier.transamerica.com. For the next 12 months, if you access www.westernreserve.com you will be automatically redirected to premier.transamerica.com.
Existing policyholders will also be redirected to the new site to manage their individual policies.
Paper and Electronic Applications
We are in the process of updating our electronic application platform to reflect Transamerica Premier Life. In the meantime, AppVantage will be updated the evening of February 20th with the FFIUL enhancements, but will still reflect WRL in the product name and will contain WRL forms. New sales kits will contain Transamerica Premier Life applications. However, we will continue to accept WRL applications, paper or via AppVantage, until April 30, 2015.
Ordering Marketing Material
Marketing materials and sales kits can still be ordered by going to E-Store/Fulfillment on mywfg.com. To order materials for Transamerica Premier Life, simply click the Transamerica logo on the provider page.
Please contact your National Sales Desk at 800-322-3796, option 5 with any questions or click here to review our merger FAQs.
