- Report: #1350501
Complaint Review: TransAmerica Life Insurance Co. - Nationwide
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Author Not Confirmed
Why?
TransAmerica Life Insurance Co.
Nationwide, USA
Phone:
319-355-4265
Web:
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TransAmerica Life Insurance Co. withheld cash value of life insurance Cedar Rapids, Iowa Nationwide
After being a life insurance policyholders for 29 years and 11 months I decided to cancel the policy because of the high amount of premium increases. The costs got prohibitive. I was told the cash value was a certain amount (in writing) and verbally and I told them to send that amount to me and the unused premium for the remainder of the month. They sent me less than one-half of the amount. When I called them they stated the cash value was not really something they used when the policyholder cancelled the policy but they instead used a Surrender Value, which is much less. Also told me the premium applied the the previious month even though I paid each month with an automatic draft from my bank so I was never, ever late in all those 30 years. I woule never, ever recommend this company for life insurance. By the way, this was a Universal Life policy, which even they cannot explain the benefits to the policyholder. Very much weighted in their favor. There is no need for me to fight this battle. Even being a college educated person I cannot win going against the Harvard and Yale educated attorneys on their staff. This is one of my worst experiences in the business world; I would adivse anyone to stay clear of this company. Their greedy ethics of this company are certainly to be questiioned.
