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Transamerica sells term and permanent life insurance, including whole and universal policies. Coverage for its term life insurance is up to $10 million, and permanent life insurance coverage is up to $2 million. Transamerica accepts applications from anyone between 18 and 80, with term coverage extending up to 90 years old. Consumers can add multiple riders to their policies, including accidental death or disability coverage.
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After 25 years of paying Transamerica Life Insurance premiums for long term care, my wife was moved into an Alzheimer’s facility. Transamerica refused payment stating that although they cover Alzheimer’s my wife’s facility was not a skilled nursing home or equivalent. The HIPPA law, passed 6 months after we signed the contract, added provisions to add Alzheimer patient eligibility to contracts including residential care facilities. When she was moved into a skilled nursing facility, she passed away after a month and they invoked the 60 day elimination period and paid nothing for the $70,000 charged to my wife in an 8 month period. In 25 years they raised the premium at least 4 times to over double the initial fee, while reducing benefits. Do you want to do business with this insurance company??
Transamerica allows agents to sell policies to residents in assisted living facilities in wheel chairs. Beware, these policies are not allowed nor honored by the company. Watch out for a Timothy **, an agent who will sell just such a policy. This happened to my father. He bought a life insurance policy from Transamerica with my mom as his beneficiary. The agent who wrote the policy came to the assisted living facility where my parents were due to my father's illness. My father was in a wheelchair at the time. Mr. ** wrote up the policy and submitted it to Transamerica. Don't get me started on the unscrupulous business practices of Mr. **, who should never be an insurance agent.
Then, my father sadly passed away December 31, 2019. After some back and forth, Transamerica stated they don't write policies for individuals in wheelchairs; yet, they wrote and accepted my father's policy. Unfortunately, they did not pay out the death benefit and only gave my mom a check in the amount of the premiums paid over the two plus years. Do not under any circumstances buy a life insurance policy from Transamerica unless both parties are 100% healthy! They scam seniors! I am utterly disgusted and disappointed in this business.
Avoid at all costs! My father passed in June. We filled out all paperwork in a timely manner. When the application was filled out, it took them 30 days to tell us they needed one more bit of information. This is apparently within their 20 business day turnaround on requests. I sent them what they had asked for and was told it would be another 20 days before they can review the paperwork and then another 20 days before they can cut a check. It will be the end of November before the widow is paid. Two other insurance companies paid within a month. Every inquiry is stretched to their maximum TAT. Get your policies from NY Life or Genworth. They paid promptly.
DO NOT DO BUSINESS WITH THIS COMPANY! I have tried now for several days to cancel our policy, which we did not want to begin with. I have been placed on hold for endless wait times with no answer from a live representative. I have never known a company that could provide such lousy customer service and still be in business but I have found one in this company. Save yourself the time and heartache and find another insurance company.
If I could give zero stars I would. I was eligible to take my retirement benefits July 1st of 2020. First they needed a document signed and sent in which I promptly did. After at least a dozen or more phone calls for 3 months now nobody knows nothing and I still don't have my money. Everytime I call they say it's processing and call back in a week, well it's going on on 4 months and still nothing. It's looking like I'm going to have to get a lawyer. What a horrible experience with this incompetent company.
Transamerica Premier in the most INCOMPETENT bunch of idiots have have ever dealt with!! Transamerica needs to be put out of business immediately.. There is no Senior Management within this company that has a clue. I surrendered our policies and without any communication from Transamerica I asked my agent to handle this issue immediately. My agent called them and he found out that my wife and I signatures on file did not match theirs. I have proof even on their own form that the signature has not changed since 2010. They asked for my signature to be notarized, so I did that and gave the documents to our agent. It has been two weeks since we issued the surrender documentation and our money has not been transferred to our account as of yet. Transamerica is the Worst Company to deal with and worst customer service ever. DO NOT DO BUSINESS WITH TRANSAMERICA, THEY ARE TOTALLY INCOMPETENT!!
This is definitely the worst experience I have ever had in my life. TransAmerica should be ashamed of themselves the way that they treat a client. In short & getting right to the point. I have paid my monthly (AUTO DEDUCTIONS) for many many years, never missed a beat. I asked to surrender the policy since I was never able to access my account online or any other way. I have called them over a dozen times and stayed on hold at times more than an hour with no one answering the phone at all. An average call usually is 45 minutes and above and still no answer.
How can a company operate in this fashion? Lies after lies, two + months have passed since I asked for the surrender of the policy & no communication at all. They even went to the extent to tell me that my signature on file did not match theirs. I have proof even on their own form that the signature has not changed since 2006. They asked for my signature to be notarized, so I did that & sent all requested by registered Certified mail to no avail. Enough is enough, I have contacted my attorney who will handle the rest and ask for damages. Worst Company to deal with and worst customer service ever. DO NOT DO BUSINESS WITH TRANSAMERICA, THEY WILL ROB YOU BLIND.
Several months ago I filled a claim with TransAmerica for my 70 year old mother who had passed after an accidental fall off of her porch at home. My mother has been insured with TransAmerica for over a decade. At the time of taking out the policy she thought that her family would be covered in the event of an accidental death on her part. Since her untimely death, I have been going back and forward with TransAmerica Insurance company for several months trying to get them to pay out the benefits which were due to the beneficiary under terms of the claim when an accidental death takes place. Unfortunately I have run into nothing but roadblock on every side from the insurance company. I have had to mail, fax and email the same documents back to the company multiple times, I was told that the company never received them.
When the company finally acknowledge receipt of the death claim, I received a letter instructing me that because my mom had a preexisting health issue, as do most Americans, that the company would NOT pay the benefits due to its beneficiaries even though she had an accidental fall off her porch and passed away. Ten years of of my mother's small retirement check money taken from her. From my perspective this seems very unethical, immoral and illegal. I will be following up in the days to come with the National Association of Insurance Commissioners to try and get them to do what is Right and Ethical. It is sad that people have to go through such a nightmare on top of dealing with the loss of my 70 year old mother.
If you are considering purchasing accidental death insurance with TransAmerica I would strongly recommend going with another company. Listen to and trust the reviews of other that are posted on this site. Do not trust this company. What saddens me the most is that my mother struggled to pay TransAmerica accidental death premiums out of her small retirement check for over a decade believing that here family would be taken care of in the event of her untimely death
I have called every day for the past nine days. Been on hold for hours, only to be told I need another department, and back from into the hold line. Every time either they can't help or I get disconnected. All local phone numbers no longer support Transamerica. I have given up and filed a complaint with State Office of Insurance Commissioner.
Called for a copy of my sister's insurance policy. They said I could send a request in writing, but they could not guarantee that I would get a copy. They act as if they are hiding something from their policyholders. Don't trust them or use their services. Customer service has no knowledge of anything. I had to threaten them to get a supervisor on the line. Looks like there are a LOT of dissatisfied customers out there.
Transamerica Life Insurance Company Information
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- United States
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