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Transamerica Life Insurance

Transamerica Life Insurance
Overall Satisfaction Rating 2.44/5
  • 5 stars
    34
  • 4 stars
    53
  • 3 stars
    34
  • 2 stars
    8
  • 1 stars
    55
Based on 184 ratings submitted in the last year
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Transamerica sells term and permanent life insurance, including whole and universal policies. Coverage for its term life insurance is up to $10 million, and permanent life insurance coverage is up to $2 million. Transamerica accepts applications from anyone between 18 and 80, with term coverage extending up to 90 years old. Consumers can add multiple riders to their policies, including accidental death or disability coverage.

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    Transamerica Life Insurance Reviews

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    Page 1 Reviews 1 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: March 17, 2020

    I have made complete on time payments for over 13 years, Jan 2020 I faxed in surrender papers, to surrender my policy. Policy was canceled on Jan 23. Now it's March 17 2020. After several calls with excuses every time, to days was a confirmation letter was mailed last Friday 13 and the check still not mailed. Told it would be mailed within 5 business days. This tells me I stopped making money on 1/23. And they are making money From then to the day the check get to me and cashed. This should be my Money. Unethical. Unfair, will never use again.

    2 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: March 16, 2020

    This company does not send any representative out to you. It's all on the phone after you fill out lengthy stuff online. Then you will have a person to take blood and hand you a large stack of paperwork. The nurse can not explain anything to you {it's not her job). It is up to you to figure it all out.. Now I used to sell life insurance years ago and even with that I was confused. But I managed> now imagine for anyone who has not seen the paperwork before?

    I called customer service when I received a robocall to check on my status. They didn't have a clue about the call number one. Secondly when I asked why a customer had to fill out the forms with no help at all and that it was confusing. Rude as rude can be! I asked if they did a survey with the customers after all is said and done, the rude person told me NO. Well, of course they wouldn't~ I am still waiting to see if I could be approved, snail mail stuff. I would not recommend this company unless you are ok with next to no help whatsoever, and bad attitudes. The Lady that took the blood did an excellent job. And the original call after you fill out everything online and they call you for a few questions were well managed. That's why I gave 2 stars.

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    2 people found this review helpful

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      Are you this business?
      Rated with 1 star
      Verified Reviewer
      Original review: March 10, 2020

      Nothing about this claims process has gone well. Call-in hold times of 5 to 10 minutes. Sent forms in but then told I needed to send the same forms. Received a letter telling me to fill out sheets 3 thru 9 but the letter only had 3 pieces of paper enclosed! The instructions sheet was illegible because the water mark blanked out the text! I kid you not! The eventual claimant package that I received in the mail was so complicated that I had to call an attorney to get help filling it out. I would never use Transamerica for anything and would never recommend them to anyone! Stay away!

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      Rated with 1 star
      Verified Reviewer
      Original review: March 9, 2020

      I can tell you how Transamerica about to make a 95 year old lady homeless. This fine lady's Medicare benefits are about to run out and she needs to be switched to Medicaid. She has to do what is called a "Spend-down" of what little assets she has to qualify. Her family and I have been back and forth with Transamerica for at least 10 days trying to get this accomplished. When you call them ask for HEATHER... Seems to be the kindest most compassionate person working there and in the entire corporate insurance world for that matter. (Heather, They don't pay you enough and the need 10 more people just like you).

      The people who initially take your phone call will not transfer you to the right department if they let you through at all. We have faxed reams of papers back and forth to no avail. This company stinks from the bottom to the top. Never buy anything from Transamerica. I could go on and on about multiple faxes which are repetitive. Then we call to make sure they have gotten everything and the person who initially answers the phone will not transfer you to the correct department. STAY AWAY FROM TRANSAMERICA!!!! March 9, 2020

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      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 19, 2020

      It was only later that it bothered me over this policy I'd signed up for. Originally, an agent come to the apartment to get a signature from my roommate on a death benefit policy. Her son had filled one out for her with an agent at his house and then agent came over to make sure it got signed. I was my housemate's caregiver at the time, and cautioned her about signing on something that she never ordered or even knew about. Her son was blatantly after her money, snagging her Social Sec whenever he could, after their bills got paid Naturally his being a beneficiary on a policy he solicited was no surprise. I had the agent tear it up, since she wouldn't sign it, despite the obvious attempt at a money grab by her son. He seemed properly mortified that her son would do such a thing, which mollified me at the time.

      I had the guy draw up a policy to help with burial and funeral costs for myself, since it seemed like a good thing at the time, so I got the $30,000 Death Benefit Package. The agent said he would finish the paperwork, since doing it online would be tedious and long, so he took it with him and left his card. I thought about it a few weeks later and called him and tried to talk him out of going through with it, but he insisted that theirs was the best policy going, when compared to all the others, and convinced me not to cancel it.

      I received the package 2 months later, and looked over, only to discover it had been filled it out for a 3,000 policy - minus one zero - if you follow what I'm saying. The payments didn't change, but the total was $27,000 less than the original. Am not going with them and will let others know of these deceptive practices. Just watch what the agents tell you, and what you get in writing is all I'm saying.

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      3 people found this review helpful
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      Rated with 1 star
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      Verified Reviewer Verified Buyer
      Original review: Jan. 11, 2020

      Was offered a group accident life benefit through Wachovia Bank... before I decided to leave this bank to go to State Employees Credit Union I asked if I could keep the policy was told I could set up automatic drafts. Had paid on the policy for 10 years only to call to update my beneficiary information and was told that the policy had been canceled. The only thing I got from their customer Representatives was that they were sorry, (why) because you know the company you work for committed fraud. Yes my premiums were only 3.15 a month but for 10 years I paid it religiously and now they just cancelled my policy without even notifying me! I will never do business with this company again!

      9 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: Jan. 11, 2020

      I have never had a bad experience with this company. I left a company that I had been with for almost 10 years and had a 401k with. I fell into a hardship and needed funds. Although I wasn't able to get the amount back that I thought I would (due to my company somehow signing me up for the wrong type of retirement plan) Janae helped explain everything to me, letting me down easy and also helped by calculating what I could expect to get if I did the early withdrawal. She spent almost an hour with me answering all my questions. And when working in a call center, that takes patience and can be scary if the call center is hounding for quick calls for their "good stats". I spoke with her supervisor after and expressed my gratitude for Janae's patience and kindness as well as her genuine care for my situation as well as her walking me through the website to get things handled.

      Her supervisor, Kristin, was also amazing. Working as a customer service representative can be so challenging. Most companies I call have reps that are already on the defensive because they have someone monitoring their time but they know that the customer needs that time to get a real resolution. Janae's supervisor Kristin let me know that (luckily) their employees are not judged on the time of a call because TransAmerica customers each have situations that may take time and they honor that and want to help in any way they can. This company rocks! TransAmerica all the way!!!

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 6, 2020

      I've had a term life insurance with TransAmerica since 1995. No longer needing it, in Oct 2019, I exercised surrender of my policy for the cash value of nearly $22,000. I completed the required paperwork which they accepted and wrote me that I would receive payment in 2-4 weeks. It is now Jan 2020 and I still have not received the check. So far I've made 9 calls to them. Each time they give me an excuse. The first was that they are having trouble calculating the tax to deduct. Other calls resulted in them telling me the check is in the mail. I've now had to go to the State of Iowa insurance regulating agency to help. These people are as crooked as can be. THEY EVEN LIED TO THE REGULATOR telling him they resolved the issue. Avoid TransAmerica Life Insurance Company like the plague unless you just like giving your money away!

      31 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 4, 2020

      This is one of the worst companies ever! My mother died in October 2019. She had been sick the past few years with cancer and her papers weren't together. She told me she had a work life insurance policy with these people. I had her policy number so I called them twice. The first rep barely spoke English, was rude and nasty and not all sympathetic. He claimed my mother's policy was cancelled the previous year, due to her not paying the annual premium. He then yelled at me when I asked to speak to a supervisor. I'm Deaf and his thick accent was causing hardship. He then REFUSED to get his supervisor and HUNG UP on me! I waited, consulted an attorney who has dealt with this horrible company before, and I contacted them again. Same story, but they then changed it, claiming they sent my mother a check the month after they "cancelled" the policy.

      When I asked for proof that they sent the check, address, amount, etc, they got ugly and refused to cooperate and refused to transfer me to a supervisor. Joke's on them because they didn't know that I have documented proof from my mother's bank that TransAmerica DID get the payment check from my mother, CASHED it and THEN canceled the policy illegally. And her bank records show no sign of any checks from TransAmerica. I'm reporting you for outright fraud and deceptive practices to my state AG and Insurance Commissioner, TransAmerica. And I'm urging people to contact their state Attorney General's office to request an investigation for a class action lawsuit against TransAmerica.

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      23 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 4, 2020

      I paid on a small $43K Life Insurance Policy for over 15 years. When I retired, Transamerica raised the premium, no surprise. However, they raised the premium to thousands a year. Over the past two years, especially, the bills started soaring. (In my opinion, this is done to get someone on a fixed income to drop the policy before the company has to pay on it.) I repeatedly asked for the total cost of the premium for 2019 so I could decide whether to continue the policy. They refused to give me the information, only telling me to file a form to have my quarterly premiums raised so I would not go into default.

      I finally received two bills for Nov & Dec totaling over $1000 and I could not pay them: they cancelled the policy. So, they managed to take thousands from me by refusing to inform me the escalating cost, which in my opinion is deceptive. They were aware, due to my many phone calls, that I was struggling to pay the premiums but continued withhold from me the information I requested. Do NOT count on this insurance money being here for you: Transamerica has ways to take it away from you.

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      17 people found this review helpful
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      Transamerica Life Insurance Company Information

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

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