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Transamerica Life Insurance
Overall Satisfaction Rating
1.60/5
  • 5 stars
    7
  • 4 stars
    1
  • 3 stars
    1
  • 2 stars
    1
  • 1 stars
    41
Based on 51 ratings submitted in the last year
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    Transamerica Life Insurance

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    136 Transamerica Life Insurance Consumer Reviews and Complaints

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    Page 1 Reviews 1 - 30
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 15, 2019

    My wife and I were with Transamerica for about 15 years and all seem to be good until my wife took out from her 401K about $6000 to invest with Transamerica. Our financial adviser Louis ** from Schaumburg Illinois took the check and that was it. Over a year went by and my wife wanted to follow up on her investment and to her surprise, Luis held on to the check, never invested it. WOW! Then my wife started reading all the bad reviews and couldn't believe all the bad ones which were about 99%. After an investigation she was awarded a small settlement. We decided to pull our money out and like all the other reviews, it's like pulling teeth from somebody that's running. Over a month and still no check. I'm very surprised that this company is still in business and even more surprised that the BBB isn't shutting them down. Invest in a bigger more reliable investment firm with good credentials and you won't lose any sleep.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 12, 2019

    I have told this company numerous times I am no longer interested. Requested info and never got it but yet they keep calling and emailing me about setting up phone interview for Underwriting. My info needs to be deleted out of their system asap - I feel that my info (social security #) etc is not safe in their system. They also need to stop emailing and calling my number. I have told them this to no avail. Very unprofessional.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 3, 2019

    I, like other people have written on both this website as well as the Yelp website, have been trying for over a year to complete a simple 401K rollover from Transamerica to my new 401K company. I have called Transamerica multiple times, completed the paperwork and tasks that are requested, and then am assured I've done everything I need for the rollover. Then a few weeks later I am told that some paperwork is missing, am made to do the same paperwork (which has already been completed and faxed in the past) again. I have been trying for over 1 year to roll over my funds from Transamerica and have been unsuccessful thus far. Every time I call I get a new customer service agent who has a new problem/excuse as to why the rollover was not completed and a new task for me to complete to ensure it works. The cycle has been going like this for over a year.

    5 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 22, 2018

    I got my index insurance 8 years ago through insurance company called Western Reserve. I used to get fair excess interest by then as I was promised by the policy. Then two years later, I got letter stated it was merged into Transamerica. My policy states that I will get minimum 1%, maximum of 13.25% interest. Then despite my cash value is higher than before, they barely credited any excess interest. I called them few times for explanation. The agent treat me like dirt and told me I didn’t get interest because the economy is bad. Actually the economy is doing much better than before. I was scammed by unprofessional agents to begin with by being told this is the best money making and my money will grow fast which is not. Don’t buy indexed whole insurance to grow your money. You will be better off keeping your money in bonds or CDs.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 19, 2018

    I was in a car accident in August. I was seen in the emergency room and had (and am still seeing numerous Drs) follow up appointments. I saw a chiropractor for two weeks and did physical therapy for 6 weeks. I had 2 MRIs and have been getting weekly trigger point injections in my spine. I have had nerve and muscle testing as well. I submitted my claim, to include detailed office receipts detailing treatment provided.

    I've called numerous time to check on claim process. It is now December 19 and I receive a letter stating I need to provide documentation of emergency treatment that includes treating diagnosis code for date of loss and I have until December 24 or claim will be closed. That's all it states. I've supplied them with EVERYTHING I was able to get and offered to send EOB from insurance that would have the codes and they said it couldn't come from my insurance, only the practitioner. When I called them numerous occasions, they never told me I needed further documentation.

    Now the week before Christmas, they say this? The customer service representatives are rude and not knowledgeable of the product. The lady I spoke with today was extremely rude and kept telling me that I didn't have surgery that she can see and I need to submit proof of surgery? Say what? Is having surgery a requirement??? I'm supposed to be compensated for the MRIs, the follow up visits and the physical therapy appointments. My company switched t this company from Aflac and what a mistake that was! I'm not going to be renewing this trash policy. From what I heard from others (I didn't have to use), Aflac was much easier to deal with and paid claims out promptly. Don't waste your money on this company. They don't care about your accident and don't even pretend to. They give you the run around and are extremely rude and even their communication via mail is insufficient.

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    10 people found this review helpful
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    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 18, 2018

    Although highly rated by its peers and brokers, this company is really dragging its feet when it comes to meet their paying obligation. It is taking months to make a decision, restarting their 2 months clock for missing info while not notifying of missing anything. All this of course while keeping stocking monthly premium payments. Poor communications.

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

    My employer had 401K money with Transamerica. When I left there, I tried to get my money transferred out. With other companies, this is a very easy online process. You put in the new account info and funds are transferred. Here, I have spent MONTHS trying to get my money. Every time I talk to them I hear a different story and get different forms. Today - after submitting the form they asked me to send weeks ago - I get an email saying for me to call THEM. I call - I have to go through their automated call hell and now waiting 30 minutes for a customer service representative to call me back. I was so frustrated by their process. I even asked to put it in another fund within Transamerica. They could not do that either. I can’t say enough how bad this company has been.

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

    My employer switched to this company last year. The premiums were higher and benefits less. I tripped over my pet, fell and broke my ribs. Went to the doctor the next day. I was also diagnosed with an upper respiratory infection. Due to the fact the dr listed the upper respiratory infection 1st, the claim was denied. The dr report stated in black and white, patient complaining of rib pain. Patient states tripped over pet and fell. X-rays were done showing broke rib. These reports were sent as well. I appealed twice. Worst customer service I have ever received. Claim filed in August, we are now in December and I had to call to get the denied answer. No correspondence at all. Don't waste your money.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 29, 2018

    Will never ever do business with these people. Accidental and disability claim just a round and round circle ⭕️ and the customer service representatives are real **. Just liars. Been with them since 2012 and never got paid off of a claim then and here we are in 2018 still not getting paid again and it’s all about little things like dates on forms missing and other BS. This company just does not want to pay sick people and that’s just it. Plain and simple.

    14 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Nov. 28, 2018

    My mother in law suffered a heart attack and was forced to retire. She tried to get in contact with Transamerica to start withdrawing her money. They refused to help her. My wife and I started to help her and again, no help. They said contact her HR department. Her HR department said that we had to contact Transamerica. Even the paperwork said to contact Transamerica. My mother in law has now passed away and we have been doing a back and forth with Transamerica. They keep sending paperwork every few months telling us that this is it. Only to get more paperwork requiring notarized signatures.

    It's been almost a year since my wife and I got involved. Honestly I feel that this company is a scam. They keep coming up with excuses to delay paying out. The overall feeling is that they want to make it as hard as possible for people to withdraw in hopes that they give up. Seriously, how hard would it be to give us one list of what we need to do to get the money?

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    14 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 25, 2018

    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!

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 17, 2018

    This is a company that is notoriously known for its unlawful business practice and scam. My agent Rhoda ** scammed me into setting up a savings account with an insurance benefit but failed to mention a surrender period. I'm a student who wanted to save money so I can use it to pay off my student loan, and she informed me that I will be able to withdraw the money after 5 years of savings. I trusted her word as I was thinking she had my best interest at heart. Instead, she hid important terms of the policy from me that I later found out (two years later) from calling Transamerica customer service where they detailed the plan in its entirety.

    I immediately became disappointed and frustrated simultaneously, as they told me that they will keep the money they've been taking out of my account for the past two years. The agent Rhoda, a phony, callous financial advisor pretty much lied to me in order to get me to sign the documents. PLEASE STAY AWAY FROM THIS COMPANY. Even more, the company has numerous class action and legal preceding against it and I'll most certainly be taking action as well. My plans to pay my student loan with my savings plan after five years is now completely upside down as they insist on keeping my funds and my keeps increasing because of the interest.

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    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 16, 2018

    My wife was approved for adult day care benefits in June of 2018 after an evaluation from a nurse chosen by Transamerica. I enrolled my wife in daycare in July. I submitted a claim in August for the July expenses. Then the process of need proof of lost documents. (Not well defined at all.) And since Transamerica only communicates with US mail which for some reason takes 7-10 days to reach me we went back and forth on what was submitted, what was still outstanding and what crossed in the mail. I then submitted a billing statement for August.

    During December we were still trying to get the appropriate information from the daycare provider (which I had to do since Transamerica does not talk to providers). This went on long enough for me to send in a Sept. billing statement and then discover that they were asking for information that according to my policy was not needed for a licensed facility. At the end of October I was told that they now had all of the information that they needed to review my claim. They said they would need up to 15 days to review. I then submitted my October billing statement.

    Today, November 15th I called to find out the status. Everything is now approved, however all of my billing statements have to wait until they process Nov. 5th claims (the date considered that everything was approved.) However they are in the process of processing claims from Oct. 23rd. Doing some math this means they are weeks behind in processing claims and I won't probably see any money until mid. December.

    So if you are planning to work with this company be advised that your initial claim will take at least 5 months or more. I don't know how long subsequent claims will take. Heaven forbid I move my wife to another center and have to through this torturous process again. I don't have a lot of confidence that they will process all of the billing statements I have sent. They did not seem to know that the billing statements existed when I called today. They did eventually find them but will the people who actually do the payments find them? I will know in mid December. I hope I don't have to call again to guide these people.

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    9 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 16, 2018

    Very professional and a great variety of products! Good customer service! Sat down with the reps and they were paying attention to my needs, which was very comforting especially with the topic that was being discussed.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 9, 2018

    I called them about my husband passing on a Friday, he passed on Tuesday, they sent papers to wrong address twice, then when I got papers I sent back last week with death cert. Now today I get same kind of papers to fill out again, I call, well they don't have them yet... I have a small policy on me also, I told her to send me the cash value of that, & drop it, well now they are sending more papers to fill out, if I ever get them... This is the worse company in the world, do not do buy anything from them, they are crooks... I had 2 other insurance with other companies & have already received a check from them... This is only 1000$.

    24 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 5, 2018

    It has taken over six months to receive proceeds from a retirement-savings plan. All the information they have requested has been furnished in a timely manner. The check was to be mailed within 7-10 days. That was a month ago. Now they can't tell me when I will receive the check (under $4,000.00) or why it has been so long.

    18 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 5, 2018

    I have a retirement account with Transamerica (chosen by employer, not my choice). They refused to mail me a statement. They say I have to call every few months and request they email it to me but refuse to mail it. The statement is insufficient. Some of my money is in regular 403B and some in Roth 403B. They do not specify on the statement what amount is regular and what amount Roth so I can't keep track of how much I have in each. I inquired about that and they said they would look into it but nothing was changed. Communication is poor. They only put out the minimum amount of information and do not give clear information about how the investments will be handled. Don't know why the government gives employers the ability to choose who will handle your hard earned money. My own investments are with TRowe Price and Vanguard. I get good service from them. Can't wait until I retire so I can remove my money from Transamerica.

    19 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 4, 2018

    I would not recommend this company. We had a very terrible customer service experience and from reading others reviews it appears this is a common problem with this company. We have term life insurance which was put up for collateral for a loan. When the loan was paid, Transamerica gave me the runaround to remove the bank from the policy. It took me six months and 3 sets of paperwork to have them remove the bank from the policy. Only to find out now that Transamerica had made an error. Wasted a lot of my time and created a lot of aggravation. I can only imagine if I actually needed to cash in this policy. This is a term life insurance which is due to expire soon. We will not be renewing with this company.

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

    I’m a Transamerica policyholder, I do have two policies. Accident and disability! I was in disability for five months and all the time every single month I sent my claim form to request my benefits. They always loses the form and never process a check on time for me! Customer service has always a story and the checks that I suppose to get every month never came! I was so disappointed because I relied on that benefit but all I received was documents to fill out and in fives months out of job all I received was 2 checks! I almost lose hopes on my home disabled and hungry! I will removed my money out of that company as soon as I returned work! Please do not invest money in that company! Worst experience ever! My money will be taken out of it.

    23 people found this review helpful
    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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    13 people found this review helpful
    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.

    17 people found this review helpful
    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!

    31 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.

    29 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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    28 people found this review helpful
    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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    31 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!

    47 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!

    40 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.

    47 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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    42 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.

    55 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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