Transamerica Life Insurance
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Transamerica Life Insurance Reviews
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I have 4 Transamerica policies and when I got diagnosed with stage 4 cancer, they pay my terminal illness claim in 2 months after I filed it. I have received 75% upfront of my $500k death benefit. It has been 9 months after I received the money and I am forever grateful as I don’t have to work now and just focus on healing and taking care of my children. Thank you so much Transamerica!!
I have 7 different accounts with Transamerica and they have been great to work with over the years! My wife and I started our first account 11 years ago and have been impressed by their customer service and how their accounts perform. I had 250k term coverage with a different company and was able to double my coverage with the same premium. It hasn’t always been a perfect interaction, but they have been great to fix mistakes and take ownership for them which is great to see from a company you place your life savings with. One of the best companies out there in the financial industry, coming from a former wall street stock trader!
I am very happy with my product and services that I have with Transamerica! It is a little shocking to see all these bad reviews but it seems like they did not have a good agent. I had a lovely experience with my agent and he explained to me on how everything works. Keep in mind that Index Universal life is not a short term product! Do not cancel before 15 years!
My disgusting saga with TransAmerica began in August 2019. My Elderly parent has a life Insurance policy with TA. I have faxed information, paid a great chunk of money sending certified and registered mail, repeatedly; only for these no count representatives to lie and say they have no record of receiving any of the mail or of our request. They have illegally blocked us from accessing forms from their online website; and every other violation that can be done over the phone, all while they faithfully collect premiums every month without fail...
I am so fed up; I am only trying to surrender the policy and cut our loses! I was so angry this morning while as usual getting nowhere with the rep. When I tell you that I have not used profanity in forty years, and thought that I had been changed; well Im not; because Rep Brie at TransAmerica got cussed today!!! All I can say is: I’m thankful for repentance and grateful for forgiveness! Early on I consulted with my Dad’s Attorney and he has been collecting data on this company. The Attorney recommendations were to turn in a complaint against TransAmerica at my State Department of Insurance. First I went online to file the complaint and then I called them. The person that I spoke to knew about TransAmerica without ever checking. I was told that they get complaints about TransAmerica; lots of complaints! Make sure you keep track of every single name and detail so you can report it.
Recently, I processed a cash surrender on a Variable Universal Life policy I have had with Transamerica since 1999. The surrender was processed as an overnight check request. Three days after it was processed, and I already received an updated statement in the regular mail, I had no check. Their communication system from their website that claims a response within 24-hours never returned with any information, so I began the painful process of trying to get a representative to provide information about the transaction. Excuses were made, I was lied to, and their follow up was nonexistent. The first rep gave me a Fedex tracking number which showed that the package had been scanned at the Transamerica processing center 3-days prior, but was never sent.
They said they tried to contact someone there, but couldn't get through and could not give me an answer. I then requested to speak to someone who could and he connected me with his supervisor. With that person, I requested that the check be reissued and over-nighted or to do a wire transfer to my account instead. She told me she would work on it and get back to me. That was on a Friday. I did not hear back from her and left two voicemails for her Monday morning without a response.
That Monday afternoon, I began the painful process again of going through their phone system to get to a representative. I requested to speak to someone who could give me an answer. Another supervisor spoke to me. She said that the cutoff was in the morning to do a wire transfer. This was after the other supervisor failed to call me or respond to my voicemails in the morning. This supervisor told me that they should have never told me about the Fedex shipment and that she thought the check was sent by regular mail.
When I told her I wanted a specific answer about the whereabouts of the check, she put me on hold to contact their escalation department. She then came back to me and told me that they would respond in 24-48 hours. She also told me that the check was still within their processing window of 3-5 days, which it was already past. I then requested to speak to her boss. I was given his name and number and was told that he was in a meeting and that he would call me back. I received zero calls from either the supervisor or her boss. In the meantime, I received another transaction statement in the regular mail and no check.
The next morning, I left two voicemails from the boss and never received a single call back. Again, I had to go through their phone system, finally connect with a live representative, and then finally connected with another person who was supposedly at a level above the supervisors. He did call me back within the time he promised. He told me the first check had a stop payment put on it and that they would do a wire transfer the next morning and promised to send me an email with the tracing information. At this point, it was 9-days since the transaction day and 8-days since the Fedex package was scanned into the system. I had received two physical statements through regular mail since then indicating the transaction. Even if they put a stop payment on the original check, I did not received it in the mail or through Fedex. This means that they lied about both.
This last person I dealt with, Bill **, Senior Manager, Customer Care, was the only person who stuck to their word, told me the truth, followed up, and finally got the wire transfer processed. I would never invest with Transamerica again after this ordeal and plan to roll over an IRA I have with them to another investment firm.
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I have had Hospital Indemnity with TransAmerica for several years. I have had to call them and fight over the payment of legitimate claims. They underpay, don't follow through and the level of effort associated with getting paid is Astronomical. There are many legitimate Insurance Carriers out there - TransAmerica operates in what I would call Bad Faith and is a waste of time in my opinion.
I have had whole life insurance for my mother since 1990. Quarterly premium was less than $100 month on 50000 policy. Now in 2019 it’s more than $200 per month. What kind of whole life policy is this. Very much disappointed.
I opened a life insurance policy with TransAmerica for my father who had Parkinson’s Disease. It was a 15k policy to try to help with final arrangements. He was 60 years old. In addition to the Parkinson’s, he disclosed a long list of other health issues which were not immediately life threatening and he was issued a policy (as expected) with a high monthly payment for an older individual in poor health. At the time of his passing the policy payout was denied. TransAmerica researched his health records until they found something that wasn’t disclosed at the time of the policy being issued.
At the time the policy was issued TransAmerica was given full authorization to pull any medical records, and even adjust the policy as they seemed fit due to any findings. They did not pull medical records until after my father's death. It only took them a day or two to find what they needed to be able to deny. They could have done it at any time, and considering the situation and the monthly payment amount I feel they did not do their due diligence. Anyone with an ill family member knows how hard it can be to keep up with all medications. TransAmerica took my money and allowed me to feel I was prepared for my father's passing. It turns out I was unprepared due to trusting TransAmerica and their agent.
I refuse to give them any stars!!! The worst company ever! Go somewhere else literally. I was out on WC in April 2018. Thank God I had a 401k. I would be homeless dealing with them. I didn’t get paid until after I returned to work in September 2018. Every time I called to check on my claim it was always some reason or another why I wasn’t paid. Then just recently I filed because I was out again for my same injury my back. They told me it was denied because the only pay for 8 weeks of postpartum with a C-section. My daughter is 7 and I’ve never had a C-section. Then to cover they said my Dr. didn’t put my diagnosis on there. Go anywhere else.
We have had a life insurance policy with Transamerica for 20 years, direct withdrawal. My husband died in June. All paperwork was submitted and received by them on July 15, 2019. They consistently say 1 - 3 months for payout. Many phone calls and excuses later I have not received any money from them. Does anyone have information on how to institute legal proceedings against them? Complaining via this vehicle does little except vent.
Transamerica Life Insurance Company Information
- Company Name:
- Transamerica
- Year Founded:
- 1984
- Country:
- United States
- Website:
- www.transamerica.com