Premium Not Required for App Submission on Individual Business
Effective immediately, Transamerica no longer requires a premium deposit along with applications for individual business. Outstanding premium will be collected on delivery.
It is always encouraged to collect an initial premium deposit, and initial premium will still be accepted for those who wish to submit a partial or full modal payment upon application. For clients who wish to bind coverage, initial premium must still be paid when the application is submitted (2 month's of premium in every state except California, where no more than 1 month will be accepted).
This change is not exclusive to the Transcare III product. It is for ALL individual business - which includes states that still use Transcare II 2016 as the individual product.
Please note that this change only pertains to true individual business. For worksite groups that use direct billing as the payment method, premium will still be required for the application.
Click the link below to view the official announcement.