Transamerica Life Insurance

Transamerica Life Insurance

 3.1/5 (78 ratings)
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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.

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    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

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    Page 3 Reviews 40 - 70
    Rated with 1 star
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    Verified Reviewer
    Original review: Sept. 15, 2020

    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.

    39 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 4, 2020

    I’m satisfied at this point, my agents is okay however I would appreciate her mores if she’d reached out to me from time to time just to say hello order checking in to make sure you’re good. Make me feel secure or just new offers or better upgrade packets just saying. As a consumer this is an important part of our time.

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

    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

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

    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.

    49 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 20, 2020

    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.

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

    First off I agreed to a life plan that would be good through death. I was paying 70 a month for 14 years then just the other day they charged my account over 650 dollars. I contacted them and was told I had a term plan that is only good for 20 years? That doesn't even make any sense. THAT IS NOT WHAT I AGREED TO. They in fact lied to me and conned me out of 30,000 dollars because now they jacked up the price so high to keep it that most of us including myself can't afford to stay on it now. They are raising so high on purpose.

    All the money I have been paying was basically stolen and I get nothing in return. No insurance nothing. They have no problem taking your money but now that people are dying they don't want to pay what they owe us so they make it impossible to afford. Now hoping many of us drop the insurance. All the money they make they basically stole. They have no intention of giving back what they owe us. Customer service was rude on top of that and has showed me nothing but complete incompetence and greed!!!! DO NOT GIVE THEM ANOTHER PENNY!!! THEY ARE CRIMINAL!!!!

    37 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 16, 2020

    DO NOT purchase life insurance from this company. We made automatic payments to this company for 11 years without a problem. When we changed banks, somehow the autopayment didn't get changed. NO ONE—not the agent or the company let us know there was a problem!! When we were reconciling our accounts we realized there was a problem and contacted Transamerica...

    The agent we bought it through was no longer listed as our agent. The new agent had never heard of us. And the folks at Transamerica were somewhere completely unhelpful. They had us resubmit paperwork three times. The first time they lost it. The second time because I'd signed in the wrong place. They had us send in the missed payments. Then returned them when they found out that my husband had some health issues. They made my husband reapply and then denied him coverage. AFTER 11 YEARS OF TAKING OUR MONEY! FIND ANOTHER COMPANY!!! These guys are incompetent and not very ethical.

    44 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 25, 2020

    I had a 20-year life insurance policy with Transamerica that ended in December 2019. At the end of the contract, they continued to take funds out of my checking account at a grossly inflated rate (from $117/mo to $1,663/mo!). They said they sent me a letter to an old address letting me know they were going to do this unless they heard from me. Once I figured it out, I cancelled the process and asked for reimbursement of the money they took without authorization. They reimbursed less than 25% of $8,300. They claimed they were within their rights to access my checking account, even after the contract had ended, and maybe that is legally correct (they certainly can afford attorneys) but they didn't 'do the right thing' and take care of a long-standing customer. I would NOT RECOMMEND a multi-billion dollar company that values $6,000 more than doing right by their customer.

    49 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 10, 2020

    My mother died about 8 years ago and she had several policies with Transamerica and other companies. This is the only company that would not pay out the money that she paid religiously in an event of her demise. Whatever paperwork I produced it wasn't enough. I am her only heir, only son! It was hard losing my mother and this trash company made it worse. I am going to make it my mission to expose these corporate crooks until either I am paid what's owed or a class action suit. A person would have to be brain dead or ignorant to do business with this shady company.

    68 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 23, 2020

    My mother passed away in March 2020 at 86 yrs old. My dad (also 86 yrs old) was her beneficiary of her small whole life policy that she had been paying all of her life, AND after all this time and several people in my immediate family trying to get his benefits released, all that we have gotten was a huge run-around. So Very Sad. I wouldn't recommend them to my worst enemy!! (If I had one.) Do yourself a favor and use a company that has good reviews and reputable. :(

    53 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 29, 2020

    Poor customer service. Getting the run around on surrendering my mother's life policy. Going on month 3 now. Very disappointed. They lose documents that have been sent by fax with a confirmation of receipt. I have been given varying instructions from different personnel, they make up processes and procedures as they go, depending on how they feel that day. Give them all they ask for and they will find another reason to put you through the run-around.

    I had submitted a request for a cash surrender of the life policy, as instructed, to the fax number given by that representative, no response. Had to call again, this time speaking to different individual, had to re-fax the 28 pages of information again. No response. Called again to inquire on the status, no good explanation, first it was a date on fax, then, with that argued and accepted, a supervisor said the term "cash surrender" was incorrect, it must be "surrender" without the word "cash", which is what a prior representative said to write in the request for surrender. Give me break!! I validated their records as to correct e-mail, phone and physical address, yet still waiting for a response...no communication!! Worst company ever, no customer service to take care of the client. BEWARE!!!

    52 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 23, 2020

    I have the worst short term disability insurance. Terrible customer service, no supervisor available, never available. Losing my personal info like social security number on the forms. Very frustrated.

    37 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: April 17, 2020

    Called today and the customer rep sounded like I interrupted her texting or gaming. No understanding or customer relations skills. I had to walk her through what was going on with some policies. This is the same company that when I filed for Mom's policy when she passed several years ago, they said they had no such policy. Lucky Mom kept everything and I had proof otherwise $3000 would have been gone! I am glad I never went to this company for insurance and went with reliable companies!

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    Rated with 1 star
    Verified Reviewer
    Original review: March 30, 2020

    Poor customer service. Getting the run around on surrendering my policy. On month 2 now. Very disapointed. They have nothing to say but they are working diligently. I don't think so. Hope someone helps me fight this. I can't believe that an email has to be rerouted. It's a click of a button.

    48 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 17, 2020

    I have made complete on time payments for over 13 years, Jan 2020 I faxed in surrender papers, to surrender my policy. Policy was canceled on Jan 23. Now it's March 17 2020. After several calls with excuses every time, to days was a confirmation letter was mailed last Friday 13 and the check still not mailed. Told it would be mailed within 5 business days. This tells me I stopped making money on 1/23. And they are making money From then to the day the check get to me and cashed. This should be my Money. Unethical. Unfair, will never use again.

    46 people found this review helpful
    Rated with 2 stars
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    Verified Reviewer
    Original review: March 16, 2020

    This company does not send any representative out to you. It's all on the phone after you fill out lengthy stuff online. Then you will have a person to take blood and hand you a large stack of paperwork. The nurse can not explain anything to you {it's not her job). It is up to you to figure it all out.. Now I used to sell life insurance years ago and even with that I was confused. But I managed> now imagine for anyone who has not seen the paperwork before?

    I called customer service when I received a robocall to check on my status. They didn't have a clue about the call number one. Secondly when I asked why a customer had to fill out the forms with no help at all and that it was confusing. Rude as rude can be! I asked if they did a survey with the customers after all is said and done, the rude person told me NO. Well, of course they wouldn't~ I am still waiting to see if I could be approved, snail mail stuff. I would not recommend this company unless you are ok with next to no help whatsoever, and bad attitudes. The Lady that took the blood did an excellent job. And the original call after you fill out everything online and they call you for a few questions were well managed. That's why I gave 2 stars.

    23 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 10, 2020

    Nothing about this claims process has gone well. Call-in hold times of 5 to 10 minutes. Sent forms in but then told I needed to send the same forms. Received a letter telling me to fill out sheets 3 thru 9 but the letter only had 3 pieces of paper enclosed! The instructions sheet was illegible because the water mark blanked out the text! I kid you not! The eventual claimant package that I received in the mail was so complicated that I had to call an attorney to get help filling it out. I would never use Transamerica for anything and would never recommend them to anyone! Stay away!

    31 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 9, 2020

    I can tell you how Transamerica about to make a 95 year old lady homeless. This fine lady's Medicare benefits are about to run out and she needs to be switched to Medicaid. She has to do what is called a "Spend-down" of what little assets she has to qualify. Her family and I have been back and forth with Transamerica for at least 10 days trying to get this accomplished. When you call them ask for HEATHER... Seems to be the kindest most compassionate person working there and in the entire corporate insurance world for that matter. (Heather, They don't pay you enough and the need 10 more people just like you).

    The people who initially take your phone call will not transfer you to the right department if they let you through at all. We have faxed reams of papers back and forth to no avail. This company stinks from the bottom to the top. Never buy anything from Transamerica. I could go on and on about multiple faxes which are repetitive. Then we call to make sure they have gotten everything and the person who initially answers the phone will not transfer you to the correct department. STAY AWAY FROM TRANSAMERICA!!!! March 9, 2020

    30 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Feb. 19, 2020

    It was only later that it bothered me over this policy I'd signed up for. Originally, an agent come to the apartment to get a signature from my roommate on a death benefit policy. Her son had filled one out for her with an agent at his house and then agent came over to make sure it got signed. I was my housemate's caregiver at the time, and cautioned her about signing on something that she never ordered or even knew about. Her son was blatantly after her money, snagging her Social Sec whenever he could, after their bills got paid Naturally his being a beneficiary on a policy he solicited was no surprise. I had the agent tear it up, since she wouldn't sign it, despite the obvious attempt at a money grab by her son. He seemed properly mortified that her son would do such a thing, which mollified me at the time.

    I had the guy draw up a policy to help with burial and funeral costs for myself, since it seemed like a good thing at the time, so I got the $30,000 Death Benefit Package. The agent said he would finish the paperwork, since doing it online would be tedious and long, so he took it with him and left his card. I thought about it a few weeks later and called him and tried to talk him out of going through with it, but he insisted that theirs was the best policy going, when compared to all the others, and convinced me not to cancel it.

    I received the package 2 months later, and looked over, only to discover it had been filled it out for a 3,000 policy - minus one zero - if you follow what I'm saying. The payments didn't change, but the total was $27,000 less than the original. Am not going with them and will let others know of these deceptive practices. Just watch what the agents tell you, and what you get in writing is all I'm saying.

    25 people found this review helpful
    Rated with 1 star
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    Verified Reviewer Verified Buyer
    Original review: Jan. 11, 2020

    Was offered a group accident life benefit through Wachovia Bank... before I decided to leave this bank to go to State Employees Credit Union I asked if I could keep the policy was told I could set up automatic drafts. Had paid on the policy for 10 years only to call to update my beneficiary information and was told that the policy had been canceled. The only thing I got from their customer Representatives was that they were sorry, (why) because you know the company you work for committed fraud. Yes my premiums were only 3.15 a month but for 10 years I paid it religiously and now they just cancelled my policy without even notifying me! I will never do business with this company again!

    38 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 11, 2020

    I have never had a bad experience with this company. I left a company that I had been with for almost 10 years and had a 401k with. I fell into a hardship and needed funds. Although I wasn't able to get the amount back that I thought I would (due to my company somehow signing me up for the wrong type of retirement plan) Janae helped explain everything to me, letting me down easy and also helped by calculating what I could expect to get if I did the early withdrawal. She spent almost an hour with me answering all my questions. And when working in a call center, that takes patience and can be scary if the call center is hounding for quick calls for their "good stats". I spoke with her supervisor after and expressed my gratitude for Janae's patience and kindness as well as her genuine care for my situation as well as her walking me through the website to get things handled.

    Her supervisor, Kristin, was also amazing. Working as a customer service representative can be so challenging. Most companies I call have reps that are already on the defensive because they have someone monitoring their time but they know that the customer needs that time to get a real resolution. Janae's supervisor Kristin let me know that (luckily) their employees are not judged on the time of a call because TransAmerica customers each have situations that may take time and they honor that and want to help in any way they can. This company rocks! TransAmerica all the way!!!

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 6, 2020

    I've had a term life insurance with TransAmerica since 1995. No longer needing it, in Oct 2019, I exercised surrender of my policy for the cash value of nearly $22,000. I completed the required paperwork which they accepted and wrote me that I would receive payment in 2-4 weeks. It is now Jan 2020 and I still have not received the check. So far I've made 9 calls to them. Each time they give me an excuse. The first was that they are having trouble calculating the tax to deduct. Other calls resulted in them telling me the check is in the mail. I've now had to go to the State of Iowa insurance regulating agency to help. These people are as crooked as can be. THEY EVEN LIED TO THE REGULATOR telling him they resolved the issue. Avoid TransAmerica Life Insurance Company like the plague unless you just like giving your money away!

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

    This is one of the worst companies ever! My mother died in October 2019. She had been sick the past few years with cancer and her papers weren't together. She told me she had a work life insurance policy with these people. I had her policy number so I called them twice. The first rep barely spoke English, was rude and nasty and not all sympathetic. He claimed my mother's policy was cancelled the previous year, due to her not paying the annual premium. He then yelled at me when I asked to speak to a supervisor. I'm Deaf and his thick accent was causing hardship. He then REFUSED to get his supervisor and HUNG UP on me! I waited, consulted an attorney who has dealt with this horrible company before, and I contacted them again. Same story, but they then changed it, claiming they sent my mother a check the month after they "cancelled" the policy.

    When I asked for proof that they sent the check, address, amount, etc, they got ugly and refused to cooperate and refused to transfer me to a supervisor. Joke's on them because they didn't know that I have documented proof from my mother's bank that TransAmerica DID get the payment check from my mother, CASHED it and THEN canceled the policy illegally. And her bank records show no sign of any checks from TransAmerica. I'm reporting you for outright fraud and deceptive practices to my state AG and Insurance Commissioner, TransAmerica. And I'm urging people to contact their state Attorney General's office to request an investigation for a class action lawsuit against TransAmerica.

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

    I paid on a small $43K Life Insurance Policy for over 15 years. When I retired, Transamerica raised the premium, no surprise. However, they raised the premium to thousands a year. Over the past two years, especially, the bills started soaring. (In my opinion, this is done to get someone on a fixed income to drop the policy before the company has to pay on it.) I repeatedly asked for the total cost of the premium for 2019 so I could decide whether to continue the policy. They refused to give me the information, only telling me to file a form to have my quarterly premiums raised so I would not go into default.

    I finally received two bills for Nov & Dec totaling over $1000 and I could not pay them: they cancelled the policy. So, they managed to take thousands from me by refusing to inform me the escalating cost, which in my opinion is deceptive. They were aware, due to my many phone calls, that I was struggling to pay the premiums but continued withhold from me the information I requested. Do NOT count on this insurance money being here for you: Transamerica has ways to take it away from you.

    39 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 31, 2019

    I have a life insurance product with this company. If you want a part time job that is frustrating and does not pay, buy a product from Transamerica. They offer phone numbers that require you to know the extension number. They are unable to make a phone call transfer successfully. After repeating all of my information 5 times I am once again transferred to the land of lost calls. Everyone I spoke with was very polite and not once was able to help me or connect me with someone that is capable of answering questions. This is part of why JD Power ranks them with the losers.

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

    I will never use TransAmerica again or recommend them. My dad’s 401K at work was through them. He died and they transferred to an IRA. They required me to withdraw his entire IRA lump sum to his estate. Now they refuse to do so. I sent an original death certificate with a raised seal. TransAmerica proceeded to scan the document which now shows voided and seal is not legible. I have been fighting this for a month and my father’s estate cannot be closed until the issue is resolved. My lawyer has called as well and we have left multiple messages and emails with supervisors and nobody will respond. I am at a loss and so very frustrated. I don’t know what more to do besides hand deliver another certified death certificate to Iowa from Charlotte. TransAmerica is a joke.

    38 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 19, 2019

    I CALLEd QUESTING A LIST OF IN HOME CARE FACILITIES IN MY area that they honor. I was on the telephone thrice for one hour each time. The first time I was told that they would sent me a list by email and send a hard copy in mail. That was 6 business days ago. Today I called and was on the phone for over an hour and was finally given one name from the list. I called the number. It was a number no longer in service. As of now I have an doctor order for in home care but do not have any idea who to call for in home service.

    27 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 17, 2019

    Rip off! These people can’t be trust. Please be aware of what you sign up for. 401k isn’t **! The penalties for withdrawal is outstanding. Come out better putting your pennies in a piggy bank. You’re gonna be old, mad and broke...

    30 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 17, 2019

    I applied for a loan on November 18th for an emergency situation. I was told that the loan was processed and I could expect a check within 10 business days. After 10 business days I decided to give them a call to see when the check would be arriving, that’s when they told me that the loan was unsuccessful. Since then I’ve reapplied several times and now I’m being told that there’s a system error. I’ve been trying to get this loan processed for 29 days now. Transamerica could have least called to tell me that the loan attempt was unsuccessful. A better communication system needs to be put in place.

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

    I just visited this site yesterday for the first time and was appalled by the horror stories I read from a lot of people whose circumstances are much more serious than mine. My heart goes out to all of you. I suggest that you that are having bad experiences with Transamerica (and it seems everyone had given a bad review) get yourselves a lawyer who specializes in bad faith insurance claims handling ASAP or at the very least file a claim with the Insurance Commissioner for your state! I am a paralegal and at one time I worked with an attorney in Philadelphia who specializes in bad faith insurance claims.

    I too had a recent experience with Transamerica. It was only when I explained to the representative I was pretty certain that the conduct Transamerica was exhibiting constituted bad faith did they decide to process my death benefit claim and send my check for a $3K whole life insurance policy my mother purchased a few years ago. Based on the reviews Transamerica's conduct might even be the basis for a class action suit. I wish all of you the best of luck!

    38 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