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Transamerica Life Insurance Online Reviews

Company Name: Transamerica
Year Founded: 1984
Country: United States
Overall average rating of 1.8 out of 5, and the percentage of positive recommendations 13 %
I use to work for Transamerica. I am so glad I left. Transamerica DO NOT CARE ABOUT THEIR CUSTOMERS. THEY DO NOT PAY DEATH CLAIMS, IF THEY DO IT TAKES MONTHS. They are a very racist company. Transamerica is only concerned with the premium that customers pay. They could care less about you and your Family. When you file a death claim a company should not try to find medical information not to pay the claim. That is the reason you go through underwriting. Please. If you have a policy with Transamerica, surrender it and go through another company. If it is a whole life policy make sure you have them send you your cash value that had accumulated in the policy. The point in life insurance is to pay for your final expenses at the time of death. With Transamerica you WILL have to come out of pocket while they "review" your death claim. I personally have had friends and family members call me advising me what they are going through to have their death claim paid and it is ridiculous. I also know people that have worked with Transamerica and they resigned due to these reasons and more. Life Insurance is extremely important. Please do the proper research before signing with the company. Run from Transamerica... please. If you love your family and understand that they will be grieving due to losing you and YOU DO NOT WANT THEM TO HAVE ADDITIONAL PAIN AND SUFFERING, then do not have Transamerica as your life insurance company. Hope this helped and take care.
Sometime last year my fiance and I were invited to attend a "meeting" at the Transamerica office in my city to discuss possibly joining that firm to become insurance agents. In the process we were offered an insurance policy, which we obtained. As our relationship grew with this company we became interested in becoming insurance agents. This required attending meetings. These so called meetings were nothing more than pep rallies designed to rope you into selling their insurance, with zero training. I immediately became suspicious of their practices so I did my homework. What I discovered was disgusting, and canceled my policy. A refund check was sent to me and I cashed it October 2017.What I discovered was a very long history of fraud. The number of lawsuits against Transamerica is shocking. Today, 17 May 2018 I received a letter from Transamerica stating that after review of their records it was discovered that I was supposedly overpaid and that I must return to them the amount of $118.85 before 31 May 2018. The letter states the refund must reach them by 31 May 2018 otherwise further action will be taken. This is no threat to me since this classic extortion tactic by Transamerica is used to recover funds lost due to lawsuits brought against them. I will refund their $118.85 after which time I will file a lawsuit against Transamerica. I will recover that $118.85 along with punitive damages.
Will never ever do business with these people. Accidental and disability claim just a round and round circle ⭕️ and the customer service representatives are real **. Just liars. Been with them since 2012 and never got paid off of a claim then and here we are in 2018 still not getting paid again and it’s all about little things like dates on forms missing and other BS. This company just does not want to pay sick people and that’s just it. Plain and simple.
My husband and I both have (had in my case) policies with Transamerica Life Insurance for a long, long time back when they were other companies. I recently received a letter that told us his payment was no longer able to support the policy and we owed them $500 to continue and will be cancelled in October 2017 if not. I called in June to increase the premium - didn't happen. The same with July and August. Now they want the $500. His new premium for $50,000 will be $200 a month. Not happening. I finally got through to someone and I said, "I think this is a scam" to which they replied, "Ummm I see why you would think that". Took 3 months to get a hold of our agent who is another state away from us. My policy the same thing happened and I sent in the extra money - they cancelled me anyway. We are both in our 60's. The big problem in my opinion is that they lowered the premium about a year ago and now want to get us for more money. I do believe they will cancel my husband's policy regardless. My mother and my mother-in-law both had a policy with Globe and they paid the claim right away. No questions asked as long as we had the death certificate. Plus, I can get a policy for my husband for $50 less a month. We had the policies way back when they were People's Life Insurance and that was in the 1960's before they started changing names. If you have a policy with them I suggest that you run to the nearest other company. We are done!
This is by far the worst insurance company in the world to deal with. As if losing a loved one isn't stressful enough, they make the situation worst. My mother passed away 2 months ago and I am still waiting on her claim to be paid out. When I first called to inform them of my mother's death, I was told that I would receive a claim form in the mail. One week, 2 weeks, no form. So I called to inquire as to why I never received the form. I was told, "Oh we mailed a form out to you last week. You should get it soon". I then asked if she could verify the address, of course they entered the wrong city and state to send the forms which explains why I never got the form. So she then states she would send me another one. I then begin to think that it's very funny that having the policy for over 11 years, I never missed a payment, I received every bill, every increase notice, etc. to the correct address. Now all of a sudden I need to cash in the policy you now don't have the right address. What a joke! So by now I've lost faith in this company so I call again the next day and spoke to another representative who understood the back and forth I was getting and said "Why didn't they just email the form. I can send you one right now". Why was this not done before? Why did I have to keep calling? I got the form the same day and was able to fill it out and fax it back over the same day. Now it have been over a month since sending everything in, still no updates. No check. I paid for my mother's services out of my own pocket, so yes I need my money. Every time I call them for an update, I get told the same thing over and over again. "We received your paper work", "looks like everything is processing", etc etc. They play games and will take your money with no problem, but give you a hard time when it comes to doing their part and paying the claim. I will be taking this matter further to get results. I know people that have policies with other companies and never had to wait this long for a claim to be paid.
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.
I have been with this insurance company for 20 years. I have to recommend this insurance. It is very affordable. The people to speak with little time to to bases very friendly and very knowledgeable of the company. Every time I have to make a claim I have no problem in getting assistance. I am very well satisfied with this Insurance company.
This company charged money to my JCP acct without my authorization. Now JCP is charging late fees to my acct and I can't get caught up. This company needs to be sued for fraudulent activity. I have tried resolving with JCP. They tell me to call Transamerica, you can't get thru. Bad business practices from both JCP and Transamerica.
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!
I got my index insurance 8 years ago through insurance company called Western Reserve. I used to get fair excess interest by then as I was promised by the policy. Then two years later, I got letter stated it was merged into Transamerica. My policy states that I will get minimum 1%, maximum of 13.25% interest. Then despite my cash value is higher than before, they barely credited any excess interest. I called them few times for explanation. The agent treat me like dirt and told me I didn’t get interest because the economy is bad. Actually the economy is doing much better than before. I was scammed by unprofessional agents to begin with by being told this is the best money making and my money will grow fast which is not. Don’t buy indexed whole insurance to grow your money. You will be better off keeping your money in bonds or CDs.
My husband and I obtained a life insurance policy in 2014. The premiums were automatically drafted every month. In October of 2017 we changed banking institutions. I contacted Transamerica and after waiting on hold for 2 hours I finally spoke to someone. I explained that I needed to give them my updated banking information. I was told to call back the following day, which I did. I opted to receive a return call instead of sitting on hold for two hours. I never received a call back. I finally got in contact with my agent who referred me to the local office. I was emailed a form to sign and was told to send it back with a voided check which I did not once but twice. I also instructed to draft current. I then receive a call a couple of weeks later advising that I would have to complete the reinstatement process which meant more paperwork and phone calls, which I did. Again advising to draft current. Then a month goes by and I was contacted stating I needed to call in and verbally give permission to draft current, which I did. I was told that I had to complete the reinstatement process over again. At this point I was completely fed up. I was also told the amount that I would have to pay which was ridiculous since I had been trying to pay for months. So now I am taking my business elsewhere and essentially paid four years worth of premiums that I can't get back. Thank God I never had to cash in a policy. I can only imagine the nightmare that would be during a heartbreaking time in one's life. Shame on you Transamerica.
An agent from Transamerica came to our home approx a 1 year before my husband passed away to review some Life Insurance policies my husband had with Transamerica "formerly Monumental". These two policies were paid up. At the time the Agent, Sam ** came to our home my husband filled out forms to change the policies to me as his beneficiary should he pass away. My husband passed away in April 2018. I called Transamerica in June 2018 to file claim for these policies and I was informed that I was not the listed as the beneficiary and Sam ** no longer worked for Transamerica. He had been fired from the company. I have made numerous attempted to get this matter resolved with Transamerica and they gave me the runaround. Now they won't return my calls at all. In addition they have made no attempt to contact the alleged listed beneficiaries.
I would not recommend this company. We had a very terrible customer service experience and from reading others reviews it appears this is a common problem with this company. We have term life insurance which was put up for collateral for a loan. When the loan was paid, Transamerica gave me the runaround to remove the bank from the policy. It took me six months and 3 sets of paperwork to have them remove the bank from the policy. Only to find out now that Transamerica had made an error. Wasted a lot of my time and created a lot of aggravation. I can only imagine if I actually needed to cash in this policy. This is a term life insurance which is due to expire soon. We will not be renewing with this company.
What a joke!! The local agent first told me I COULD NOT cancel one policy without opening a new one! Lies!! After 3 months of her b.s. and lies I finally received the paper to sign and cash out policy. I paid $7 for priority mail so I'd have proof these crooks received the paper. What do you know 3 weeks later I get another paper saying I needed to fill the papers out again because THE AGENT marked the work box. (Are you kidding me!?!?) Filled the new paper out while speaking to the main office to make sure the paper was correct, spend another $7 to mail and guess what I get in the mail today. Yep another form!! This company is a joke and should be prosecuted! They con people and do not honor their policies.
I began many years ago selling this insurance and although I am no longer selling it I recommend it most highly. It is a very good insurance and you certainly get your money's worth especially since it is reasonably priced. It was easy to change my original policy since I am now divorced and I am quite happy with what I now have. I have found the agents that I work with most helpful and pleasant, and very easy to get into contact with. My payments are made automatically which makes things simpler and avoids the possibly "missed" payment. I would and have recommended this to friends and associates.
Change from Stonebridge Life (JCP) to Transamerica Life - These were charged on a JCP and a Discover Card for monthly payments. Original Policy said "Never goes up in price" = but it did. I had 3 policies, now have 2. I called to ask for copies and they were MAILED to me... The names are totally messed up. I now have two policies on me on paper, even tho on the phone, said both were for my husband and nothing for my daughter!!! At this point, I am paying $9.95 to Discover for 1, $16.60 to JCP for two but only have two total and not correct. When trying to correct, they gave me a number that I was on hold 48 minutes one day and 65 min the following day... finally hanging up in dismay. Policy since 2008 and now everything is GONE. RIPOFF in worst way!!!
I have been denied access to my account repeatedly even though I have complied in numerous ways and have provided proper documentation. Clearly they make it impossible for you to access your funds! I have spent 6 hours and 8 calls...faxed and emailed till I am blue! It is clear they are now just being nasty and obstructing me. I have contacted everyone possible! Terrible company!
I purchased a policy for a specific dollar amount. They automatically decreased the dollar amount after I paid the first payment. I was told they have a 24 hour payment to beneficiary, NOT TRUE, and they were well aware my husband was sick when I purchased the policy. HE died 9/13/16. Now they are saying his death has to be investigated, even after receiving the death certificate, and all information they asked for, the customer service person told me, "oh, it might take at least 30 more days!" Needless to say, I am still waiting. This policy was purchased to bury my husband. How insensitive! I will tell everyone I know DON'T EVER DEAL WITH THIS COMPANY!
My employer had 401K money with Transamerica. When I left there, I tried to get my money transferred out. With other companies, this is a very easy online process. You put in the new account info and funds are transferred. Here, I have spent MONTHS trying to get my money. Every time I talk to them I hear a different story and get different forms. Today - after submitting the form they asked me to send weeks ago - I get an email saying for me to call THEM. I call - I have to go through their automated call hell and now waiting 30 minutes for a customer service representative to call me back. I was so frustrated by their process. I even asked to put it in another fund within Transamerica. They could not do that either. I can’t say enough how bad this company has been.
Transamerica issued me a check in 2013 which I did not cash while I pursued other options than accept it. I gave up and in December contacted Transamerica to request a replacement for the stale dated check. They jerk me around on the phone, 15 times have promised to call me back and don't. Nearly 2 months and I continue, no check, no calls back.
I purchased this insurance when I purchased my vehicle. It covered unemployment and disability. I thank God that I purchased this policy as I became totally and permanently disabled suddenly. I have had no problems whatsoever. The documentation required by them from my physicians is straightforward. I am so happy that I purchased this policy. Otherwise I would be homeless.
My father-in-law passed away February 4, 2017. On behalf of my mother-in-law, I opened a death claim (online) for his FIVE policies on Feb 6th. We didn't even get an acknowledgement letter until March 1st. The letter was dated Feb 22nd and addressed to my father-in-law, the deceased. On March 2nd, I called the company and was told the claim was being reviewed to see if there was any additional paperwork required. (I'm pretty sure they'll want a death certificate!) They said the review would take at least 30 WORKING days. I work for a major insurance company and if I took 30 working days to respond to a claim, the company would be fined and I could expect to be fired. I explained to the rep this is not acceptable in today's environment. They are quick to take premium money and cancel a policy if not paid, but, when a death occurs, they're pretty slow in processing the death benefit proceeds needed to assist in the funeral bill. So glad my life insurance is NOT with this company. I wouldn't want to put this burden on my family. I had to give a 1 star rating as that was the minimum and I guess I should give them credit for answering their phone after trying to reach them for days.
I've had a life insurance policy for 25+ years with Transamerica. A month ago, I received a letter from Transamerica stating that my policy was canceled due to nonpayment of the increased premium which wasn't much. Called TA and they said they mailed out a letter months prior but I didn't receive the letter. If I had, I would've paid the difference. Now, I'm left to fill out a reinstatement form, asking medical information and it's not guarantee that they will accept my reinstatement request due to age and health issues since 25 years ago. Asked, why they don't send a second notice or send a certified letter, they responded, "that is our policy." It's sad to think that they collect year of premium and when you reach an old age where you need help caring for yourself, they send you one letter and if you don't respond or send additional payment, they cut you off. That insurance was to cover my funeral expense when it's my time so that family wouldn't be burdened taking care of that expense. Now, I'm left without anything. That monthly premiums would been put to better use or placed in a retirement savings. Now, I'm left with nothing. If I had known, I would've went with another company.
I see a lot of negative things being written about this insurance company. I suppose there are those that can experience some problems while others don't. My father passed away on April 1st. I notified the life insurance company and they mailed the paperwork and I received it two weeks later. Less than 30 days after I sent the correct paperwork back (following the simple instructions) I received a check from them with no problems. They even added a premium refund because of my dad's passing. That proves they are honest as well. I am happy with Transamerica Life and the time they responded and applaud them. Claim handled well!
Last year I contacted Transamerica to stop taking $ from my paycheck, which I DID NOT approve. It took numerous contacts, letters and phone calls for them to stop. They refused to reimburse me the $300 they took. Today, I noticed that AGAIN they are taking money out, again WITHOUT my approval. Over $200 this time. How can I get them to stop and not start again?
I was in a car accident in August. I was seen in the emergency room and had (and am still seeing numerous Drs) follow up appointments. I saw a chiropractor for two weeks and did physical therapy for 6 weeks. I had 2 MRIs and have been getting weekly trigger point injections in my spine. I have had nerve and muscle testing as well. I submitted my claim, to include detailed office receipts detailing treatment provided. I've called numerous time to check on claim process. It is now December 19 and I receive a letter stating I need to provide documentation of emergency treatment that includes treating diagnosis code for date of loss and I have until December 24 or claim will be closed. That's all it states. I've supplied them with EVERYTHING I was able to get and offered to send EOB from insurance that would have the codes and they said it couldn't come from my insurance, only the practitioner. When I called them numerous occasions, they never told me I needed further documentation. Now the week before Christmas, they say this? The customer service representatives are rude and not knowledgeable of the product. The lady I spoke with today was extremely rude and kept telling me that I didn't have surgery that she can see and I need to submit proof of surgery? Say what? Is having surgery a requirement??? I'm supposed to be compensated for the MRIs, the follow up visits and the physical therapy appointments. My company switched t this company from Aflac and what a mistake that was! I'm not going to be renewing this trash policy. From what I heard from others (I didn't have to use), Aflac was much easier to deal with and paid claims out promptly. Don't waste your money on this company. They don't care about your accident and don't even pretend to. They give you the run around and are extremely rude and even their communication via mail is insufficient.
My mom before she died disowned her daughter and grandchildren and changed the beneficiary to me based on actions she had engaged in against her. We worked with a lawyer to have the proper papers to show my sister's claims were untrue and after my mom died I received a letter from Transamerica saying they had been in contact with my sister and weren't going to pay unless I gave to my sister that proportion of the proceeds of the policy that we would agree upon and if I didn't they would sue in court and use the proceeds to cover their legal costs which from other cases I researched charged between 10 and 20 thousand dollars. I sent to Transamerica all the documents that had been legally prepared proving my sister's claims were untrue. She claimed mom was suffering from dementia and that I was holding my mom as some kind of prisoner. A letter from her primary care physician, a visit by the county social services and my mom's handwritten last will and testament proved all of it untrue. Transamerica filed their case against me anyway in Federal Court, but when they did they withheld all the legal documents I had sent them. The case went to a Federal Court here in Richmond that waived aside my motion that they should not have been paid nearly 12 thousand dollars because the papers they withheld proved they didn't have a case to begin with. By the time this mess was behind me, it cost me nearly 17 thousand dollars and what was left of the proceeds was finally awarded to me. Transamerica is continuing with these interpleader actions with an unsuspecting public and sometimes they get a court that sees through them and sometimes a court that doesn't. The law of my state says that all insurance companies are supposed to thoroughly investigate before denying claims or beginning interpleader actions. Not only did Transamerica not investigate, they withheld the documents from the court that proved they didn't have a case to begin with and even refused to talk with me when I tried calling them saying I should instead talk to the lawyers that they had hired who were basically working for Transamerica against me. I documented what happened with a website called ripoff dot com where you can read in more detail what happened. You can find it by googling: Transamerica interpleader. I know I will never get my money back but I want to warn the public because they are still doing it. Because I blasted what they did to me on social media, other Federal Courts must have seen it because they are not always winning in court like they used to. But Transamerica is still trying anyway!
My Mother passed away in August 2016. She purchased her original policy with JC Penney's, her policy was eventually transferred to Transamerica. When Mom was in hospice I started checking into reviews on this company. I was very wary after reading so many negative reviews. Once Mom passed away I began the process of claiming her life insurance money. I placed a phone call to the company and was directed to the correct department. I was able to get the forms through their website. Everyone I spoke to all along the line was very kind, and sympathetic to Mom's passing.I would recommend having a copy of the original policy if at all possible. At some point a clerical error had been made changing Mom's beneficiary. I received a letter telling me they couldn't process the claim as I wasn't the listed beneficiary. Once I explained I had a copy of the original policy and sent them a copy the check was promptly sent. Even with the glitch in the beneficiary being inaccurately changed, I received her life insurance money within less than a month's time. I hope that the people who've had issues were just an anomaly.
I do not recommend Transamerica for life insurance. My dad passed away, I filed a claim on November 12, 2014, the policy was 41 years old under Monumental. I have not received my money as of this date. Monumental when my my passed 19 years ago, only 14 days. This is one of the worst experiences I have every dealt with in business.
I have had a policy with Transamerica Life Insurance for group accident insurance providing accidental death and dismemberment benefits for over a decade. I was struck in the eye by a limb riding my ATV and lost the sight of one eye which has been documented by my eye doctor which is an OD. After many phone calls to the claims department she has only replied to me one time and continued to say they need more information. This is ridiculous and I wouldn't recommend this company to anyone. I pay my premium every month through my Discover card which recommended this insurance policy to consider. Evidently I will hire an attorney to settle this.
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.
My mother passed and I called Transamerica to find her life policy was accidental. The second issue came when I called and a representative told me I would receive a return on the premiums she paid. Then when I called to make a claim I was told there's no return of premium. I spoke with a manager who said the agent gave me wrong information and there was nothing they could do about it. This company lies and is unethical.
After numerous attempts to reach out to my life agent, I got zilch—no response! Rica **, you made your commission from our accounts—including our kids!—and now you’re done with us. The scary part about this ordeal is that I needed her help for such a minor issue. Imagine if I actually had to file a claim with Transamerica! I can see now exactly what would have happened—she would have just skipped out on us again. Rica ** and Transamerica has completely failed me and my family. We no longer have trust in the products they represent. We will be moving our accounts elsewhere.
My dad passed 3 weeks ago. We have yet to receive any help from TA. He changed his policy in Feb 2017, over a year ago. TA claims the paperwork was filled out incorrectly... So if that's the case why was he not notified? All we hear is, "It's being investigated, you should receive a packet 7-10 days." So now we have had to pay all burial expenses out of our pocket. The whole point of life insurance is to cover these expenses. He had a small $10K policy. This company is a rip off and needs a class action lawsuit.
I HAD LIFE INSURANCE WITH THIS COMPANY FOR ALMOST 17 YEARS. I had a policy with them for 1 million dollars term life. The Transamerica fraud insurance company was taking out of my bank account every month for 17 years 157.50 auto pay. Suddenly I looked at my statement and noticed they are charging my account for 1282.00. I called them and they told me that the premium has change due to my elapsed policy. They did not notified me at all for rate change almost 700% overnight. They refuse to pay me back the total of 3700.00 they fraudulently took out after they promised me that they will give my money back. I can buy the same policy for less than 2500 per year and they are charging me 18000+ for the same policy. The Transamerica Life Insurance is all but fraud. They are thieves and I fear they don't pay their insured upon the deceased to the family. There was a 60 minute news program about them. I will put this notice every place that I can post for everybody to know.
My mother has passed about 1 year ago and this company continues to say that they have not received the paperwork that we sent in. One month they have it but not filled out correctly, then the next month they do not have it. Now I am sending in everything certified mail and recording the conversations. I am 32 and able to do this, I can't imagine the elderly people that they do this to or if I was 75, I would have no choice but to give up or get a lawyer. Reminds me of "The Pelican Brief" by John Grisham.
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!
I would not recommend this company to anyone. They will greatly take your money out of your checking account for the monthly payment, and you can also take out the cash value from the policy, either as a loan you will pay back or the death amount on the policy is lowered by that amount. So you decide to just lower the policy amount, that is what beneficiary will receive when you pass away. This is not true because they will then start sending amount owed plus interest, so you think this is a mistake and reread the documentation. This company sends out one thing and then does another. Policy is for $20,000.00 minus the $600.00 at death would be $19000.00 and some.I now have life insurance from work for similar amount, so I call and cancel the policy. 12-9-2016 current cash value is $1,285.68 so will minus $838.92 for a loan, so after years of paying this life policy, the balance sent back is $446.76. Woman on phone says I will be sent a disbursement form to fill out. I received this paper on Dec 16, 2016. Today I receive dated 12-11-2016 that electronically payments drafted for the policy have been discontinued, and so to help assure that I retain my valuable coverage, I will begin regular billing statements to my home address.I called cancelled this policy and now I get a bill for $82.00 due by Dec 3, 2016. Nothing about this company makes sense. You can call they understand. They will send forms out to get what’s left, but they don't do that. They make it so you keep paying them. I am not dead. I am still alive. They have received more money from me over a period of years, than they will give back. It's just a paper issue to keep deducting more out of a person. I didn't think cancel the policy meant send me billing through the mail. I would prefer to donate my body to science if it were going to be an issue that your beneficiary receive this money. I think there are better companies out there than this one.
Although highly rated by its peers and brokers, this company is really dragging its feet when it comes to meet their paying obligation. It is taking months to make a decision, restarting their 2 months clock for missing info while not notifying of missing anything. All this of course while keeping stocking monthly premium payments. Poor communications.
My mom Mildred **, had Alzheimer's, and other health issues. She purchased what she thought was life insurance but instead was accidental death. She wanted to make sure her funeral was paid for. Was purchased through Monumental Life. Then sold to Transamerica. She paid faithfully. This is so misleading and deceptive. How can you sleep at night knowing you took advantage of a sick and elderly lady. Your company says that you're committed to help people. She had Alzheimer's. This can't be legal. She was a proud lady and very honest. She was a Christian lady. She was under hospice care. Something needs to be done about this. All I was told from Transamerica was they were not going to pay anything. She was not responsible for her actions. I had power of attorney for the last 2.5 yrs... Please never let this happen to your family. God bless my sweet mom. This is so wrong and anyone that will listen I am going to tell my story. Term accidental means loss of use of something. Well she lost the use of her legs, in wheelchair. Couldn't breath, had to have oxygen, couldn't use her hands and had to be fed. Please stop hurting the elderly.
It really helped me with insurance when it came to the death of my great grandmother in law. We struggled to bury her because she didn't have enough insurance. And they came through and helped me come up with eighteen hundred dollars. They went and pulled information all the way back five years and found out that she had a policy. And they also gave me the balance of it even though it had lapsed over several years back. We thought that we would not even get any money. But we did and it was like a saving grace.
Beware of this company!!! My husband and I signed for a life insurance and savings last year. We were told that after 9 months we will be able to lower our monthly premium or we can even stop paying for up to 6 months if we don't have the money. After 12 months I requested Transamerica to lower our monthly premium which was flat out refused! I requested them to please allow us to stop making payments of $2000.00 per month for 6 months as we encountered hardship, which was also flat out refused! I called the bank and gave them an order to stop Transamerica from debiting my account.That was 4 months ago. During these 4 months the broker who sold us the policy was back and forth with Transamerica on the phone trying to sort this matter, but no luck! I requested to cancel my policy with them and for Transamerica to give me my $20,000 that is in the savings account. They told me that they will not give me my money back, I need to pay them for the 4 months which I haven't paid ($8000.00) in full and I will need to carry on paying my monthly premium of $2000.00 for the next 3 years. Now my husband and I are sitting here scratching our heads because we don't know what to do! They tell you one thing in the beginning but it's a totally different story the second you sign on the dotted line!
Me and my husband bought the Transamerica Index universal life insurance product in earlier 2011. The investment performance of the saving inside is pretty good. The agent later updated us that Transamerica is #1 selling company for this type of product. Very happy about the product and the agent is very professional and capable.
They say insurance is cancelled... It was Monumental Ins... Paid for over 30 years... I got a phone call from someone saying insurance was cancelled... Then I call them and they said it was cancelled, I told I never got a notification, they said I did. I asked them, "Why would I pay for all these years and I even paid a bill in August and I'm cancelled in September?" They said, "No you were cancelled in July?" How can that be? I get no answers at all, this seems to be not legal...? Does anyone have a answer, I think I need a lawyer!
I called them about my husband passing on a Friday, he passed on Tuesday, they sent papers to wrong address twice, then when I got papers I sent back last week with death cert. Now today I get same kind of papers to fill out again, I call, well they don't have them yet... I have a small policy on me also, I told her to send me the cash value of that, & drop it, well now they are sending more papers to fill out, if I ever get them... This is the worse company in the world, do not do buy anything from them, they are crooks... I had 2 other insurance with other companies & have already received a check from them... This is only 1000$.
My mother passed away over the summer, she had a retirement account with Transamerica and since then as her only daughter and living heir I have been FIGHTING THEM CONSTANTLY to get them to release these funds. DO NOT USE THIS COMPANY. Constant phone wait times of over an hour and they never deliver on their timeline promises. It’s completely ridiculous and very very stressful.
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!
I recently became disabled at work. I have insurance through my Local Credit Union. It is supposed to protect my loan with life and disability. I sent in all the paperwork that I was supposed to. Due to my workman's comp case my employer would not comply with the employer statement. I prove that I work there through pay stubs and a little discharge that my employer gave me because I had not returned to work being 100% disabled by my doctor which Transamerica also had proof of that. They requested further information and every time we gave them information it took an additional 7 to 10 business days for them to look at that information. This is the worst Customer Service Company I've ever dealt with in my life. On seven separate occasions I was promised a call back and never received not one. Run the other way if somebody says they're going to ensure you with the insurance from Transamerica Insurance.
I have just filled out a complaint with The State of New Jersey Department of Banking and Insurance on behalf of my father. I believe he is being taken advantage of because of his age and health. They are using scare tactics on him telling him his premium which is due in 9 days will be $3000.00 and the next quarter premium will jump to $5000.00. He does not have the money to pay any of this right now. He cannot find his original policy and asked for another sent to him and that was 3 weeks ago. I did not find out till recently when he asked me for money to pay this. I will be making calls to the State, Transamerica and a lawyer if needed.
It has taken over six months to receive proceeds from a retirement-savings plan. All the information they have requested has been furnished in a timely manner. The check was to be mailed within 7-10 days. That was a month ago. Now they can't tell me when I will receive the check (under $4,000.00) or why it has been so long.
I have been paying on several insurance policies that my dad took out many years ago. Since he is in a nursing home, and not able to to take care of this anymore, I am trying my hardest to do this correctly. I recently moved, and it has been a nightmare to get anyone to help me or listen to my concerns. They have NOT only sent mail to my old mailing address, they are sending some to me at my new address, but misspelling my address, as well as sending the one policy I took the time to have sent to my brother's address. I was trying to find out if he would like to continue paying on the policy, or cancel.They sent this policy to my old mailing address. No matter how many times I call, beg, or plead with them, they continually make senseless mistakes. I tried to get the girl to correct the address on my brother's policy- the one I dropped and hopefully sent to him, to which they sent to my old address instead, and the girl told me because I was no longer the policyholder, she could not change the incorrect address. Mind you, I gave them the correct address BEFORE I dropped it from my bank draft... I can't help it that the people working there are 100% incompetent- or at least the ones I've been on the phone with- time after time after time... Can you tell I am beyond frustrated!!!
My husband and I both have life insurance plans through Transamerica. It was incredibly easy to get our plan set up. My husband's plan required a check-up on his health including a cholesterol check. My policy is smaller and didn't require as much. The company sent a nurse to our house in order to gather the information. It was wonderful not having to go somewhere else to take care of that part of the application process. We've had our policies for a while and are completely satisfied with the company.
Signed up with Transamerica for supplemental health insurance on 11/27/15. Was told my coverage would begin 1/1/206. Never received notification of enrollment. Repeated calls have no results. Have been told that my app is in their computer. And the dept. responsible, has been notified (3 times). I am not allowed to talk to that dept. directly. I had notified my previous Insurance co. to cancel my insurance as of 1/1/2016. So I am now without insurance. Having to cancel a vital MRI appointment for tomorrow (1/10/2016) that took me 2 months to get. I was told by a company Rep., that other applicants are having the same problems.
The agent I talked to was very helpful. He answered all my questions in a way that I could easily understand and without making you feel like I was obligated to buy insurance from his company. He told me the details about the policy and that I could borrow money from the policy. He did not push me for an immediate answer. He gave me a copy of the policy to look over for a few days and have time to compare with other companies I had considered. Very good policy, excellent agent and reasonable price.
Retirement Benefits - Needed estimated dollar amount I would receive, if I retired today, vs. age 65 vs. age 66, to take to my financial planner, for my upcoming appointment. After an approximate 40 minute wait time to speak to someone in the retirement department, I was then told by an Ashley, that I would have to wait approximately 15 days, for them to compile the estimates, and email them to me. This seems ridiculous, as it seems it should not be difficult to give an estimated calculation, based on the specific data, showing in my account.
BUYER BEWARE!!! Save your money. This company is a scam. They put provisions in their policies that allow them to deny accidental death claims. My husband was in a car accident and died from his injuries, per the Medical Examiner's autopsy report, but because it was over 90 days from the date of his accident, Transamerica doesn't consider the manner of death "an accident" and paid the lesser amount. This is one insurance company that gives someone a false sense of security, you think you are paying Transamerica so when you die, Transamerica will provide funds to your loved ones to cover the cost of your burial and maybe a little, and I mean a little, extra if you die unexpectedly. That is false if you do not die in a timely fashion, per Transamerica. I guess the medical community shouldn't try to save your loved one and keep them alive more than 90 days per Transamerica. You watch your loved one suffer trying to hold on, trying to live and it is so difficult to watch them suffer and eventually succumb to their injuries to find out you get punished for your loved one trying not to die from Transamerica because they don't believe your loved one laying in a hospital bed with I.V.s and tubes in your loved ones everything and everywhere for more than 90 days isn't part of the accident that prevented them from ever coming home. So do your surviving loved ones a favor and buy life insurance from a reputable company that will provide what they say they will if you die of natural or accidental causes without so many loopholes letting them off the hook, like Transamerica. BUYER BEWARE!!!
Have been trying to reach this company by phone for days. First day wait time was over 3 hours! Have called all different times of day and just on hold, no wait time given. Have read some articles that JCP was sued back in 2001 as their life insurance being a scam. Many, many, many horrible reviews online both past and current! How is one to get resolution?
This is a company that is notoriously known for its unlawful business practice and scam. My agent Rhoda ** scammed me into setting up a savings account with an insurance benefit but failed to mention a surrender period. I'm a student who wanted to save money so I can use it to pay off my student loan, and she informed me that I will be able to withdraw the money after 5 years of savings. I trusted her word as I was thinking she had my best interest at heart. Instead, she hid important terms of the policy from me that I later found out (two years later) from calling Transamerica customer service where they detailed the plan in its entirety. I immediately became disappointed and frustrated simultaneously, as they told me that they will keep the money they've been taking out of my account for the past two years. The agent Rhoda, a phony, callous financial advisor pretty much lied to me in order to get me to sign the documents. PLEASE STAY AWAY FROM THIS COMPANY. Even more, the company has numerous class action and legal preceding against it and I'll most certainly be taking action as well. My plans to pay my student loan with my savings plan after five years is now completely upside down as they insist on keeping my funds and my keeps increasing because of the interest.
I purchased a life insurance with a monthly payment of $1,000 so I could build cash in the policy as I am being covered. My financial circumstance changed drastically to the point I cannot longer make the $1,000 payment that I had been making for the last 16 months. I called the company and told them I couldn't make payments anymore to what I thought it was a saving plan with insurance benefits and requested to withdraw the money but they said they are going to keep the money unless I keep paying the same $1,000 for the next 10 years. They also said the $16,000 I have so far paid only will give me insurance coverage for another 3 months. So they are not only stealing my money but denying insurance coverage like $16,000 is not enough money to provide insurance. The insurance industry is a huge FRAUD and these crocks at Transamerica are pros when it comes to steal money. Yes, I am telling in their face: YOU ARE A BUNCH OF THIEVES!
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!
As much as we appreciate being able to have long-term care benefits, we are anxious every month about whether the benefit payment will arrive before we have to pay for the next month's care. We have written to the company about our concerns. We fax the monthly bill for the past month on the first of each month. It is now the 29th and we have made 3 calls in the last 10 days to ask when the benefit will be processed and issued. The response is always "it is being reviewed or gone to processing." This is after waiting a lengthy time (up to 3 hours for a call back) to talk with a representative. The invoice is for the same care each month; care for Parkinson's Disease needs, heart failure and renal failure. In 15 months only 3 benefit payments were received before 3 weeks and most were longer than 3 weeks. It is sad that under these health conditions we must also be concerned each month about financial issues caused if the benefit payment is not processed timely.The consequences of not receiving the benefit payment within 3 weeks of Transamerica receiving the fax is not only anxiety, but the need to make arrangements with the assisted living facility for late payment. We have never paid our bills after the due date until now. What happened to responsiveness, timeliness and efficiency? Why does a regular, monthly invoice take so long to process and pay? Is the company financially unable to staff properly to respond in a timely fashion to the volume? If so, then we have a much bigger issue for which we must be concerned.
Back in December, Transamerica Life withdrew from my account $6.30, twice. In total $12.60. I couldn't get a hold of anyone in English so I talked to them in Spanish. I gave the lady on the phone my new account and agreed to pay for the new month. Now, they are charging me for not paying them. I wish Senator Warren would trust bust. Like Theodore Roosevelt. Read Teddy Roosevelt's trust busting program. Another bad company is AT&T. I thought you couldn't send anything in fine print.
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.
My nephew died, and I sent in all of the paper work they requested Dec 13, 2014 & again additional paperwork Jan 14, 2015. Kept getting different stories about the check. No respect nor compassion for clients that loss a loved one.
My mother passed away in early April. We have provided all the information that was requested of the company. When my mother purchased the insurance she was with an agent. It was slightly under 2 years since she purchased the insurance. However, she was not sick. She purchased more insurance because she was retiring. We had another policy as well with AARP. THEY HAVE INVESTIGATED AND PAID MONTHS AGO. I don't understand what is taking so long. I wonder if I should hire a lawyer. Just make sure you do your homework. I have read that they are having trouble paying out their claims. Incredible!
San Fernando Valley - Encino office. N ** was the agent. DON'T DO THIS!!! PLEASE LEARN FROM ME. THEY WILL TAKE YOUR MONEY AND LIE. My so called friend/coworker who knew about ALL of my struggles in my life... Had introduced me to this pyramid scheme!!! I trusted her and her boyfriend. I had known her for years. After attending their Saturday workshops in the Encino Office and a couple times in Oxnard, I was convinced to purchase the life insurance (Transamerica), $250,000 policy. I paid for 12 months up to $300.00 a month; me trusting them was given the contract, which was really thick and in very small print. I asked several questions and it was all lies. After paying into this policy for 12 months... over $3000.00, I was reading and found that my policy was only worth $1539.00. They had deductions and fees over 1500.00. After speaking to several representatives it was explained that the people who bring you in (so much for friends) are making over $5,000.00. You will pay the first 5 years before you see any money. There is a "surrender fee" that was never explained!!! He had assured me that I can cancel at any time; which if you do before the 5 years they keep all of your money! So I lost over $3000.00. Which is a lot of money.I am a single mother and work as a social worker (Not making a lot of money). My so called friend knew of my struggles, so I trusted her. They sure did make it sound great! Too good to be true! They are heartless! Previously, I had been depositing that amount of money into my PERS account. I am so disgusted that people can do this to each other as I always try my best to do what is correct and never take advantage of others!
I have never written a review EVER!!! But this was the worst experience I had ever had with any company in my entire life. My dad passed away and left an insurance policy for his wife and children. Well the policy got paid out, but for me my portion, it was sent to the incorrect address, an address that I did not write anywhere on the paperwork. Should have been 4228, but it was mailed to 1228. When I called to find out about my funds, the reps were so rude to me. I ask to have the check reissued to me and overnighted to me because it was clearly Transamerica's era. It's been now 3 weeks, and I've been calling every day and I get the same story, "Your check is in the mail." I had made plans to move to a new apartment, because they told me the check was mailed.Well I lost out on a new apartment and had to move into a homeless shelter, and I'm still waiting on that check to this day which is now over a month. WORST COMPANY EVER, I have my own life insurance policy with them which I will close and find a reliable company to get my life insurance. I'm writing this review so that this may never happen to anyone EVER AGAIN!!! PLEASE RUN AWAY VERY FAST FROM THIS COMPANY!!!
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.
They provide $1,000 complimentary accidental death and dismemberment, through my credit union. I was in the process of signing up for an additional $50,000 more until I noticed the fine print that said coverage is reduced 50% at age 70. I am 72. I hate deception!!! I will not agree to paying full price for 50% coverage. I am glad my beneficiary won’t have to deal with their deceptive practices!
They have accommodated in every way possible even if I get behind. They work with me till I can get caught back up. The customer service is awesome. Although it is pricey my children will not need to worry about anything when I pass. I have also gotten a policy for each one of my daughters so that they have something started also for their children. Life insurance is so important from experience of my mother. Not having it was just awful. I was not working, my dad only has his social security so financing through a funeral home is not fun. I wish everyone good luck and please at least keep burial on yourself.
I tried to extend my term life insurance and was blown off and told that my rates would more than triple. GRRR I just received a monthly rate with IntelliQuote for $55 per month fixed for 100k. I am 64 years old and in great health. No options were made by the customer service people at Transamerica. Pissed off yup.
Buyer beware because there are people that will give this company positive reviews which is a fix. Everyone I know, myself included, from people who make 6 figures to the poorest of my friends and associates have told me that they’ve had extreme negative experiences with Transamerica because of their deceptive practices and are under the radar of the law due to protection loopholes and our ignorance solidifies their deceptions. They use bait and switch policies and renege on their contracts and many claims get denied by way of paper wrangling even after you’ve submitted what is specifically asked for in a timely manner.
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