Transamerica Life Insurance

Transamerica Life Insurance

 3.3/5 (147 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Find Life Insurance Companies partners near you

About Transamerica Life Insurance

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.

Find Life Insurance Companies partners near you

    Overall Satisfaction Rating

    • 5 stars
    • 4 stars
    • 3 stars
    • 2 stars
    • 1 stars

    Pros

    • Many riders
    • High coverage limits
    • Multiple policy options

    Cons

    • Required medical exams

    Bottom Line

    Transamerica offers term, whole and universal life insurance with coverage up to $10 million. Riders complete the coverage. Customers get quotes online but may be required to complete a medical exam.

    Transamerica Life Insurance Reviews

    Recent
    • Recent
    • Oldest
    • Most helpful
    Any
    • Any
    • Rated with 5 stars
    • Rated with 4 stars
    • Rated with 3 stars
    • Rated with 2 stars
    • Rated with 1 star

    A link has directed you to this review. Its location on this page may change next time you visit.

    How do I know I can trust these reviews about Transamerica Life Insurance?
    How do I know I can trust these reviews about Transamerica?
    • 3,933,332 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 2 Reviews 10 - 40
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 12, 2021

    This Insurance Company doesn't even deserve 1 star. At a time when a family should be grieving, we are having to deal with the stall tactics of this company. My Aunt was killed in an auto accident when another driver ran a stop sign. She was pronounced dead on the scene. Her final death certificate (with cause of death) was pending at the Medical Examiners Office because of the backlog of Co-Vid cases in FL. 6 months-1 year. When I filed my initial claim, Transamerica told me that since she died in an auto accident that should suffice as to the cause of death.

    They have a standard 25 BUSINESS day response time policy. At the end of this time, I received a letter in the mail stating they needed the Final Death Certificate with the cause of death. I called them again and they told me to submit the police report because it stated she died at the scene. This started the 25 BUSINESS Day clock all over again. I just got off the phone with them again. They are now stating the Claims Adjuster may or may not accept this Police Report. During this 2 1/2 month period, I have spoken to many different people (including a Supervisor) who all give different excuses and/or answers to the questions. She paid on this policy for 29 years and now they are trying every way possible to delay in paying her claim.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 1, 2021

    I began a claim process for my father at the end of August 2021. He could no longer transfer himself and had to have 24/7 care. He’s in a wonderful facility that gives him that 24/7 care but it’s not on TransAmerica’s approved list. Although we could have been told that at the initiation of our claim they waited until my father was in the facility for almost 3 months before they let us know that the facility would not be approved. Only then did they “kindly” inform us that they could send us a list of approved facilities so that we could move him and restart the claim process. I see it as a Machiavellian delay tactic. I would never personally buy a product from this company.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 13, 2021

    My mom passed away in March of 2021. We called to file the claim. They said they were going to mail the forms that we needed to fill out. The forms never arrived and we had to call them back and if the guy hadn't of emailed me the forms I still wouldn't have them. But they said that they were gonna mail them during that call as well. So I printed the forms out and filled them out and sent them in. Now we are 4 months into this and we are still getting nothing but excuses and the run around. Now we have gone from not being able to read the death certificate to wanting medical records from 2 yrs ago til now. I think we have gone through enough already and this should have been taken care of months ago.

    19 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 30, 2021

    So I went online to withdraw my 401k retirement money from my account. Filled out the data and submitted my return. Waited more than the given time to see the return. No phone call to me about any issues found. Called the company. They say the funds were appropriated. Not to my account, I told them. They then found that it had been sent out but the account number was one digit off. Told me to call bank and ask them to transfer the money to my account.

    Call bank and they ask for 15 digit transfer number to have it transferred to the right account. Then called Transamerica back again. Not to mention that every phone call is about an average of an hour and a half. Have bank stay on the phone with me to talk to another associate from Transamerica. They speak and bank tells me that they would handle it after speaking to VP and hanging up with Transamerica. Come to find out the transfer number they gave the bank was phony and incorrect.

    Lose time with bank and have to call Transamerica back the next day. Day three into trying to get my funds I call Transamerica back to get the transfer number at which point the associate tells me that they will have to just wait for the check to kick back since the number didn’t work. At this point I’m at lost for words about how much of a run around I have been doing. I ask for a supervisor and am told that I will have to wait for 24 hours to get a response.

    Next day I go to my bank and ask face to face about issue. Bank finds the funds that were sent to an account that was completely not my account numbers. Like someone had made some numbers up. Of course bank wouldn’t give me individuals information. So bank has funds resent back to Transamerica. I get phone call from supervisor at 2 in the evening. Supervisor tells me there is only three options. Two of which involves me to go to the bank again. Get canceled check or notary about account and email it to them or wait for a physical check to appear in the mail (not the option I had signed for). So basically do what they tell me or I don’t get my money. Basically holding my money from me. They have my info on file when I completed the paperwork. They told me what my account number was over the phone, which is a breach of PII if I were the wrong person.

    The whole business is unprofessional taking calls with babies crying in the background and losing signals. People asking around the office to find who’s at fault and when finding fault not helping you do to a policy that no one evidently knows how to bypass. A customer should never be force to do more than what they were in the beginning to get the services that are afforded to them. I am traumatized and humiliated for ever believing in other people to handle my money. I will never trust another establishment with my money due to this situation. I hope this gets to who it needs to get to and I hope that I can finally get my money that I as a customer deserve to receive.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 29, 2021

    The customer service is absolutely the worst I have ever experienced with an company at any level. This company has policies to prevent policy holders from getting information and will not assign an individual to help you so you have go over everything from start to finish again and again.

    13 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: June 18, 2021

    I called them last June to change my bank account for payment and have the call log and from my mobile phone company and written notes to prove it. This spring they debited my old account, triggering a $25 overdraft fee. I complained. Transamerica wrote that they have no record of the call. Therefore they can't help me. So they lost the record of the call, and that makes it my problem.

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 9, 2021

    My experience with this company has been an absolute nightmare. The level of incompetence within this company is unacceptable. It took two months for them to retrieve information from my job. A week later I called to check on the progress and I was informed that the representative forgot to submit my request for a disbursement. Almost two weeks later they finally mail the disbursement but to someone else’s address. I immediately requested a stop payment on the check.

    I called a few days later to check the status of the request and a representative told me the check was on hold. I immediately informed him the check should not be on hold. It should be canceled, he sassily said, “That’s just a term. The stop payment has been performed.” Two days later Jesse ** calls me to have me agree to a statement, so she can perform a stop payment. I called them the next day to find that the stop payment wasn’t processed on that day. Allowing this company the opportunity to handle funds is a great mistake.

    9 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: May 13, 2021

    Their website is awful, their communication is worse. I got roped into a life insurance/retirement fund combo by a friend from college and it was the worst decision I've ever made financially. Put over 10 thousands dollars in it and saw my cash value go up maybe 3 grand, and when I went to close it there was a cash surrender charge of over 9 grand. One star is too many for this company honestly.

    11 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: March 20, 2021

    I have a an IUL with Transamerica and I am happy with the service I had. My agent was great and went above and beyond to help me. I also contacted customer service for Transamerica and the representative was very knowledgeable about the product. I am satisfied with the services I received. Daniel of Washington, DC

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 18, 2021

    I go one better than the man with policies in effect for over 30 years. My wife and I have had policies along with three of my children also having policies, for over 50 years. We have paid religiously for this period. Now, they threaten to cash in my Policy and my son's policy for not being paid within some sort of grace period they have set up. What makes it interesting is that all of our policies are paid as a group with one check to cover their cost. I tried to contact them repeatedly by phone & am told I have a 6 'HOUR" wait before I will be connected, 'if I care to wait'.

    They want to try to make me surrender them for cash, in my opinion because it will cost them too much, if they are held until we die. They s/b taken out of business by the Fed. Gov't. and made to pay face value on all existing policies they hold. Never in my 85 years of life have I heard such stupidity as "Your wait time will be 6 hours and (?) minutes". Companies such as this do not belong in business. My opinion.

    21 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 11, 2021

    After sitting on hold for an hour or more every time I call, and after dealing with thirty plus minutes of automated responses, the customer service is by far the worst of any company I've ever dealt with. My mom recently passed away and I have been trying to find out some information about the policies I own and the ones my mom had bought for me so I could prevent them from lapsing. The customer service representative was short and snippy about every question I asked, and half way through our conversation, she said, "I've already been on this call longer than I'm supposed to be, so you're going to have to call back if you want to finish. "Who does that?!?! I work full time as a teacher and only have certain times when I can use my phone. I would NEVER recommend this company to anyone. For any reason. Money= first. Customers=scum underneath the rock on the bottom of the proverbial well.

    26 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 5, 2021

    Worst. Customer. Service. Ever. Deserves 0 stars. My annuity was transferred to Transamerica from another company. Cannot reach Customer Service by phone day or night. I've been on hold for 1 hour 45 minutes with no pickup. There is no means for a customer service callback. There is no email posted to obtain help with account. There is no "chat" or virtual assistant. The account value is > $300,000. I never reached someone in Customer Service. When I finally reached "web technical support" she was rude and blamed the original company for 'sending too many accounts at the same time.'

    22 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 1, 2021

    If you call to buy a product, you get directly through. If you call regarding a claim, the wait is interminable. That translates to hours! "We apologize for the delay... your call is very important to us... Due to high call volume". The most unprofessional site I've ever been on. If my call were so important... if you had more staff... if you truly wanted to address a claim... I would not have wasted 5 hours today without talking to anyone. You should be embarrassed even to have a "customer service" department. "Thank you for calling our "CUSTOMER AVOIDANCE" Dept.

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 11, 2021

    I have made two separate withdrawals from my account. But nobody can tell me where the money went or where it is at this time. I am worried! Does anyone out there know anything about initiating a class action suit? Email **.

    24 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 5, 2021

    Vanguard transferred annuities to Transamerica. This is because Vanguard is not an insurance company. What Vanguard failed to evaluate is the horrid online and personal service. The website functions as if it were designed by an inebriated IT dropout. But wait..the "personal" phone service is even more abysmal. This is the worst service outside of a timeshare scam. If you are in the same boat as me, please let your vanguard representative know how bad Transamerica is. Good luck to anyone with Transamerica! You will need it!

    34 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 21, 2021

    Try to find information on transactions and they give it to a department and tell you they will get back to you. Terrible customer service. They don’t have enough qualified people to help. Should have researched. Relied on advice from Vanguard on transferring funds. Big mistake.

    25 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 15, 2021

    My mother passed away a couple of weeks ago. I am on my 3rd phone call to get assistance with filing a death claim. I have now been on hold for over 9 hours combined with all calls, and have yet to speak to a representative. According to their policy, it is up to the consumer to notify them in "a timely manner", yet there is no one to answer the calls. I am aware that you can go to the website and download forms, but when there are multiple policies involved, questions need to be asked and answered.

    40 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 9, 2021

    Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. Only hope is that we won't ever be required to make a claim, but glad to know that it's there in case of death.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 8, 2021

    Vanguard turnover the annuities accounts to this terrible. On hold for close to 2 hrs for customer service. Never got thru. They could care less about customer. I will be reporting them to Vanguard who entrusted my account to them .. Stay away from garbage comp. Better places to put your money. .

    26 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 27, 2020

    This company holds nothing special in my mind. They do not stand out as remarkable but they haven’t done anything that I totally disapprove of or that disgust me. I have not filed a claim against a policy so cannot have an opinion in that area. I have received a loan against the policy. My request for a loan was expedited in professional manner. My premiums have remained unchanged as promised.

    5 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 26, 2020

    The cost and flexibility with signing-up with Transamerica was easy and seemed like the right decision. However, when using the service for one of my parents, things got quite a bit sticky. It was difficult to get them to cover the costs allotted, it was not paid in a timely manner, and friendliness of their folks diminished over the span of making and paying-out the claim.

    7 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 25, 2020

    They have always been attentive, responsive, helpful and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 17, 2020

    These are the worst people to deal with. You can never get through to their customer service. If I could give them a negative five stars I would. Stay away from them and spare yourself a lot of grief.

    38 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Dec. 7, 2020

    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??

    43 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 26, 2020

    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.

    29 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 12, 2020

    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.

    37 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 10, 2020

    I have five policies with Transamerica which include two 30-year term life insurances and three Indexed Universal life policies. Life insurance with living benefits is a great product you can find with Transamerica. I had other companies offering me term policies with no living benefits and that is why I chose Transamerica. Indexed universal life is also a very good long term investment. Both life insurance with living benefits and IULs are great products that I recommend for every one to have. As far as services are concerned, Transamerica have a call back option where people do not have to wait on the phone. I used the call back option all the time. My agent and Transamerica have provided me with excellent services and have been responsive to my requests. ~John

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 4, 2020

    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.

    29 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 13, 2020

    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.

    35 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 25, 2020

    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!!

    36 people found this review helpful
    Loading more reviews...

    Transamerica Life Insurance Company Information

    Company Name:
    Transamerica
    Year Founded:
    1984
    Country:
    United States
    Website:
    www.transamerica.com