For TEM modes, H_z = 0 and E_z = 0, so we can easily find from Maxwell's equations that TEM modes in, say, coax have no low-frequency cut-off. The TEM modes are dispersionless and exist from the upper frequency cut-off all the way down to dc. This in every emag text book.
However, the question is what is the actual physical picture here? What is a good mental visualization to physically explain this propagation down to dc?