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Transamerica Life Insurance
Overall Satisfaction Rating
3.27/5
  • 5 stars
    37
  • 4 stars
    53
  • 3 stars
    35
  • 2 stars
    7
  • 1 stars
    50
Based on 182 ratings submitted in the last year
SHOW RATING DISTRIBUTION

Transamerica Life Insurance

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160 Transamerica Life Insurance Consumer Reviews

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Page 1 Reviews 1 - 30
Rated with 5 stars
Verified Reviewer
Original review: July 3, 2019

I have 4 Transamerica policies and when I got diagnosed with stage 4 cancer, they pay my terminal illness claim in 2 months after I filed it. I have received 75% upfront of my $500k death benefit. It has been 9 months after I received the money and I am forever grateful as I don’t have to work now and just focus on healing and taking care of my children. Thank you so much Transamerica!!

4 people found this review helpful
Rated with 5 stars
Verified Reviewer
Original review: Feb. 14, 2019

I have 7 different accounts with Transamerica and they have been great to work with over the years! My wife and I started our first account 11 years ago and have been impressed by their customer service and how their accounts perform. I had 250k term coverage with a different company and was able to double my coverage with the same premium. It hasn’t always been a perfect interaction, but they have been great to fix mistakes and take ownership for them which is great to see from a company you place your life savings with. One of the best companies out there in the financial industry, coming from a former wall street stock trader!

12 people found this review helpful
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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!

23 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.

10 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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24 people found this review helpful
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Rated with 1 star
Verified Reviewer
Original review: July 9, 2019

Trying to get son's death benefit. This place takes way too long! They kept sending the employer verification that was meant for me but had my son's name on it. Thank goodness I call because I have yet to receive anything in the mail letting me know what they need. I would give no stars but that wasn't an option. Very rude customer service! I am sick and tired of fighting with them every single day. My son is deceased. Just pay out. How hard can that be??

6 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: July 9, 2019

Once you put any funds in, good luck trying to get them out. They make the process long, arduous and difficult. After 18 months of different forms, and requests trying to move my funds I decided to cash out hoping that might be easier. I have now been informed that I must fill out new forms that I should either mail or fax back. They do not accept forms via email. They recommended that I call each day to determine if they have received said forms once faxed and then call weekly once they verify receipt to ask if they are processing my request. Absolutely inept and ridiculous. I truly believe this is done on purpose so that they can continue to charge their comparatively high fees. Dare I say fraudulent?

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 5, 2019

Have been repeatedly contacting them to pay out on my deceased brother's investment account. Lost orig claim form. Repeated guarantees that they were processing. When you call back, they don’t understand why the last person did what they did. Then the person you’re on the phone with guarantees they will handle correctly, and again no transfer of money. Supervisor can’t explain why his own employees didn’t do job correctly! They have no structure to escalate complaint. When you call any corporate number they just transfer you back to the same group that has repeatedly screwed up before. Most incompetent organization I’ve ever dealt with. BTW, 6 other accounts my brother had all got transferred correctly (from other companies) within days. I’ve been chasing these folks down for over 2 months.

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: July 3, 2019

This company is ridiculous. The customer service is rude. I've talked to about 8 different people. All with different answers to the same problem. I was trying to cash out retirement since I had to move and needed the money to get into my new place. You would've thought I was trying to break into Ft. Knox. It's been a month and half and I still haven't received my money.

4 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 28, 2019

No ending process to get my 401k out of Transamerica. In more than 2 months I made many phone calls and spoke to many different representatives, at the end I still got the wrong application to work on it. Finally, I got the correct application. Then, all the sudden without my consent, they withdraw all my money and transfer to a Trust. Now due to a different company and different account, I could see it would take me another long period of time to work on it. The next step I'm going to the website of US Department of Labor to file a complaint.

11 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: June 12, 2019

Rude customer service. They clearly just want to make money out of you, they do not care about anything else. Agent is nowhere to be found once you have bought the life insurance. They’re only available if you want to buy or increase the amount of your insurance and do not welcome any questions or concerns you may have after contract is signed. Very disappointed I bought a life insurance from them. I can’t take it away, I can’t stop paying, they won’t reimburse any of the money I have put down.

10 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 12, 2019

My previous employer had their 403(b) through Transamerica. I started a new job and planned to roll over the account after settling in. First, Transamerica rolled my 403(b) over into a traditional IRA without asking. I simply got an email saying my 403(b) balance was $0. After frantically calling and then seeing the IRA now existed, I decided to ignore the issue until I knew where the money would be transferred to.

Fast forward a couple of months, I'm ready to roll over my money. This is typically a straightforward process involving a phone call. I decided to go through the other bank, Fidelity, as they could handle the transfer bank-to-bank and I would not be involved. I completed Fidelity's paper work and opened a Transfer request. Transamerica refused to work with Fidelity, stating that it was not able to transfer the money bank-to-bank. So instead, I had to fill out Transamerica's paper work, agreeing for Transamerica to release my IRA in the form of a check by mail. I never wanted the money to physically exist and was not happy that Transamerica could not digitally transfer the money. I faxed the forms to Transamerica, called to confirm they've been received, and I was told that this was all the information they needed. By now, it had been 2 weeks since I started this process.

A week later, I'm informed that Transamerica needs a "letter of acceptance" from Fidelity (keep in mind, Transamerica had refused to work directly with Fidelity. Instead, I had to be the clueless middle man trying to relay messages about bank requirements and protocols.) Fidelity was confused (and there were delays on my end due to travel) but finally Fidelity was able to produce the letter and faxed it over to Transamerica. I called Transamerica, confirmed they received the paperwork, asked if anything was missing, and I was told everything looked good; it'll be 1-4 business days to process the transfer.

The following week, the money is still in my Transamerica account. I again call Transamerica and inquire about the status of my transfer. They say they are missing paperwork and that they called last week inquiring about it (I never received a voicemail). I say that's incorrect; they've had the transfer paperwork for over a month. They look and lo and behold, they find it and promise to expedite the transfer process. Luckily, everything went smoothly after that. I got regular emails at each stage of the transfer and was then sent the Fedex tracking for overnight shipping to Fidelity. The money has finally been transferred.

In short, I felt like my money was held hostage. My husband started his 401(k) rollover a week after me. It took one phone call and it was done. His money was transferred in a week. With Transamerica, I felt that all these extra, unnecessary steps were in place to discourage me and then finally make me give up on transferring my money. The fact that they refused to talk directly with the other bank was an additional cherry on top. I'm just glad to be done with this process. Don't use Transamerica.

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6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: June 6, 2019

I received a call from Transamerica saying they had a policy from my mother who had passed away in 2010. The policy had been taken out in 1929 with Sun Insurance which I guess was bought out by them. I was the beneficiary of $183. I asked if that was the death benefit and they said yes. Weird, it is an odd amount for a policy. I was transferred to Customer Service because the rep couldn't answer my questions. The Customer Service rep also gave me the same run around. The death benefit was $183. I had to write to them requesting a copy of the policy to get any details but I have no expectations of ever getting the truth. A whole life policy held for 90 years and there is no interest paid and only pays $183 sounds fishy to me.

16 people found this review helpful
Rated with 1 star
profile pic of the author
Verified Reviewer
Original review: May 28, 2019

This company is a complete scam. I had several life insurances, and when I quit them I received back my face value, minus fees, small fees that is. If you ever cancel you policy with this company, you loose 70% of your face value! When you reach your termination coverage, you receive about 20% less than your face value, and overpaid on the life insurance as well. This is a lose - lose situation. My agent certainly fooled me with his presentation. I lost 30K in 5 years with this company. Run, and start over with a different company.

24 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 14, 2019

My company is using Transamerica 401K service, they had some updates in the website, and me and a lot of other employees need to re-register all over again. The only way you can re-register is to call the CS rep which is a long wait and the customer services is really rude and unprofessional . After that we re-registered and create an account, many of us are unable to log into the account and you would have to call their representatives again, which is frustrating and annoying.

And the customer representative is very impatient, rude and talking with an attitude. After re-registering, I asked her name so I know who helped me out and ask for the case reference number, in case I would need to call the third time just to locked into my account, she refused to tell me her name. I asked again, eventually she told me her name : "**". I asked for her last name, she said no again and she can not know her name, and she said, "I am the only ** in the team." I mean I called because your company system/website is not working! Just wasted my a lot of time just to hold on to the line to get an unprofessional CS rep talk to me who is not even solving the problem. Yes, I just can not log in to my account.

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7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 9, 2019

My father has had a cancer policy with Transamerica for almost 20 years and unfortunately this January was diagnosed with stage 4 cancer. :( We started calling them in early February to find out what benefits he had under the policy. It’s mid-May and still we have zero info even on what the policy covers!! Much less has it paid him a dime for his treatments and suffering. First, they told us their system had his first and middle name backwards and they had to have a copy of his driver's license to prove it was him. What, how does that happen. Anyway, Sent that TWICE before they said they got it. Then, they said their system had erased his social security number and that had to be verified with a w-5.

Again, how does that happen! But, Sent that in. Then he completed a Form for me to be his representative to help get info from them because by now he’s too sick to fool with them. Guess what, they didn’t get it and wouldn’t talk to me! So I had to help my sick father call again and by now he’s beyond upset that they haven’t offered him any benefits. Today they said I can email the personal representative form for me to help him again! Usually they make us fax everything so at least now we can email! She also told me that she would put a packet in the mail today (May 9) to explain daddy’s benefits and get him started on paperwork!!

First phone call to tell them he had cancer was early Feb! Never once, in our many phone calls, have they said they were sorry my dad had cancer! On top of crappy customer service; they have NO compassion!! Unfortunately we are stuck with them because my father can’t get coverage any where else since his diagnosis, so we keep on until they pay. I believe they hope policy holders give up so they don’t have to pay.

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23 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: May 7, 2019

I surrendered a policy 4/10/19. The amount that I was suppose to get is less than $1000. They told me it takes 10 days to process. Funds was wired to my account on the 17th but found out that my bank do not support wire transfers and was told by my bank that it should have bounced back to the sender same day. I called Transamerica Monday 4/22 to inform them about it. Transamerica claims that they did not receive a return notification from my bank. The whole week I called Transamerica to check if they received the funds back from my bank and was told over and over again that they did not receive the funds back. They gave me a FED TRACE number to give to my bank. I finally was able to get the FED TRACE RETURN# from my bank. True enough, it was sent back to Transamerica 4/18.

I then called Transamerica 4/30 and gave them the Return# and told them to mail me the check overnight. On 5/2, I checked to see if the check had been sent and was told that it is in process. 5/3 I was given a FEDEX tracking#... that tracking number never left the Transamerica office. 5/6 10am, I called again and was given another FEDEX tracking# saying that they had to void the check and reissue under my new name (which they already knew since 4/25). It is now 5:30 pm PST time, Transamerica office is closed, the FedEx tracking # is still in Transamerica Florida office. There are so many gaps in the way they do business. How could their finance department not know about a bounce back wire transfer that is tied to a wire they sent out?

I called so many times, to tell them that I did not receive the wire transfer, but no one care enough to check where the money went. All I got was, "we no longer have the funds, the wire went through". 10 days pass, I found out that the money was sitting in their account until now. 2x I was given a FEDEX overnight tracking# that never left their office. Tomorrow I will call again, I wonder what excuse I’ll get from them.

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16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 11, 2019

Have been trying to get a claim processed from my dad's life insurance. The claims representatives will not even talk to you. "They only do paperwork." The customer service representatives do not have the information to answer any questions. This is just a way to defraud beneficiaries who are already dealing with the loss of their loved one. They make it almost impossible to file and get paid for a claim.

19 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 9, 2019

The Interpleader Process is something you need to know about when getting an insurance policy from Transamerica. Or, you may become a victim as I became of not only Transamerica, but also of our Federal Court system that defends what they do and always by ruling in their favor. I posted much information about what they did to me as a beneficiary of an insurance policy my mom had with them, but somehow those posts which previously were easily accessible are not so anymore.

I strongly suspect there has been some manipulation of the search criteria, but by whom I suspect, I will not say. For a while, with those posts easy to find, Transamerica laid off with their interpleader process, but now with my posts no longer easy to find and therefore mostly hidden, now I see they are back at it again! You need to know what risks you place yourself in when becoming a client of Transamerica! To find them, you now have to Google with much greater precision: “Whenever I am falsely accused” Transamerica. Transamerica Interpleader Rip off Report. Ripped off with Bogus Allegations Transamerica. Transamerica court cases Justia.

The last one, provides information of opened interpleader court cases involving Transamerica, but all cases, both them suing their customers and being sued by their customers. You need to read what I wrote in those posts so you will not fall victim and lose as much as 25% of what they are supposed to pay you as beneficiary. That money they are supposed to pay you will go to lawyers they will hire to perform what I assess as menial legal services and also I strongly suspect to Transamerica itself which they deny by referring to themselves as “disinterested third party.”

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22 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 4, 2019

We had 2 life insurance policies with Transamerica since 9/30/08 through an agent. As we were approaching the end of the 10 year term period we had several discussions with the agent that we wanted to terminate policy at 9/30/18 as premium was due to increase 8-10 fold. One policy was due to increase from $168 to $1,276 and the other from $38 to $460 per month. There would be no reason to pay those premiums unless you were terminally ill and uninsurable or lost your mind. I instructed him that upon expiration we would search for best alternatives. There was no rush as we had other coverage from other carriers.

Transamerica indicated since we had pre-authorized withdrawals and agent did not provide the required surrender form to terminate we were ripped off for 4 months to tune of $6,700+ until I caught this. If we did not have pre-authorized withdrawal this would have been avoided. This is very shady practice. Transamerica has refused to return our money. This is total BS. Since we are novices in life insurance space and Transamerica and agent are the professional who should have provided documentation to close out at term expiration. This company has acted irresponsibly and failed to act in a prudent manner. I would AVOID TRANSAMERICA at all costs.

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16 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 27, 2019

This company is horrible. All they do is give you the runaround. "Check is in processing," is all I’ve heard for the past month. What a joke! I hope nobody has a death in the family and has to wait on this company for a check because if you do you’ll be waiting a long time!

26 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 13, 2019

I have held an accidental death policy with this company for 15 years. When I signed up for this type of policy it did not state on my application that they could terminate the plan for any reason. Payments were always made on time. I just received a letter stating that the policy will be terminated. The letter indicated that they had the right to terminate for any reason and the reason was the company had decided they didn't want to provide this type of policy anymore. I called customer service and asked if I would be receiving a refund of the premiums I have paid for the past 15 years and they said no. I would not recommend doing business with this company.

35 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 6, 2019

My wonderful father passed away in December 2018. He had faithfully paid his bi-yearly bill with Transamerica Life Insurance company for years until I took over as his Fiduciary/Payee/Attorney-In-Fact. Needless to say, that after I received my dad's official death certificate, I sent in all of the necessary documents that they requested of me. I had to call the company, asking what was the delay in payment. They shared with me that I needed to complete other documents, which I did. I recently received a letter from this fraudulent company asking me to complete the exact same forms. Another interesting fact was that they requested a copy of my dad's Obituary!! I have never heard of such a request in my life!! They were able to see from the Obituary, my dad's race/ethnicity.

I have contacted my personal lawyer and we are not only filing a personal lawsuit with this company, but are gathering information to file a class action lawsuit as well, and handing it over to the Attorney General's office and the State Attorney office in Washington, DC. We are requesting punitive damages, emotional stress, racism as being a factor as well. I have closed both insurance policies that I've had with this company for my husband and I and want everyone to know how crooked, illegal, miss-guiding, and fraudulent they are. PLEASE DO NOT EVER APPLY FOR ANY KIND OF INSURANCE WITH THIS COMPANY!!

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77 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Feb. 6, 2019

To receive my retirement benefits they require the birth certificate of my wife be translated from Spanish at a courthouse and notarized by clerk of court. When I requested my 401k be rolled over they required my request be accompanied by a special seal from a bank officer. They are crooks.

30 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 30, 2019

Stay away from this company. They do not care about the policyholders. Just about their money that why they keep getting lawsuits over the years. This whole time I thought my payment was coming out on the 15th so I called on the 10th to cancel your policy because I don’t want to be with a company that keeps getting lawsuits but my premium was coming out on the 10th so I’m not getting my premium back because they swear they can’t refund it. Freaking scammers stay away!

39 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 28, 2019

Several months ago I was sent an email from Transamerica email telling me I needed to re-register my account. When I attempted to do so, I received an error stating that my information could not be validated with a number to call. I called this number last week and was on the phone for nearly an hour and was finally told the issue was resolved. After first being told the issue was that I needed to register my account using Internet Explorer (!!!). I was then told that the issue was that my name was in the system backward (first name as last name and vice versa). The person helping me explained that my name had been updated and that if I waited 24 hours I would be able to register. He also promised that he would personally call me the next day to ensure I was able to get into my account.

I have tried many times since this occasion to register my account and continue to receive the same message - that my information cannot be validated. I have tried calling and have been told wait times were 30 minutes plus to speak with someone -- after already spending hours on the phone trying to resolve this issue and after not receiving the promised phone call. I would like to make changes to my account and every day I cannot sign in is another day I am not making these changes, and not saving the appropriate amount for retirement.

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24 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 22, 2019

Just trying to ask for a change of beneficiary form. Took 50 minutes on the phone. They kept transferring my call, then their computer broke down and asked if I would hang up and call back and get someone else to answer! Supposedly they are mailing the form. Total buffoonery. I have no hope of ever receiving that form. Any reputable company has a downloadable form online. Where is the insurance commission? This company is so rotten it needs to be investigated. Class action lawsuit time.

28 people found this review helpful
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.

37 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.

16 people found this review helpful
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.

32 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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