Transamerica Life Insurance

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Consumer Complaints and Reviews

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Satisfaction Rating

Have been trying to reach this company by phone for days. First day wait time was over 3 hours! Have called all different times of day and just on hold, no wait time given. Have read some articles that JCP was sued back in 2001 as their life insurance being a scam. Many, many, many horrible reviews online both past and current! How is one to get resolution?

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I purchased what I thought was whole life insurance while on active duty US Army by a Non-Commissioned Officers Associations (NCOA) started paying $100 per month, after 20 years everything changed, the policy was sold to Transamerica, sent me a letter stating more money needed for the monthly premium. I'm now paying $230 per month and just received a letter stating by 18 January 2017 I will have insufficient funds. First no one ever told me about my premium will increase to such a high amount. It seems that the money I'm paying just goes to expenses charges, and other costs, including commissions for agents. Unfortunately If I cancel, I will not be able to start a new policy. This scam is set to get seniors and military retires.

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I would not recommend this company to anyone. They will greatly take your money out of your checking account for the monthly payment, and you can also take out the cash value from the policy, either as a loan you will pay back or the death amount on the policy is lowered by that amount. So you decide to just lower the policy amount, that is what beneficiary will receive when you pass away. This is not true because they will then start sending amount owed plus interest, so you think this is a mistake and reread the documentation. This company sends out one thing and then does another. Policy is for $20,000.00 minus the $600.00 at death would be $19000.00 and some.

I now have life insurance from work for similar amount, so I call and cancel the policy. 12-9-2016 current cash value is $1,285.68 so will minus $838.92 for a loan, so after years of paying this life policy, the balance sent back is $446.76. Woman on phone says I will be sent a disbursement form to fill out. I received this paper on Dec 16, 2016. Today I receive dated 12-11-2016 that electronically payments drafted for the policy have been discontinued, and so to help assure that I retain my valuable coverage, I will begin regular billing statements to my home address.

I called cancelled this policy and now I get a bill for $82.00 due by Dec 3, 2016. Nothing about this company makes sense. You can call they understand. They will send forms out to get what’s left, but they don't do that. They make it so you keep paying them. I am not dead. I am still alive. They have received more money from me over a period of years, than they will give back. It's just a paper issue to keep deducting more out of a person. I didn't think cancel the policy meant send me billing through the mail. I would prefer to donate my body to science if it were going to be an issue that your beneficiary receive this money. I think there are better companies out there than this one.

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My husband retired from the military so we decide to get a life insurance policy for him due to the fact that it would be too expensive to keep the one he had while he was active duty in the military. I had called a agent with Transamerica and got the policy that was best for him and his family, now mind you he is in perfect health. He was given a very good monthly premium for whole life. I had asked over and over to their company rep to have the premium taken out of his account monthly, all I kept hearing was, "We will get back to you on that." They never did.

Ok I got into a health issue after having the policy 10 years or 12 and miss a couple payments. We receive a letter saying the policy had to be reinstated, so I call and they tell me they are working on it, I call several time and got the runaround, then they tell me he can not be reinstated. This is what I think. After 12 years of paying a very low premium and his age now 59 they decided they wanted to drop him, I think they started dropping people that had low premiums and close to 60 years of age. All they had to do was keep their word on the policy he bought from them. Disrespect for a veteran, that's how I see it too. He has no health issues to this day. He has served his country 20 years and did a service for his country. This company kicked him to the curb and took 12 years of his money, and dropped him because of one mistake on my end. Rotten company. Be aware.

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I got a policy for my mother and her partner 8 years ago. My Mom passed away on 09-09-16 and I did a phone claim. I was told that it would be up to 30 days and they would let me know if there was additional information they needed from me. They thought it would be simple enough given that this was a small final expense policy and my mother was 80 years old. Well, that is not exactly how things went.

I had to resend information because apparently they didn't get it the first time. They confirmed they got a copy of the death certificate on Oct. 21 2016 - again I was told it would be 30 day. Then I call because the check is once again not here. I am told they are waiting for a claim form, which I did over the phone initially. I told them I didn't get a paper copy of a claim form. Come to find out it was sent to my mother's address. Ummm, why would you send a claim form for her death to her address and not mine? They are either criminally negligent or incompetent. In either case scenario I will let the insurance commissioner and the attorney general sort that out.

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My Mother passed away in August 2016. She purchased her original policy with JC Penney's, her policy was eventually transferred to Transamerica. When Mom was in hospice I started checking into reviews on this company. I was very wary after reading so many negative reviews. Once Mom passed away I began the process of claiming her life insurance money. I placed a phone call to the company and was directed to the correct department. I was able to get the forms through their website. Everyone I spoke to all along the line was very kind, and sympathetic to Mom's passing.

I would recommend having a copy of the original policy if at all possible. At some point a clerical error had been made changing Mom's beneficiary. I received a letter telling me they couldn't process the claim as I wasn't the listed beneficiary. Once I explained I had a copy of the original policy and sent them a copy the check was promptly sent. Even with the glitch in the beneficiary being inaccurately changed, I received her life insurance money within less than a month's time. I hope that the people who've had issues were just an anomaly.

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I've had a life insurance policy for 25+ years with Transamerica. A month ago, I received a letter from Transamerica stating that my policy was canceled due to nonpayment of the increased premium which wasn't much. Called TA and they said they mailed out a letter months prior but I didn't receive the letter. If I had, I would've paid the difference. Now, I'm left to fill out a reinstatement form, asking medical information and it's not guarantee that they will accept my reinstatement request due to age and health issues since 25 years ago. Asked, why they don't send a second notice or send a certified letter, they responded, "that is our policy."

It's sad to think that they collect year of premium and when you reach an old age where you need help caring for yourself, they send you one letter and if you don't respond or send additional payment, they cut you off. That insurance was to cover my funeral expense when it's my time so that family wouldn't be burdened taking care of that expense. Now, I'm left without anything. That monthly premiums would been put to better use or placed in a retirement savings. Now, I'm left with nothing. If I had known, I would've went with another company.

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I purchased a policy for a specific dollar amount. They automatically decreased the dollar amount after I paid the first payment. I was told they have a 24 hour payment to beneficiary, NOT TRUE, and they were well aware my husband was sick when I purchased the policy. HE died 9/13/16. Now they are saying his death has to be investigated, even after receiving the death certificate, and all information they asked for, the customer service person told me, "oh, it might take at least 30 more days!" Needless to say, I am still waiting. This policy was purchased to bury my husband. How insensitive! I will tell everyone I know DON'T EVER DEAL WITH THIS COMPANY!

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I have had a policy with Transamerica Life Insurance for group accident insurance providing accidental death and dismemberment benefits for over a decade. I was struck in the eye by a limb riding my ATV and lost the sight of one eye which has been documented by my eye doctor which is an OD. After many phone calls to the claims department she has only replied to me one time and continued to say they need more information. This is ridiculous and I wouldn't recommend this company to anyone. I pay my premium every month through my Discover card which recommended this insurance policy to consider. Evidently I will hire an attorney to settle this.

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I recently became disabled at work. I have insurance through my Local Credit Union. It is supposed to protect my loan with life and disability. I sent in all the paperwork that I was supposed to. Due to my workman's comp case my employer would not comply with the employer statement. I prove that I work there through pay stubs and a little discharge that my employer gave me because I had not returned to work being 100% disabled by my doctor which Transamerica also had proof of that. They requested further information and every time we gave them information it took an additional 7 to 10 business days for them to look at that information. This is the worst Customer Service Company I've ever dealt with in my life. On seven separate occasions I was promised a call back and never received not one. Run the other way if somebody says they're going to ensure you with the insurance from Transamerica Insurance.

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I HAD LIFE INSURANCE WITH THIS COMPANY FOR ALMOST 17 YEARS. I had a policy with them for 1 million dollars term life. The Transamerica fraud insurance company was taking out of my bank account every month for 17 years 157.50 auto pay. Suddenly I looked at my statement and noticed they are charging my account for 1282.00. I called them and they told me that the premium has change due to my elapsed policy. They did not notified me at all for rate change almost 700% overnight. They refuse to pay me back the total of 3700.00 they fraudulently took out after they promised me that they will give my money back.

I can buy the same policy for less than 2500 per year and they are charging me 18000+ for the same policy. The Transamerica Life Insurance is all but fraud. They are thieves and I fear they don't pay their insured upon the deceased to the family. There was a 60 minute news program about them. I will put this notice every place that I can post for everybody to know.

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I have a life insurance policy with this company that is about 25 years old. Three years ago they made me increase payment from 56 per month for life insurance with a savings plan to 70 per month for the insurance only. Payments were set up and paid by my banking institute monthly. Without prior notice, this month they sent me a "final notice-act now" with no explanation and a total due of 383.29. When I called the company to ask why, the automated system confirmed policy value and receipt of payment before letting me speak with someone who informed me that my policy was "upside down" and the cost of insurance had gone up leaving me currently $10 short also that if i didn't send them $383.29 by October 10th they would cancel the policy. She was not able to explain where the amount came from or why no prior notice was sent saying the cost would increase. Her only reason was that I was getting old.

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This year February my husband was killed. I have the life insurance through Transamerica from my job, thinking this is a good choice because it's from my job it should be ok. Boy was I wrong. I put in the claim. No one was in touch with me. I had to keep calling every day to make sure they were given correct documents. Then after all the running around of calling them when there were suppose to call me back, I was told that that can't pay out a claim till the case is closed. This is a homicide case that never close. I have been put in the worst situation of my life where am behind in bills paying people back who help me buried my husband and a child that about to graduate high with fees.

My husband insurance paid out and all other insurance company pay out with no problems. Why do I have to fight with them when I already have to mourn my husband death with no closer. They have the case number as well as the Detective number where I have been out ruled as a person of interest. I paid them faithfully for a life insurance, and they need to pay out my claim. This is so very unfair to do to their clients at this time. And still no one is reaching out to me to solve this matter...as I see that they do this to all their clients.

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My mom before she died disowned her daughter and grandchildren and changed the beneficiary to me based on actions she had engaged in against her. We worked with a lawyer to have the proper papers to show my sister's claims were untrue and after my mom died I received a letter from Transamerica saying they had been in contact with my sister and weren't going to pay unless I gave to my sister that proportion of the proceeds of the policy that we would agree upon and if I didn't they would sue in court and use the proceeds to cover their legal costs which from other cases I researched charged between 10 and 20 thousand dollars.

I sent to Transamerica all the documents that had been legally prepared proving my sister's claims were untrue. She claimed mom was suffering from dementia and that I was holding my mom as some kind of prisoner. A letter from her primary care physician, a visit by the county social services and my mom's handwritten last will and testament proved all of it untrue. Transamerica filed their case against me anyway in Federal Court, but when they did they withheld all the legal documents I had sent them. The case went to a Federal Court here in Richmond that waived aside my motion that they should not have been paid nearly 12 thousand dollars because the papers they withheld proved they didn't have a case to begin with.

By the time this mess was behind me, it cost me nearly 17 thousand dollars and what was left of the proceeds was finally awarded to me. Transamerica is continuing with these interpleader actions with an unsuspecting public and sometimes they get a court that sees through them and sometimes a court that doesn't. The law of my state says that all insurance companies are supposed to thoroughly investigate before denying claims or beginning interpleader actions. Not only did Transamerica not investigate, they withheld the documents from the court that proved they didn't have a case to begin with and even refused to talk with me when I tried calling them saying I should instead talk to the lawyers that they had hired who were basically working for Transamerica against me.

I documented what happened with a website called ripoff dot com where you can read in more detail what happened. You can find it by googling: Transamerica interpleader. I know I will never get my money back but I want to warn the public because they are still doing it. Because I blasted what they did to me on social media, other Federal Courts must have seen it because they are not always winning in court like they used to. But Transamerica is still trying anyway!

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This is the worst company ever! My Account was sold to them. Do not understand why it would take over 40 phone calls and now at 2 months and still nothing has been resolved. The call agents are poorly trained and their supervisors make promises and cannot deliver. Their ratings are so low I would not recommend this company to anyone. Customer service should be their top priority and it is not. It starts with upper management and trickles down to the agents. This should of been a simple process with a check in hand within days. Please take my advice. Stay away from this company. They do not care. They only deliver excuses for answers.

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Purchased life insurance on my husband many months ago. When he passed away I notified Transamerica. I have only received excuses from them for over 4 months. They even stole an extra month's premium from me. I still have not been paid the life insurance. Transamerica is the worst excuse for insurance. DO NOT buy insurance from Transamerica. They take your money and give you Nothing but Excuses. Next step may be taking them to court.

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I see a lot of negative things being written about this insurance company. I suppose there are those that can experience some problems while others don't. My father passed away on April 1st. I notified the life insurance company and they mailed the paperwork and I received it two weeks later. Less than 30 days after I sent the correct paperwork back (following the simple instructions) I received a check from them with no problems. They even added a premium refund because of my dad's passing. That proves they are honest as well. I am happy with Transamerica Life and the time they responded and applaud them. Claim handled well!

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I got my MRI done by end of January. I had being submitting claim after claim nothing seems to work. Always coming back requesting more information. Doctor's office made their refund already and I still waiting for Transamerica. Nobody seems to care. What is the point to spent so much time paying for a service I can't receive?

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My Father Died recently. He had a $3,00.00 policy with TransAmerica. I called to report his death. I was told it would be 7 to 10 days to receive the claims form. Since I live out of state and would not be available to help my 92 yo blind Mother fill out the form. I asked the funeral home for an assignment to help pay for funeral expenses. They were told also the wait time to receive the claims form. They declined the assignment. The claims form arrived about 3 weeks after my initial call. Forms were filled out and additional documentation was sent immediately. To date the claim still has not been paid. All the other policies my Father had have paid out except this one. I don't understand the waiting time to send out the claims forms especially to the Funeral Home. They received my Fathers premium by automatic payment every month. I can't believe they don't own a fax machine.

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Never buy any insurance from Transamerica. They went from illegally taking over $15000 from my 90-year old mother-in-law's checking account, which took over a month to get back and a half dozen calls and emails, to trying to get the policy to expire for non payment of premium when they were authorized to debit her checking account for monthly. Since her passing in January Transamerica has used every excuse possible to delay paying out a $500,000 death benefit. They claim they have 10 business days to review every email or shred of paper submitted and use all of it all the time.

They have managed to stall for 3 months using this tactic. When you call the claims department you can only get the first name of whoever answers the phone. If you ask to speak to a supervisor because you can't get a straight answer they cannot put you through to one. 60 minutes had an interesting story on Sunday, April 17 about insurance company misconduct. They were right on the mark when it came to Transamerica.

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Forms were sent by my agent that were signed by me to close an account. Instead of paying the amount due on the day received, Transamerica held up my payment stating that they couldn't verify my signature. Again, the forms signed by me and verified by my agent, and were sent directly from my agent to Transamerica. The Legal Affairs office sent me the forms that were originally signed by me and then updated again 10 years ago. The signatures are the same. Holding my payoff cost me over $1,400.00. The company is not resolving this issue.

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I purchased the policy in March of 1987 and was told by the agent it was an investment for retirement. The premiums were $75. a quarter for a long time. A few years ago they were increased to $87.00 a quarter and now that I am 71 years old they were increased to over $400. a quarter. Not a retirement investment. Plus over all those years each time I sent in a check for the payment, they charged me $6.75 to cash the check. Pretty rotten as far as I am concerned.

It seems now that there is a possibility they might have to pay the face value of the policy which is $38,000. They keep sending me info on cashing in on the policy value trying to get me to either cash the policy or make the premiums so high I cannot afford it. I would never recommend buying life insurance except perhaps term insurance when a person is young. Seems like the easy answer is to increase premiums, instead of becoming more efficient. I have not had a social security increase for 3 of the last 4 yours. Very disappointment.

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My life insurance company was Monumental and then it changed to Transamerica. I haven't had any problems with them except maybe lack of communication really on my part to keep up with our account. They do send yearly statements out to me. They will get in touch to update us when we get a new agent and try to schedule a home visit to get acquainted with us.

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Many people on here are responding to low costs and nice service. That is all great with Transamerica. The problem is when you have a CLAIM and would like them to fulfill their obligation to pay. They keep telling you to call back in 5-7 days. Each week no updates. You are given the runaround. For me this was after paying on a policy for 14 years. I felt I deserved more transparency and answers. Only select this company if you want to deal with loopholes when it is time to pay.

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Signed up with Transamerica for supplemental health insurance on 11/27/15. Was told my coverage would begin 1/1/206. Never received notification of enrollment. Repeated calls have no results. Have been told that my app is in their computer. And the dept. responsible, has been notified (3 times). I am not allowed to talk to that dept. directly. I had notified my previous Insurance co. to cancel my insurance as of 1/1/2016. So I am now without insurance. Having to cancel a vital MRI appointment for tomorrow (1/10/2016) that took me 2 months to get. I was told by a company Rep., that other applicants are having the same problems.

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My parents (both) have been paying premiums for over 20 years to Transamerica Insurance. My father is 87 and has Alzheimer's. Back at the end of August 2015 I started to open a claim for a home health care aide to come to my parents' home to help my father with his hygiene and other daily care needs. It is now mid December and the insurance company still has not approved a health care company.

Transamerica has doing everything possible to put up roadblocks to process this claim. Every call must go thru their 866 number. I probably have called at least 25-30 times since starting this process and never once as an agent answered the call. The typical call back time varies from 30 mins to 2 1/2 hours. When the call back comes if you are not available to catch the call you must start the dialing process all over again.

Transamerica agents do everything possible to slow the process down. The only answer I have ever received from them is "NO." This is their standard response. My parents have invested over $160,000 dollars with this company and this is the level of service they provide. If someone was to ask me for a recommendation I would say "Do Not use Transamerica Insurance." It is like throwing your money away.

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I have been with this insurance company for 20 years. I have to recommend this insurance. It is very affordable. The people to speak with little time to to bases very friendly and very knowledgeable of the company. Every time I have to make a claim I have no problem in getting assistance. I am very well satisfied with this Insurance company.

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Haven't dealt with the company personally very much. But the coverage seems to be great and very affordable. I work for a very successful company with a lot of employees all around the world and that means a great deal to me. If the company wasn't one of the best for the dollar, then I am almost 100% sure that my company would have chosen a different company to handle or purchase life insurance for their employees.

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Transamerica provides quality life insurance and at the best rates I have found anywhere. I have been with Transamerica for over 20 years and when I upped my coverage about ten years ago, I received a discounted rate on the additional benefits that I added. I have shopped around for insurance and have always found that the rates I receive with Transamerica are the best rates for the coverage that I have in the business. I have had nothing but good interactions with the company and would not hesitate to recommend them to anyone shopping for life insurance.

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This is a friendly insurance company with helpful recommendations as the years go by. In 1998 they called me and explained at that time I had insurance only to the age of 75. They walked me through various options and we came up with a remedy at a price I could afford. I would have never realised this if it was for the insurance company and their helpful informative ways.

Transamerica Life Insurance Company Profile

Company Name:
Transamerica
Year Founded:
1984
Country:
United States
Website:
https://www.transamerica.com/individual/