Transamerica Life Insurance Reviews

You recently announced my extended care rate increases of 25,58,100 % to my current premium for the next 3 years respectively. Included were alternatives to reduce costs. I called your help number. The representative confirmed the benefit Reduction/Cost sharing plan would result in a premium of 7468.41 compared to the increased premium of 7468.40 and would result in a benefit reduction of 30 %. The text claims I would avoid this premium entirely if I selected this option. I am surprised the Transamerica has sent out this confusing package, nor did the representative I talked to had ny working knowledge. I was advised that he would need to forward this to the "rates team" but he was not capable of transferring me. You need to clarify clearly what the alternative are and the impact on premium costs for the next three years. I am surprised at the lack of professionalism in rolling out this info.

Poor company to deal with. I need to cash out policies for my parents. I’m POA. I’ve spent over 12 hours on the phone with TransAmerica and filed the forms required and faxed them 4 times to cash the policies as required to apply for both parents to get Medicaid. They had 7 policies which were active (confirmed through TransAmerica). In 2 and 1/2 months I’ve been speaking to customer service reps who barely speak recognizable English. They take my number, promising to call me back immediately if disconnected. Then they simply disappear from the line…not on hold but an open, muted line. They leave me that way for over an hour. They never come back on the line and never call me back. I’ve spent over 12 hours on the phone, much of the time holding for no response. When on the phone, the reps are polite but useless. They can’t answer questions. They can’t access the accounts.

Transamerica bought my life policy from JC Penney without my permission or knowledge. It has been a nightmare. They have locked me out of my 2 policies. I try to pay on-line but I can't get into my account. They won't send me an invoice to pay until it's late. If I didn't have so much money invested, I would cancel them. I called several times but can't get past the automated system. I am fed up with them getting away with this. My next call is to the Better Business Bureau.

In 1988, we purchased a Permanent Whole Life Insurance Policy. We were promised that this policy would provide life insurance protection for my husband's entire lifetime, provided that we paid our premiums in full, which we did. Our policy has a guaranteed death benefit. The policy also has an additional rider for a “Death Benefit Safeguard Option” which ensures that the policy’s payout to beneficiaries is protected and guaranteed regardless of market volatility.

This company is a scam. Trying to cancel the crappy policy they sold me was very difficult. The customer service is awful and they will continue to send you to talk with someone else in hopes you will get sick of waiting. The customer service is condensing and rude. I am still waiting on my refund!

The handling of my claim has been unacceptable. From the outset, the process has been overly burdensome, with excessively nitpicky documentation requirements that are disproportionate to the nature of this policy. This is not a high-value, complex claim, yet it is being treated as though it were, creating unnecessary delays and frustration.

Wish I could give a ZERO star rating. They are intentionally deceptive and hold your 401k money when you request a rollover. I was denied access to upload my documents with "timeout" errors and website down postings multiple times before they accepted it. Then I efaxed with confirmation on 3/27 and they denied getting it. Finally, last Monday, they said everything was accepted, and the rollover would begin 10 days after they got the documents only to learn no, they froze my account and never called back as promised to rectify the situation. I will be filing a complaint with the EBSA Department of Labor. DON'T GIVE them your 401K accounts! See less.

Have an IUL through Transamerica. I requested to withdraw some of he cash value of my IUL. I was told it would take 5-7 business days to process and another day for it to be wired to my account. Today is day 9 and I called to find out why they money hadn't hit my bank account yet. The first agent who helped me today (3/20) was super rude and hung up on me simply because I said not having an answer for why it's taking so long doesnt work for me. I called back and he second agent I worked with was great and found out there was an error on Transamerica's end. Instead of rectifying the issue immediately, Transamerica told me it would be an additional 3-5 business days for the error to be corrected. I told them absolutely not. I wanted to rectified immediately since it was an error on their end.

I have been on the phone with Ashley for over an hour at this point. The specialist continue to hold me hostage on the phone after requesting a supervisor over 10 times. Then continues to say a supervisor is not available yet the supervisor is asking them question to ask me. That is the most absurd experience of my life. I have never experienced an interaction like that. The specialist refuses to assist and then they have indicated that I have requested something that has not been requested on any recorded line. I am requesting that all calls from history reviewed. They are manipulating account information and documentation that consumers have requested and information false information on their accounts. All calls need to be reviewed and any legal action taken needs to be processed. I have audio/ video recordings of calls.

Will be leaving Transamerica Life after 25 years. Customer service (if you can get past their virtual assistant) is not helpful. Nor is the fact that Ruth, their bot, types in your ear every time she asks you a question. Very annoying. After speaking to 3 reps, I still can't get clarity on why I received a letter threatening to cancel me even though my premiums are all paid up. When I asked to speak to my agent who sold me the policy, they directed me to an insurance brokerage firm. When I called them I was instructed to leave a message UNLESS I WAS CALLING ABOUT TRANSAMERICA in which case I need to hang up and call Transamerica and deal with Ruth all over again. Sorry Transamerica. There are other companies out there. I think I'll try them for a change.