Transamerica Life Insurance Company
Transamerica Financial Life Insurance Company
Separate Account VA-2L
Separate Account VA-2LNY
Supplement dated June 9, 2017
To the Prospectus for
Dreyfus/Transamerica Triple Advantage Variable Annuity dated May 1, 2008 (as supplemented); and May 1, 2017
Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company (the Companies) filed an application with, and subsequently received an order from, the Securities and Exchange Commission (SEC) to allow the Companies to remove certain variable investment options (Existing Funds) and substitute new variable investment options (Replacement Funds) as shown below (the Substitutions), held by both Separate Account VA-2L and Separate Account VA-2LNY to fund the following contract issued by the Companies (the Contract): Dreyfus/Transamerica Triple Advantage Variable Annuity. The Replacement Funds are portfolios of Transamerica Series Trust. To the extent that a Replacement Fund subaccount is not currently available as an investment option under your Contract, such Replacement Fund subaccount will be added as an investment option on or before the effective date of the Substitutions (the Effective Date). Please retain this supplement and keep it with the prospectus.
To the extent required by law, approval of the Substitutions is being obtained from the state insurance regulators in certain jurisdictions.
The Companies believe that the Substitutions are in the best interest of Contract owners. In each case, the Replacement Fund will have at least similar investment objectives and policies as the corresponding Existing Fund. The Companies will bear all expenses related to the Substitutions, and the Substitutions will have no tax consequences for you. The Companies anticipate that the Substitutions will occur on or about August 18, 2017.
The Substitutions and respective advisers and/or sub -advisers for the Existing Funds and Replacement Funds are:
Existing Fund (Share Class) (Adviser/Sub-Adviser) |
Replacement Fund (Share Class) (Adviser/Sub-Adviser) | |
Dreyfus Variable Investment Fund: Appreciation Portfolio (Service Shares)
(The Dreyfus Corporation/Fayez Sarofim & Co.) |
Transamerica WMC US Growth VP (Service Class)
(Transamerica Asset Management, Inc./Wellington Management Company, LLP) | |
Dreyfus Variable Investment Fund: Quality Bond Portfolio (Service Shares)
(The Dreyfus Corporation) |
Transamerica JPMorgan Core Bond VP (Service Class)
(Transamerica Asset Management, Inc./J.P. Morgan Investment Management Inc.) | |
Dreyfus Investment Portfolios: Core Value Portfolio (Service Shares) | Transamerica Barrow Hanley Dividend Focused VP (Initial Class) |
Existing Fund (Share Class) (Adviser/Sub-Adviser) |
Replacement Fund (Share Class) (Adviser/Sub-Adviser) | |
(The Dreyfus Corporation) | (Transamerica Asset Management, Inc./Barrow, Hanley, Mewhinney & Strauss, LLC) | |
The Dreyfus Socially Responsible Growth Fund, Inc. (Service Shares)
(The Dreyfus Corporation) |
Transamerica WMC US Growth VP (Service Class)
(Transamerica Asset Management, Inc./ Wellington Management Company, LLP) |
Please note that:
| No action is required on your part at this time. You will not need to file a new election or take any immediate action. |
| The elections you have on file for allocating your account value, premium payments and deductions will be redirected to the appropriate Replacement Fund subaccount unless you change your elections and transfer your funds before the Substitutions take place. |
| You may transfer amounts in your Contract among the subaccounts and the fixed account as usual. Each Substitution itself will not be treated as a transfer for purposes of the transfer provisions of your Contract, subject to the Companies restrictions on transfers to prevent or limit market timing activities by Contract owners or agents of Contract owners. |
| If you make one transfer from a subaccount investing in an Existing Fund (before the Effective Date) or a Replacement Fund (after the Effective Date) into one or more other subaccounts, any transfer charge that might otherwise be imposed will be waived from the date of this supplement through the date that is 30 days after the Effective Date. In addition, if you make one transfer from an Existing Fund subaccount into one or more other subaccounts from the date of this supplement until the Effective Date, or from a Replacement Fund subaccount within 30 days after the Effective Date of the Substitutions, the transfer will not be treated as one of a limited number of transfers (or exchanges) permitted under your Contract. Furthermore, the Companies will not exercise any rights reserved under any Contract to impose additional restrictions on transfers for at least 30 days after the Effective Date. |
| On the Effective Date, your account value in each subaccount will be the same as before the Substitutions. However, for each Substitution, the number of units you receive in the Replacement Fund subaccount will be different from the number of units you own in the Existing Fund subaccount, due to the difference in unit values. |
| There will be no tax consequences to you. |
In connection with the Substitutions, we will send you the summary prospectus for each of the Replacement Funds as well as notice of the Effective Date and confirmation of transfers.
Please contact your registered representative if you have any questions.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.