Transamerica Life Insurance

A life insurance policy came to term. Without calling, writing, or emailing, Transamerica decided to extend the policy and charged $5,719 and then $5,000 for a month's extension. I found out right away from my bank because I have alerts set up. I immediately filed a claim and issued a stop payment. Thankfully, I was in time and they never received this outrageous payment. I never authorized this sum of money for withdrawal. Additionally, I continued to receive conflicting information from this company as I also immediately surrendered the policy. Had I known about all of the complaints, I never would have done business with them in the first place. Save yourself anguish. Carefully vet the company you are going to work with. If I wasn't fast enough, I would probably still be trying to get the unauthorized payments returned. Stay away.

My mother is currently in the spend down process for nursing home care through Medicaid. I've talked to 6 different people. Been told 6 different things. Jumped through all their hoops. No response. Now I have to cancel the policy as POA and she loses all her money that she paid. I will also not have the money for her final expenses. It's that or she is evicted from the nursing home in two weeks. Just shameful. Transamerica are crooks.

By far the worst customer service experience I've dealt with of any company. Any other online service allows you to download a copy of your policy. Need a copy? 20 min of automated menus, request from customer representative and hope you are clear enough in your instructions, 3-5 day servicing time (it will be 5 days), no email copy available, must be physically mailed. Another example, sending in a form for approval, don't expect a phone call or email if there is any issues, you'll just receive a rejection letter weeks later. Don't expect customer service to tell you what's going on, they either don't know or won't tell you. Avoid at all costs.

Brother passed away March 2022, called to report death. Was told I am the beneficiary & can pay the claim without death certificate if funeral home information provided. After several calls, form submission, etc. now they decide I am not the beneficiary & said they have a beneficiary designation page & policy holder signature page but received on different dates so they wont pay the claim. First, all insurance & financial svcs companies cannot have blank forms on file. This would be caught in an audit & company can be cited, fined, etc. How nobody in several years never had this fixed is beyond belief. It wasn't an issue until they had to pay a measly $25k, not a million dollar policy. They want that money for premiums real quick & will sweet talk you into a policy. Reported them to Texas Dept of Insurance, next stop lawyer, social media, news, etc. Pay the beneficiary listed & quit playing games!

I've been with Transamerica for almost 10 years. I always paid a monthly premium for my universal/index life. All of a sudden a few month ago, they auto deduct literally 3 times the amount agreed, then a week later reimburse my account, but not paying the overdraft fee. Then the following month, 2 times the amount, again charging me an overdraft fee. This time, they didn't reimburse any of my money. Now I have been disputing the funds, only requesting my money returned. During the dispute, my bank closed this specific account, rolling the negative amount to my primary account. And guess what? I haven't received a return call or email to settle the dispute. I have submitted a dozen calls and emails. I am now taking a legal approach. A huge and ridiculous inconvenience and hardship on me and my family. Avoid the frustrations and choose a different business.

A decade ago, I had no problem getting through to a human representative. Now, having tried for the last 4 days to get through, I finally got a callback (which is not always offered!!!). A consumer should not have to wait an hour and a half and 2 hours to reach a person. Their customer service doesn't even earn 1 star in my estimation. All I wanted was the address to mail to to get a request in pertaining to an existing policy I have had for over 20 years. They have many departments with at least a half dozen addresses. If I could change insurance companies with this policy, I would do so in a heartbeat. Avoid this very poorly organized so-called business.

I was suggested by a TransAmerica representative to buy an index life policy. This is the worst decision. I was not informed that for the first three years Transamerica takes the monthly payment for paperwork process. Secondly In order to claim all the money invested I needed to reach the age of 100 years old. And the beneficiary will never receive the invested money just the face amount. When I learned this information I wanted to recover at least something of the money invested. Transamerica takes a haft of the amount of money invested. This is the worst feeling I went through. How is that most representatives hide some much information just to get a commission? Never buy an index policy. Especially if you plan to retire before the age of 65 year old. Thinking that I was doing the best decision of my life I motivated most of my family members and closed friends to do the same. Imagine how I felt to share with them this fraud? I think this is an expensive and useless policy. Sadly most of these companies their only purpose is to take your money.

No stars would be more appropriate. (Before I start, as a comparison, I received a check from another life insurance policy within 2 weeks of the death being reported, so I know that Transamerica treats its customers badly.) My mother died in late October. It took over 4 months to receive a check from Transamerica Life Insurance Company and that was only after I threatened legal action. First of all, when you call the claims department, if you get to speak with a human sooner than 45 minutes, consider yourself very lucky. Then, when I asked what paperwork was needed to process the claim on the first call, they said they just needed a death certificate, which I promptly sent. 2 weeks went by and they kept adding more forms to be sent, which I faxed right away.

Okay, enough is enough. I'm ready to hire an Attorney. Tired of the lies & run around with this company, week after week with no solution to any problems at hand. I was reading and yes they can be sued for not paying out claims, I'M GOING FOR IT!!!

This is the worst insurance company ever, they comes up with all kinds of excuses to keep from paying out, I'm dropping my policy as soon as possible, I'm pregnant, been off for 3 months and they have gave me nothing but a circle of run around over and over again, everyday I'm being told something different by different representatives....don't do business with this company.