Transamerica Life InsuranceConsumerAffairs Unaccredited Brand
Me and my husband bought the Transamerica Index universal life insurance product in earlier 2011. The investment performance of the saving inside is pretty good. The agent later updated us that Transamerica is #1 selling company for this type of product. Very happy about the product and the agent is very professional and capable.
Theft of moneys from a whole life insurance policy bought 1989. Now that Transamerica has taken over the policy, all of a sudden they are saying I failed to pay my premium in 05/2001 which is not true. They have told me my policy is paid in full but I now owe $1660.93 in interest from a $50.15 premium they allege I missed 17 years ago. I am a senior and feel they are trying to steal my comfort. They never notified me and sent me a letter stating that they don't have proof that they did and are trying to hold me to the $1660.93 in interest.
I called to report the death of my father, gave them my current address and they mailed the claim forms to an old address. After waiting a week I called in again, the representative said she would print an address label and mail out the forms again. Waited another week and still no forms. Called in a 3rd time and representative emailed me the forms. I had asked about emailing the forms on the first call and the rep said they can't do that. Now they are paying the claim and it has been 8 days since the check was mailed, hasn't shown up. THIS IS THE WORST COMPANY EVER!!!
I've been with Transamerica since 2012, and I don't even know where to begin with my distaste for this disaster of a company. I realized after a review of my insurance policy by my bank that I was misled in how my premiums are calculated over time. Every 7 years my monthly cost was slated to jump astronomically, and I was never advised this upfront. Now I've been trying to cancel my policy, and I've been given the runaround every time I call. Not only do I have to wait an inordinately long time to get through to someone, but the person on the other end is typically so incompetent that I feel I could do their job better.
I've been lied to, given false promises, and I still don't have the cancellation paperwork that was supposed to have been mailed to me last week, yet I was able to receive not one but two pieces of correspondence from them in the same time frame. I'm utterly disgusted that a company with such shady business practices can even remain in business legally. Please take my advice and do not purchase life insurance from this company! You'll likely regret it like myself and so many others before me.
I and my 3 siblings each received bills for loan interest $15.56 on a loan amount $210.23 or within 2 or 3 cents difference between all 3. The policies are one digit right behind each other. None of us have never had life insurance with TransAmerica or any of their affiliates. I believe this to be a scam and when I call, the customer service persons tell us to just pay the bill or our policy will be canceled. We don't care because this is not our insurance carrier. However, my fear and reason for posting this is that someone else might just pay it on behalf of their spouse or parent that they might be caring for and handling their finances. Please do not give your money to this company or their scammers. Go to a reputable insurance agent.
- 1,050,287 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
For more information about reviews on ConsumerAffairs.com please visit our FAQ.
I am having the worst experience with Transamerica Life Ins. I have been paying on this policy for 30 years. They are billing an exorbitant amount for my life insurance. In 2016, they took all my cash value with no explanation as to why. Now when I get a bill from them which is supposed to be quarterly but I receive a bill 8 months out of the year. This month my premium was $263. I then received a notice that I have to pay $506 next month. Now that I am 69 years old, they are trying to get me to let my policy lapse because each bill I receive has "final notice" on it with a memo stating if I am even 1 day late. My policy will be canceled. Someone please contact me if you are having the same problem. Can we start a class action lawsuit? We live on social security alone so $506 means we can't eat or pay our electric bill next month. I almost had a second heart attack when I got that notice. Help!!!!
I have seen all these negative reviews and am so thankful my experience has been so wonderful. I'm sorry for all who did not have positive experiences. My father passed away 12/26/2017. I knew he had taken out a small 5000 dollar policy in November of 2014 to help pay to lay him to rest one day. He also took out a 100,000 dollar policy. The 5000 policy would pay in full after 2 years of payments and the accidental would if his cause of death was accidental. He paid 33/month for the small policy and 6 for the accidental.
He started with Stonebridge but Transamerica bought them out at some point. His death happened to be accidental. We sent in the paperwork along with death certificate for the policies a day apart. One on January 23rd 2018 and the other on January 24th 2018. The approves 1 And cut the check on February 2nd 2018 and the 100k on February 8 2018. They never contacted me for any additional information. I was actually quite shocked to find out the other day both checks had already been mailed out.
I have been making regular payments on my life insurance policy for 24 years and have never missed a payment. Last year they started asking for more money because they said the value of the policy doesn't support it. I paid the additional amount by the dates requested on 3 occasions. The last extra payment for $169.48 was paid on December 1, 2017. I have confirmed that they cashed the check. Today I received a letter saying that I missed the grace period and the policy is cancelled. No one is available to talk to me. This seems illegal. If they sold the policy too cheaply that is not my fault. I am going to speak to a lawyer that I work for and see if it's worth pursuing.
I have two term life policies that I got 15 years ago with Monumental. Unfortunately, Transamerica bought Monumental out. I really hate that. But, it is what it is. O.K., I had my insurance premiums coming out of bank automatically each month. In October of (2017) one of my policies went up. They never told me. Did not notify me of this at all. In November, I received a letter informing me that my insurance was not paid in October because it went up and I did not leave enough money in bank. O.K. I called in a payment for 3 months (October, November, December) 2017. I paid over phone. They said I was paid up until January (2018). I called in January to make my monthly payment on both policies and they tell me that I still owe $76.50 for 1 of the policies that was not paid.
I faxed them my bank statement for November that showed where they took out 3 months' premiums on both policies. I also had the confirmation numbers that I was given over the phone when I paid them. They say the payment was returned. There was more than enough money in that account. The payment was made successfully. My bank statement shows that clearly. The payment was returned in somebody's pocket. They gonna find my money. I am not letting them get away with stealing my money. They want me to pay the same premium twice. They are either stealing people's money or they have the most incompetent employees on the planet. I am going to find out which it is.
I do not care if I have to hire a lawyer for their asses. I will. It is the principle of the matter. Not the $76.00 that they want me to pay again. Something has to be done about this insurance company. They can't keep scamming people. I see that I am not the only one that has a complaint against them. I have already reported them to the Better Business Bureau. I guess will give them until the end of the week. If they do not find out what happened to my payment, I am going to a lawyer with my proof of payment. They causing me stress, because I always pay my bills on time, and for someone to take my money and say I did not pay affects me in a negative way. All I know is that they will not get away with scamming me.
After following all procedures for filing a claim from November 18th, I still have not been paid despite doing everything on my part that was required. Lack of communication on the part of Transamerica has held up this claim.
I'm writing in regards to my mom Rebecca ** long term health care. Policy number ** claim **. Mom was evaluated by TransAmerica's nurse Jan of 2016 when she was entering Canoe Brook Assisted Living. All repeated sent reports, faxes, transmissions were said to never arrive for around 3 months. Hours and hours on hold, multiple faxing of documents. Over 20 faxes of huge stacks of documents sent, were claimed to be never received. Finally, after months of stalling, they said they got them but then denied the claim.
After multiple phone calls refaxing and documentation it was determined we could appeal the denial in writing in April. So I did. Same issues. Claimed to not receive documentation. Needed more documentation. Didn't get Dr's letters or faxes. This went on for another 3 months without reimbursing us for her bills. I finally took off work a couple of days, rounded up copies of all documents about an inch and a half thick band, sent multiples copies to multiple addresses by registered mail requiring signature.
In July I believe, they finally sent another nurse to evaluate. Again hundred of wasted hours. Again Claims of not receiving documents. Dr's letters, nurse's notes. Wasted hours of mine and the facility. And the dr. It took a toll on my business, but I couldn't drop it. This is my mother. I spoke with a friend who had legal experience in such matters. He told me to record conversations, document all I spoke to, send all documents by certified mail demanding a signature, and to contact the insurance commissioner's office. I did. Immediately things changed: they started answering calls, receiving documents and within a short period of time they called saying they'd paid the claim.
They then sent a follow up letter explaining benefits left. The letter claimed 200 some days left. My calculations said 600 some days--almost 2 years a huge difference. They said the next nurse evaluation was to be Jan 2017 rather than a year away as her policy states. I called the agency again questioning how they arrived at their figures. The person on the line, Mimi, said that she found the error and I was right. She said we had 600 and some days remaining. Unfortunately there was no supervisor available to collaborate and validate as I requested. Two more hours wasted. She also agreed mom's policy allows for only yearly evaluation. And assured me the next one wouldn't be until July 2018. I asked for it in writing as well... She agreed and asked for an audit to be sent to me.
Unfortunately the letter I got dated Nov 7 didn't support what she told me. Rather it refuted everything she had told and said only 200 days remained and the next nurse evaluation would be in Dec. 2017. So I called TA again. The woman said she was assigned to find resolution. She was abrupt and discourteous. I went through entry days of each facility, exit days, rehabs, etc. Year by year. Month by month. She said asked where I got my dates. I said from the facilities and their bills. I documented everything. I could send her copies. They'd get back at me, they said abruptly. She got downright hostile when I asked about the reason for the nurse to come again before the year was up. I don't know why. I was very cordial.
Three days later she called finally. Left me a message that we did have the almost 2 years, I maintained, rather than the 200 days. But if I didn't comply with the nurse evaluation it could keep us from collecting benefits. Sounded much like a threat. So the nurse agency called and scheduled an appointment before the holiday. I put it off until after the holidays as I had family and business matters to attend to. Jan 2 6 pm is scheduled. They give no reason to make me and my almost 89 year old mom go through this again. And I dread losing 6 more months of my life to jumping through their hoops so that they can stall for more months not paying the claim. Canoe Brook was patient and helped us out the first 6 months, but I hate the thought of them wearing out of this company's shenanigans. I recommend NO ONE buy this insurance.
Buyer beware because there are people that will give this company positive reviews which is a fix. Everyone I know, myself included, from people who make 6 figures to the poorest of my friends and associates have told me that they’ve had extreme negative experiences with Transamerica because of their deceptive practices and are under the radar of the law due to protection loopholes and our ignorance solidifies their deceptions. They use bait and switch policies and renege on their contracts and many claims get denied by way of paper wrangling even after you’ve submitted what is specifically asked for in a timely manner.
I wish I can put zero stars. I went out on disability 8-8-16 and Transamerica has given me hell. I thought I’d have the additional 1000 a month but my claim gets denied then I have to send in paperwork and I get my money every three months. Smh. It’s sad I have two small children and I’m a single mother that additional money is for them. I put my claim in August so I can go back to school shopping for them. I didn’t receive the money until October. Now I’m told my claim is denied because after a year you have to be Totally Disabled. My year was 8-25-17 so I sent documents from 8-27-17 AFTER the year and my claim was still denied. I’m still out on Disability. I pray I can get through with them to get the money by Xmas for my children.
They provide $1,000 complimentary accidental death and dismemberment, through my credit union. I was in the process of signing up for an additional $50,000 more until I noticed the fine print that said coverage is reduced 50% at age 70. I am 72. I hate deception!!! I will not agree to paying full price for 50% coverage. I am glad my beneficiary won’t have to deal with their deceptive practices!
Just another insurance company charging more and giving less. They take your money and then that group of scumbags sit at a table and find new and ways to deny your claims for any reason they want. It's just legalized Crime and no one will help because anyone who could help is on the contribution payroll - Government Politicians. So bend over and kiss you cash GOOD-BYE. The CEO needs a NEW YACHT. Hope and pray you all ROT in HELL.
I’ve been a policyholder for almost four years. In June of this year I had to go short term disability and I was thankful I had this policy to fall back. In hindsight I should have done something else. From the start of filing the paperwork it’s been the ultimate nightmare. I can’t get anyone to ask my question, return phone calls or send out my payments. I don’t know where to turn. I’ve been told every excuse in the book. From I didn’t initial the paperwork the first time I filed on 6/10/17. So I fix that and faxed it back on 6/12/17. It was after they received paperwork. It would be a fifteen day processing period then the first payment would start and be sent out. By the second week of July I hadn’t received anything. So I called to see what the Status of my claim.
I was told my policy had canceled for non-payment. The funds are automatically drafted out of my checking account every month. So I had to send them in. Then they said it was their mistake and start reprocessing my claim. I received the first payment on 7/24/17. In August I received a check on 8/28/17. In September I didn’t receive anything. I would call and be told someone would return my call within 48 hrs. So I called again and told two different answers. The first was my claim was being delayed because the form they had requested from me that I completed were sent in too early. The second answer was that they pay their claims a month behind.
I asked why then, "Are we into the fourth month of this?" and I had only received two payments. I was told I had to speak with a manager. It’s now November 8th and have only received three payments. I was told on November 6th I would receive a status update the following day on Nov 7th yet no one has called. I've called three times today with leaving three voicemail.
I have been paying on several insurance policies that my dad took out many years ago. Since he is in a nursing home, and not able to to take care of this anymore, I am trying my hardest to do this correctly. I recently moved, and it has been a nightmare to get anyone to help me or listen to my concerns. They have NOT only sent mail to my old mailing address, they are sending some to me at my new address, but misspelling my address, as well as sending the one policy I took the time to have sent to my brother's address. I was trying to find out if he would like to continue paying on the policy, or cancel.
They sent this policy to my old mailing address. No matter how many times I call, beg, or plead with them, they continually make senseless mistakes. I tried to get the girl to correct the address on my brother's policy- the one I dropped and hopefully sent to him, to which they sent to my old address instead, and the girl told me because I was no longer the policyholder, she could not change the incorrect address. Mind you, I gave them the correct address BEFORE I dropped it from my bank draft... I can't help it that the people working there are 100% incompetent- or at least the ones I've been on the phone with- time after time after time... Can you tell I am beyond frustrated!!!
My mom passed Sept 19. I submitted a death claim Oct 24th. Both customer service and claims were very helpful and said it would take 7-10 business days to review. I sent in the requested forms they asked for and today I received a check!! I don't know why there are so many complaints against Transamerica. My experience was amazing. They really came through at my roughest time of my life and I recommend them to everyone. It's important to read your policies and understand the terms of your policies. Transamerica is a great company and their actions speak louder than these negative reviews all because people assume and don't read and they don't understand their life insurance policies. It's not any fault of Transamerica. I truly thank them from the bottom of my heart.
They say insurance is cancelled... It was Monumental Ins... Paid for over 30 years... I got a phone call from someone saying insurance was cancelled... Then I call them and they said it was cancelled, I told I never got a notification, they said I did. I asked them, "Why would I pay for all these years and I even paid a bill in August and I'm cancelled in September?" They said, "No you were cancelled in July?" How can that be? I get no answers at all, this seems to be not legal...? Does anyone have a answer, I think I need a lawyer!
BUYER BEWARE!!! Save your money. This company is a scam. They put provisions in their policies that allow them to deny accidental death claims. My husband was in a car accident and died from his injuries, per the Medical Examiner's autopsy report, but because it was over 90 days from the date of his accident, Transamerica doesn't consider the manner of death "an accident" and paid the lesser amount. This is one insurance company that gives someone a false sense of security, you think you are paying Transamerica so when you die, Transamerica will provide funds to your loved ones to cover the cost of your burial and maybe a little, and I mean a little, extra if you die unexpectedly. That is false if you do not die in a timely fashion, per Transamerica. I guess the medical community shouldn't try to save your loved one and keep them alive more than 90 days per Transamerica.
You watch your loved one suffer trying to hold on, trying to live and it is so difficult to watch them suffer and eventually succumb to their injuries to find out you get punished for your loved one trying not to die from Transamerica because they don't believe your loved one laying in a hospital bed with I.V.s and tubes in your loved ones everything and everywhere for more than 90 days isn't part of the accident that prevented them from ever coming home. So do your surviving loved ones a favor and buy life insurance from a reputable company that will provide what they say they will if you die of natural or accidental causes without so many loopholes letting them off the hook, like Transamerica. BUYER BEWARE!!!
My husband and I both have (had in my case) policies with Transamerica Life Insurance for a long, long time back when they were other companies. I recently received a letter that told us his payment was no longer able to support the policy and we owed them $500 to continue and will be cancelled in October 2017 if not. I called in June to increase the premium - didn't happen. The same with July and August. Now they want the $500. His new premium for $50,000 will be $200 a month. Not happening. I finally got through to someone and I said, "I think this is a scam" to which they replied, "Ummm I see why you would think that".
Took 3 months to get a hold of our agent who is another state away from us. My policy the same thing happened and I sent in the extra money - they cancelled me anyway. We are both in our 60's. The big problem in my opinion is that they lowered the premium about a year ago and now want to get us for more money. I do believe they will cancel my husband's policy regardless. My mother and my mother-in-law both had a policy with Globe and they paid the claim right away. No questions asked as long as we had the death certificate. Plus, I can get a policy for my husband for $50 less a month. We had the policies way back when they were People's Life Insurance and that was in the 1960's before they started changing names. If you have a policy with them I suggest that you run to the nearest other company. We are done!
Beware of this company!!! My husband and I signed for a life insurance and savings last year. We were told that after 9 months we will be able to lower our monthly premium or we can even stop paying for up to 6 months if we don't have the money. After 12 months I requested Transamerica to lower our monthly premium which was flat out refused! I requested them to please allow us to stop making payments of $2000.00 per month for 6 months as we encountered hardship, which was also flat out refused! I called the bank and gave them an order to stop Transamerica from debiting my account.
That was 4 months ago. During these 4 months the broker who sold us the policy was back and forth with Transamerica on the phone trying to sort this matter, but no luck! I requested to cancel my policy with them and for Transamerica to give me my $20,000 that is in the savings account. They told me that they will not give me my money back, I need to pay them for the 4 months which I haven't paid ($8000.00) in full and I will need to carry on paying my monthly premium of $2000.00 for the next 3 years. Now my husband and I are sitting here scratching our heads because we don't know what to do! They tell you one thing in the beginning but it's a totally different story the second you sign on the dotted line!
My mother passed away in early April. We have provided all the information that was requested of the company. When my mother purchased the insurance she was with an agent. It was slightly under 2 years since she purchased the insurance. However, she was not sick. She purchased more insurance because she was retiring. We had another policy as well with AARP. THEY HAVE INVESTIGATED AND PAID MONTHS AGO. I don't understand what is taking so long. I wonder if I should hire a lawyer. Just make sure you do your homework. I have read that they are having trouble paying out their claims. Incredible!
I'm an independent insurance agent. It is true Transamerica is struggling to pay claims. This is because they are overwhelmed from taking over the Monumental Life and Commonwealth Life books of business. There is someone on here that claims something about a "pyramid scheme" involving lost money and Transamerica. This explanation was a flat-out lie. Policies like that DO NOT EXIST ANYWHERE. It is possible they were actually just scammed by someone.
Another claim, probably through ignorance: in all 50 states if an insured person passes away within the first two years of purchasing a policy, the insurance company is REQUIRED BY STATE LAW to pull the medical records to see if there are any material misstatements or flat-out lies on the application. Believe it or not, clients sometimes lie to insurance companies to see if they can get free money.
I'm not making an excuse for Transamerica; they are having an egregious problem with timely payment of claims and they are working to solve it. I have a client currently awaiting a claim to be paid so they can be paid for their burial expenses. AN idea: for those needing that money to pay for a burial, let the funeral home know. Show them the policy. You can even sign it over and the funeral home will await its money. Just let them know. All they want to know is that they are going to be paid.
I use to work for Transamerica. I am so glad I left. Transamerica DO NOT CARE ABOUT THEIR CUSTOMERS. THEY DO NOT PAY DEATH CLAIMS, IF THEY DO IT TAKES MONTHS. They are a very racist company. Transamerica is only concerned with the premium that customers pay. They could care less about you and your Family. When you file a death claim a company should not try to find medical information not to pay the claim. That is the reason you go through underwriting. Please. If you have a policy with Transamerica, surrender it and go through another company. If it is a whole life policy make sure you have them send you your cash value that had accumulated in the policy. The point in life insurance is to pay for your final expenses at the time of death.
With Transamerica you WILL have to come out of pocket while they "review" your death claim. I personally have had friends and family members call me advising me what they are going through to have their death claim paid and it is ridiculous. I also know people that have worked with Transamerica and they resigned due to these reasons and more. Life Insurance is extremely important. Please do the proper research before signing with the company. Run from Transamerica... please. If you love your family and understand that they will be grieving due to losing you and YOU DO NOT WANT THEM TO HAVE ADDITIONAL PAIN AND SUFFERING, then do not have Transamerica as your life insurance company. Hope this helped and take care.
My mother has passed about 1 year ago and this company continues to say that they have not received the paperwork that we sent in. One month they have it but not filled out correctly, then the next month they do not have it. Now I am sending in everything certified mail and recording the conversations. I am 32 and able to do this, I can't imagine the elderly people that they do this to or if I was 75, I would have no choice but to give up or get a lawyer. Reminds me of "The Pelican Brief" by John Grisham.
San Fernando Valley - Encino office. N ** was the agent. DON'T DO THIS!!! PLEASE LEARN FROM ME. THEY WILL TAKE YOUR MONEY AND LIE. My so called friend/coworker who knew about ALL of my struggles in my life... Had introduced me to this pyramid scheme!!! I trusted her and her boyfriend. I had known her for years. After attending their Saturday workshops in the Encino Office and a couple times in Oxnard, I was convinced to purchase the life insurance (Transamerica), $250,000 policy. I paid for 12 months up to $300.00 a month; me trusting them was given the contract, which was really thick and in very small print. I asked several questions and it was all lies.
After paying into this policy for 12 months... over $3000.00, I was reading and found that my policy was only worth $1539.00. They had deductions and fees over 1500.00. After speaking to several representatives it was explained that the people who bring you in (so much for friends) are making over $5,000.00. You will pay the first 5 years before you see any money. There is a "surrender fee" that was never explained!!! He had assured me that I can cancel at any time; which if you do before the 5 years they keep all of your money! So I lost over $3000.00. Which is a lot of money.
I am a single mother and work as a social worker (Not making a lot of money). My so called friend knew of my struggles, so I trusted her. They sure did make it sound great! Too good to be true! They are heartless! Previously, I had been depositing that amount of money into my PERS account. I am so disgusted that people can do this to each other as I always try my best to do what is correct and never take advantage of others!
I tried to extend my term life insurance and was blown off and told that my rates would more than triple. GRRR I just received a monthly rate with IntelliQuote for $55 per month fixed for 100k. I am 64 years old and in great health. No options were made by the customer service people at Transamerica. Pissed off yup.
I pay 54.00 per pay period for short term disability to have 2,600 no th in coverage. When plan was sold to us at work we were told for accidents we would be covered day 1 and for illness at day 7. I had an accident and tore my plantar fascia off the bottom of my foot. I work at a hospital and am required to be on my feet for 12 hour shifts. I went to my surgeon and was casted and taken off for min of 12 weeks as it's a very long recovery process. I had the physician fill out the ridiculous amount of paperwork required as well as my work, and my personal required paperwork. I submitted. They say they don't process for 14-21 working days and they absolutely don't.
After waiting the 21 working days I was denied because my Dr stated I could do sedentary work but had to be completely non-weight bearing. My work wrote a letter stating that they had no sedentary work and attached a copy of my job description. 21 more days pass and I get another denial saying I'm not disable and it's not their fault my job doesn't have any sedentary work for me. I then talked with Transamerica and was I informed that the only way they will pay is if Dr fills out all new paperwork stating I am completely disabled. I had that done and resubmitted and after 21 working days wait received a letter stating I was denied due to discretions in the physician's paperwork.
This company does everything in its power to never pay. They are a joke. I have done everything instructed to do 100% and they just keep denying. In the meantime my foot hasn't gotten better and I am facing surgery and I still have not been approved. I think this company takes premiums and denies until you give up so they don't have to pay. BTW I tried to cancel the insurance and they stated that with my employer we signed up for a year and cannot cancel my coverage unless I am terminated. So I'm out not getting paid but they are still collecting their 108.00 per month premium for absolutely no coverage.
PLEASE SAVE YOURSELF THIS PAIN AND AGONY AND NERVE RACKING STRESS AND DON'T BUY ANYTHING FROM TRANSAMERICA. Also encourage you to read complaints about Transamerica. I'm far from the only one with the exact same issues. They obviously don't pay across the board on life and other services. It's all the same story. Buyers beware! This is fraudulent company taking advantage of people.
Back in December, Transamerica Life withdrew from my account $6.30, twice. In total $12.60. I couldn't get a hold of anyone in English so I talked to them in Spanish. I gave the lady on the phone my new account and agreed to pay for the new month. Now, they are charging me for not paying them. I wish Senator Warren would trust bust. Like Theodore Roosevelt. Read Teddy Roosevelt's trust busting program. Another bad company is AT&T. I thought you couldn't send anything in fine print.
Transamerica Life Insurance Company Information
- Company Name:
- Year Founded:
- United States