Transamerica Life Insurance Company, or The Transamerica Corporation is an American holding company for various life insurance companies and investment firms doing business primarily in the United States, offering life and supplemental health insurance, investments, and retirement services.
Are You a Beneficiary in a Transamerica Life Insurance Company Claim?
Transamerica, “sells the full line of life insurance policies, including additional policies that are specifically for final expenses, including medical bills and burial, and long term care policies. Transamerica sells term life insurance policies with benefits as low as $25,000 and variable universal life insurance with benefits of $100,000 per year. For the whole life insurance policies, which have an investment tool aspect, there is no limit to the amount of coverage that can be purchased. Final expense life policies are limited to $50,000 and say “no medical exam” but there are health underwriting questions involved. It really is something that depends on your specific facts, and we are here to help.”
However, just have a look at this bad faith and breach of contract case – Transamerica pays $195 million to settle suit over Universal Life Insurance.
Also: Carmen Clemons v. Transamerica Premier Life Insurance Company, San Bernardino Superior Court Case No. CIVDS1702068 (filed February 6, 2017)
In 2011 Defendant Transamerica issued a life insurance policy to plaintiff insuring the life of her husband. The insured failed to make the required premium payment in 2013 and the policy was cancelled on December 7, 2013. The insured passed away on March 20, 2015. Thereafter, plaintiff submitted a claim for death benefits. Defendant Transamerica conducted a review of its 2013 cancellation of the policy and denied plaintiff’s claim for benefits. Plaintiff contended that Defendant Transamerica did not abide by Insurance Code Sections 10113.71 and 10113.72 when it initially lapsed the policy, making the lapse void.
Have you suffered the unexpected loss of a loved one, only to have a claim for life insurance benefits delayed, or denied?
Do you get the feeling that the life insurance company is doing everything it can to avoid paying the claim? Has the life insurance company sent you a letter stating that they are rescinding the policy, making a rescission, or just sending back the premiums paid? Especially if your loved one had the policy for less than two years before passing away, the life insurance company can become very aggressive at seeking to avoid the policy payment. Rescission is a favored strategy of the life insurance company, if the policy was issued less than two years before the death.