Complaint / Review
Transamerica Life Insurance Co
Rip off after 11 years of payments

At 65 years old we were convinced that it would be a good idea to take out long term insurance and not be a burden to our 2 children later in life. We were advised that the payments would increase annually and the 2nd year they went up $28.55 per month and did increase every year.

Last year our payments totaled $5421.36 for the year. This year they went to $8,101.20 per year. We were stretched to make last years payments but with out fixed income we just can't do such a big increase. We had to either pay the increase or drop the policy and the insurance Co. Keep the entire $37,692.60 that we have paid in.

We feel that we were scammed. They took our money until it built up and then raised the payments way past what we could pay.