In a memo sent to its independent advisers a few weeks ago, Transamerica Life Canada announced the closure of several products on March 16.
Transamerica is eliminating its non-participating whole life product ProtectorPlus, along with its critical illness insurance product CriticalAdvantage.
The universal life product EstateAdvantage, aimed at the family market, is shedding two of its original five insurance cost options: LifePlus and 20Plus. Level insurance cost, the annual renewable rates (ART) to 100 and ART 85/20 will remain in force.
The insurer will stop taking new business proposals for closed products and options on March 14, Joe Kordovi told The Insurance Journal in an email.
Transamerica's memo states that it wants to emphasize "what is core," and hints that the current economic environment is behind the reorientation of its product portfolio.
Of note, Transamerica is maintaining all of its term products, and is lowering its rates for TermSelect10 and 20. The new rates should take effect on March 16, the insurer adds. Mr. Kordovi mentioned in his email that Transamerica's Term 10 and Term 20 will be re-priced about 6% lower. For several age groups, the reduction will reach 10%.
WealthAdvantage, a universal life product intended for high net value clients has been left intact.