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Transamerica Life Insurance
Transamerica Life Insurance
Overall Satisfaction Rating
1.62/5
  • 5 stars
    6
  • 4 stars
    1
  • 3 stars
    0
  • 2 stars
    1
  • 1 stars
    36
Based on 44 ratings submitted in the last year
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Transamerica Life Insurance

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117 Transamerica Life Insurance Consumer Reviews and Complaints

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Rated with 5 stars
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Verified Reviewer
Original review: Sept. 20, 2018

My previous employer had swapped our retirement investing company so I started a new 401k Jan 1st or so of 2017 from scratch. Since I had nothing to lose I selected the aggressive approach that deals mainly in stocks and small percent to bonds. My prior employer always gave a 1-3% raise and out of that, I had a total contribution rate of 8% directly out of my bi-weekly salary (If you are reading this bare with me I just want to elaborate) and my employer paid 3% of my 39,000/year salary. My co-workers were jealous when they compared my aggressive approach vs their low-risk portfolio. I quit in May 2018 so from Jan 1st 2017 to May 2018 my total earnings and contributions totaled $14,250! Don't get me wrong. The contributions did most of the total however Transamerica's investing strategy was impressive, I seldomly if at all seen a loss, but the GAIN WAS AMAZING. They're fast, knowledgeable, professional, and smart portfolio investors.

Anyway, last night I submitted a lump sum withdrawal then next day my employer had approved it and Transamerica let me know that it was in fact approved and processing. The time frame given to me was 1-4 days to process after approved and 1-3 days for it to be processed by the bank for direct deposit. Additional info:

Due to my age and early withdrawal there is a 20% fed taxes and $50 fee to TA. I will also have to pay 10% of 14250 at tax time. So my deposit will be $11,000+. As for the time frame from admin approval to deposit I will have to keep you posted.

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Rated with 1 star
Verified Reviewer
Original review: Sept. 18, 2018

They are giving me runarounds. It has been 10 days and I needed to withdraw money for emergency. I can't believe that they are in business. How can they run business like this? I will not recommend anyone to use them.

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Rated with 1 star
Verified Reviewer
Original review: Sept. 16, 2018

I have been paying for this insurance for 10 years. First they were Monumental - 2008 to 2010, bought by or re-named Stonebridge - 2012 to 2016, bought or re-named to Transamerica - 2016 to 2018. I was paying on three policies, 2 accidental death and 1 health. I lost the original paperwork for the health policy, but recall that it paid $1,000 for an ambulance and a portion of emergency care. My husband was in a car accident, so we filed a claim for the ambulance and emergency care. Repeatedly requested a copy of the policy to review the benefits. Never received anything. They finally 6 months later sent us a check for $50.00. Total scam, wasted a lot of money on these policies. Do not buy insurance from this company!

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 13, 2018

My mother passed and I called Transamerica to find her life policy was accidental. The second issue came when I called and a representative told me I would receive a return on the premiums she paid. Then when I called to make a claim I was told there's no return of premium. I spoke with a manager who said the agent gave me wrong information and there was nothing they could do about it. This company lies and is unethical.

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 13, 2018

I purchased a life insurance with a monthly payment of $1,000 so I could build cash in the policy as I am being covered. My financial circumstance changed drastically to the point I cannot longer make the $1,000 payment that I had been making for the last 16 months. I called the company and told them I couldn't make payments anymore to what I thought it was a saving plan with insurance benefits and requested to withdraw the money but they said they are going to keep the money unless I keep paying the same $1,000 for the next 10 years.

They also said the $16,000 I have so far paid only will give me insurance coverage for another 3 months. So they are not only stealing my money but denying insurance coverage like $16,000 is not enough money to provide insurance. The insurance industry is a huge FRAUD and these crocks at Transamerica are pros when it comes to steal money. Yes, I am telling in their face: YOU ARE A BUNCH OF THIEVES!

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6 people found this review helpful
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Rated with 1 star
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Verified Reviewer
Original review: Aug. 27, 2018

My mother was hit with a notification that her insurance would be cancelled if she did not increase her premiums pymts, which could be over $1,000/mo. I truly believe they just want her to cancel the policy, as she's 80 and they don't want to take any chances of paying off anytime soon. As this is all confusing to her, I got involved. Over 4 months and at least a dozen phone calls, they have told me different amounts to pay. Finally, I had several of their representatives tell me that all is paid up to date and my premium would be a set $150/mo. That seems high, but we can handle that.

Many seniors on a fixed income cannot. Now, making payments faithfully, I get a letter each month stating that my payments are not adequate and threaten to terminate if I don't pay the balance. Each time I call, I get different responses. One rep has told me to ignore the letter, which the company actually has record of him stating. Now, they're stating that I still owe the balance, but no one can tell me where they are getting that figure and what it is for. FRUSTRATED and want to SHUT THIS COMPANY DOWN! Taking advantage of people, especially elderly!

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12 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Aug. 6, 2018

My employer switched from AFLAC to Transamerica and I am disgusted. My husband broke his leg and I sent paperwork in the day after his surgery. Every time I call Transamerica I get the runaround. They tell me something different every single time I call and STILL haven't paid... almost two months later. My husband is unable to work and we need this money. Transamerica certainly doesn't care. The last "customer service" agent I spoke to me straight told me that I was lying about what I said other agents had told me. Terrible customer service, terrible communication, terrible turnaround time, TERRIBLE COMPANY!

25 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 23, 2018

I have been denied access to my account repeatedly even though I have complied in numerous ways and have provided proper documentation. Clearly they make it impossible for you to access your funds! I have spent 6 hours and 8 calls...faxed and emailed till I am blue! It is clear they are now just being nasty and obstructing me. I have contacted everyone possible! Terrible company!

24 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 20, 2018

What a joke!! The local agent first told me I COULD NOT cancel one policy without opening a new one! Lies!! After 3 months of her b.s. and lies I finally received the paper to sign and cash out policy. I paid $7 for priority mail so I'd have proof these crooks received the paper. What do you know 3 weeks later I get another paper saying I needed to fill the papers out again because THE AGENT marked the work box. (Are you kidding me!?!?) Filled the new paper out while speaking to the main office to make sure the paper was correct, spend another $7 to mail and guess what I get in the mail today. Yep another form!! This company is a joke and should be prosecuted! They con people and do not honor their policies.

27 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 17, 2018

My grandmother passed in February. She had two paid up policies originally underwritten with Monumental Life. One was put on RPU in 2015 and the other was paid up in 1988. The policies were assigned to a Funeral Trust for payment of her final expenses. It is now July and there has been no progress or payment. We paid these policies faithfully during her life. The funeral home has been told various excuses such as the policies are not active and they should not have been assigned even though THEY accepted the assignments.

Whenever I call, they remind me that they are only working with the funeral home. The funeral home mentions they are not responding to them. Only yesterday were they connected with a supervisor in the contact center. Today I called and they refuse to transfer me to the claims manager. My loved one passed at age 102 and we were very close. Now I'm left with dealing with this and the pain of reliving her death daily as I cannot have closure until this issue is resolved. I've filed a complaint with the Department of Insurance.

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23 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 16, 2018

An agent from Transamerica came to our home approx a 1 year before my husband passed away to review some Life Insurance policies my husband had with Transamerica "formerly Monumental". These two policies were paid up. At the time the Agent, Sam ** came to our home my husband filled out forms to change the policies to me as his beneficiary should he pass away. My husband passed away in April 2018. I called Transamerica in June 2018 to file claim for these policies and I was informed that I was not the listed as the beneficiary and Sam ** no longer worked for Transamerica. He had been fired from the company. I have made numerous attempted to get this matter resolved with Transamerica and they gave me the runaround. Now they won't return my calls at all. In addition they have made no attempt to contact the alleged listed beneficiaries.

35 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 10, 2018

I have been trying to resolve problems regarding payment billing and processing since Oct. 2017. Transamerica stopped sending me premium due notices, did not apply checks sent. Authorization to EFT premiums sent Jan. 2018, received confirmation EFT, but premiums not debited from my account even though I have letter from Transamerica that EFT was set up. Sent in all the information again in April, still not taking out of my account. All verified delivered to Transamerica certified mail. Email from Brian **, Consumer Affairs Compliance, has been supposedly researching since 6/8/18. I received letter dated 6/29/18 saying a copy of my authorization is enclosed. It was not enclosed. I have sent letter after letter certified mail with my requests, documented lies from Transamerica, conflicting information and the problems remain unresolved. Scammed and lied to.

24 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 2, 2018

‼️DO NOT USE TRANSAMERICA‼️ If I could give a 0 Star I would! I am so upset by the actions of Transamerica that I need to warn everyone! My grandmother used this as her life insurance... I tried for YEARS to contact them and NEVER got a response. They also NEVER tried to reach me! They turned the funds into the state unclaimed department and I had the check waiting to be mailed to me BUT Transamerica turned in the claim under only my grandmother's name and not the name of the trust so the state won’t release the funds... the state asked Transamerica to fix this issue which is very easy to do and it has been in ‘process’ for weeks! I don’t get it! THEY MADE A MISTAKE AND WON'T FIX IT!!!

41 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 6, 2018

After numerous attempts to reach out to my life agent, I got zilch—no response! Rica **, you made your commission from our accounts—including our kids!—and now you’re done with us. The scary part about this ordeal is that I needed her help for such a minor issue. Imagine if I actually had to file a claim with Transamerica! I can see now exactly what would have happened—she would have just skipped out on us again. Rica ** and Transamerica has completely failed me and my family. We no longer have trust in the products they represent. We will be moving our accounts elsewhere.

36 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: June 4, 2018

The agent I talked to was very helpful. He answered all my questions in a way that I could easily understand and without making you feel like I was obligated to buy insurance from his company. He told me the details about the policy and that I could borrow money from the policy. He did not push me for an immediate answer. He gave me a copy of the policy to look over for a few days and have time to compare with other companies I had considered. Very good policy, excellent agent and reasonable price.

9 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: June 2, 2018

This company gives me all the information that I desire when I desire it. They have been very affordable so far and I would recommend this company to anyone.

7 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 18, 2018

Sometime last year my fiance and I were invited to attend a "meeting" at the Transamerica office in my city to discuss possibly joining that firm to become insurance agents. In the process we were offered an insurance policy, which we obtained. As our relationship grew with this company we became interested in becoming insurance agents. This required attending meetings. These so called meetings were nothing more than pep rallies designed to rope you into selling their insurance, with zero training. I immediately became suspicious of their practices so I did my homework. What I discovered was disgusting, and canceled my policy. A refund check was sent to me and I cashed it October 2017.

What I discovered was a very long history of fraud. The number of lawsuits against Transamerica is shocking. Today, 17 May 2018 I received a letter from Transamerica stating that after review of their records it was discovered that I was supposedly overpaid and that I must return to them the amount of $118.85 before 31 May 2018. The letter states the refund must reach them by 31 May 2018 otherwise further action will be taken. This is no threat to me since this classic extortion tactic by Transamerica is used to recover funds lost due to lawsuits brought against them. I will refund their $118.85 after which time I will file a lawsuit against Transamerica. I will recover that $118.85 along with punitive damages.

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36 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 2, 2018

I have just filled out a complaint with The State of New Jersey Department of Banking and Insurance on behalf of my father. I believe he is being taken advantage of because of his age and health. They are using scare tactics on him telling him his premium which is due in 9 days will be $3000.00 and the next quarter premium will jump to $5000.00. He does not have the money to pay any of this right now. He cannot find his original policy and asked for another sent to him and that was 3 weeks ago. I did not find out till recently when he asked me for money to pay this. I will be making calls to the State, Transamerica and a lawyer if needed.

45 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: April 27, 2018

My husband and I obtained a life insurance policy in 2014. The premiums were automatically drafted every month. In October of 2017 we changed banking institutions. I contacted Transamerica and after waiting on hold for 2 hours I finally spoke to someone. I explained that I needed to give them my updated banking information. I was told to call back the following day, which I did. I opted to receive a return call instead of sitting on hold for two hours. I never received a call back. I finally got in contact with my agent who referred me to the local office. I was emailed a form to sign and was told to send it back with a voided check which I did not once but twice. I also instructed to draft current.

I then receive a call a couple of weeks later advising that I would have to complete the reinstatement process which meant more paperwork and phone calls, which I did. Again advising to draft current. Then a month goes by and I was contacted stating I needed to call in and verbally give permission to draft current, which I did. I was told that I had to complete the reinstatement process over again. At this point I was completely fed up. I was also told the amount that I would have to pay which was ridiculous since I had been trying to pay for months. So now I am taking my business elsewhere and essentially paid four years worth of premiums that I can't get back. Thank God I never had to cash in a policy. I can only imagine the nightmare that would be during a heartbreaking time in one's life. Shame on you Transamerica.

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45 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 25, 2018

I have never written a review EVER!!! But this was the worst experience I had ever had with any company in my entire life. My dad passed away and left an insurance policy for his wife and children. Well the policy got paid out, but for me my portion, it was sent to the incorrect address, an address that I did not write anywhere on the paperwork. Should have been 4228, but it was mailed to 1228. When I called to find out about my funds, the reps were so rude to me. I ask to have the check reissued to me and overnighted to me because it was clearly Transamerica's era. It's been now 3 weeks, and I've been calling every day and I get the same story, "Your check is in the mail." I had made plans to move to a new apartment, because they told me the check was mailed.

Well I lost out on a new apartment and had to move into a homeless shelter, and I'm still waiting on that check to this day which is now over a month. WORST COMPANY EVER, I have my own life insurance policy with them which I will close and find a reliable company to get my life insurance. I'm writing this review so that this may never happen to anyone EVER AGAIN!!! PLEASE RUN AWAY VERY FAST FROM THIS COMPANY!!!

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46 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: April 24, 2018

I’ve had Transamerica INDEX UNIVERSAL LIFE policy for many years! Which is a permanent life insurance and cash accumulation savings account! And my savings account has been earning very high rate of return and I’m very happy with the service that my agent provides as well! I would recommend everyone to find a very good agent and apply for this type of account with Transamerica.

29 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 18, 2018

My dad passed 3 weeks ago. We have yet to receive any help from TA. He changed his policy in Feb 2017, over a year ago. TA claims the paperwork was filled out incorrectly... So if that's the case why was he not notified? All we hear is, "It's being investigated, you should receive a packet 7-10 days." So now we have had to pay all burial expenses out of our pocket. The whole point of life insurance is to cover these expenses. He had a small $10K policy. This company is a rip off and needs a class action lawsuit.

57 people found this review helpful
Rated with 2 stars
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Verified Reviewer
Original review: April 10, 2018

Retirement Benefits - Needed estimated dollar amount I would receive, if I retired today, vs. age 65 vs. age 66, to take to my financial planner, for my upcoming appointment. After an approximate 40 minute wait time to speak to someone in the retirement department, I was then told by an Ashley, that I would have to wait approximately 15 days, for them to compile the estimates, and email them to me. This seems ridiculous, as it seems it should not be difficult to give an estimated calculation, based on the specific data, showing in my account.

29 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 3, 2018

My mother passed away over the summer, she had a retirement account with Transamerica and since then as her only daughter and living heir I have been FIGHTING THEM CONSTANTLY to get them to release these funds. DO NOT USE THIS COMPANY. Constant phone wait times of over an hour and they never deliver on their timeline promises. It’s completely ridiculous and very very stressful.

48 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 21, 2018

So my 401K rollover check was sent out on March 7 to an incorrect address. I was first told that the process to cancel and re-cut the check would take 104 days from a customer service person. I then called back and contacted a different customer service person, who said that it would take 7-10 days to cancel and reinitiate the check. So which is it? Every process takes 1-3 days, cancel a check 1-3 days, cut a new check another 1-3 days, have the bank mail the check 1-3 days. Why is this process so difficult? If I called my bank right now, I could cancel a check and have a new out by COB. I understand they probably write a lot of checks, but the time length is to me, anyway, unacceptable. I hope to never be using their services again.

27 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: March 16, 2018

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.

11 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 14, 2018

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.

45 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: March 12, 2018

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!!!

46 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: Feb. 27, 2018

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.

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46 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 23, 2018

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.

40 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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