Transamerica Corporation is an American holding company for a variety of investment and insurance firms. Transamerica Life Insurance Company markets to seniors and others interested in life insurance; supplemental health insurance; annuities and retirement services; and other investments. Transamerica makes attractive promises to policyholders and investors who have worked their whole lives to build up a nest egg and ensure that they have a comfortable retirement and the ability to leave a legacy behind.
In the past, some investors have alleged, however, that Transamerica Life Insurance Company has not always lived up to its promises. Those investing or purchasing policies with Transamerica should be on the lookout for hidden fees and costs in annuities, and for the potential for rising rates on life insurance premiums. If you believe you suffered losses as a result of the company’s business practices, a California insurance and financial elder abuse attorney should be consulted to find out what options you have for taking action.
Transamerica Life Insurance and Annuities May Be Risky Investments
Transamerica is one of several life insurance companies that has responded to an announcement by the Federal Reserve that it was raising interest rates. In light of the Fed’s decision, Transamerica may raise rates on policies in an attempt to pass excess costs on to consumers. Many of the people with life insurance policies through Transamerica are seniors who can ill afford higher costs for the same benefits; so ultimately, Transamerica is putting policyholders in a difficult situation.
Regulations and policy provisions may prevent premiums from being raised on some policies, but for others who cannot afford to continue coverage, options may include reducing death benefits or surrendering the policy for cash. Unfortunately, many policyholders find themselves facing high fees or with an insurance policy with a much lower surrender value than expected.
Transamerica Life Insurance Company has been sued in the past for allegations related to failing to provide promised benefits to those who trusted the company with their insurance needs and investment dollars. Transamerica was among the insurers involved in a $763 million settlement for allegedly withholding funds which should have gone to beneficiaries.
Seniors are often among the beneficiaries who do not get what is offered to them by financial services professionals, as insurers may see seniors as good targets for aggressive sales pitches because so many seniors are rightfully concerned about making their retirement funds last. Making investments based on promises of strong returns and financial security is understandable for seniors who can’t simply rebuild a nest egg, and companies should not be taking advantage of the elderly.
Unfortunately, many insurance and annuity companies may engage in different behaviors that adversely affect senior investors, including charging hidden fees and costs on annuities, making unrealistic investment promises for annuities, and failing to provide the promised advantages of deferred annuities, indexed annuities and variable annuities.
If you believe that you or someone you love has faced financial loss due to unwarranted premium increases, slashed benefits, hidden fees on annuities, or unpaid claims, it is important for you to understand what your rights are. An insurance and financial elder abuse lawyer can offer insight into how victims of annuity fraud, life insurance fraud or other fraud offenses can pursue a claim for compensation. Contact the Evans Law Firm, Inc. today. We are available online at info@evanslaw.com or by phone at 415-441-8669 or toll free at 888-503-8267. We will review your policy for free.
