Transamerica Raising Cost Of Insurance(COI) On Another Block Of Business
Michael R. Smith
President at The Financial Partners Group, LLC, Regional Principal at AimcoR Enterprise Insurance Group and Author of Tread Lightly
Transamerica is raising the COI's on their Ultra 115 and Survivorship 115 products issued in 1998 and 1999. The increases will be effective on the future anniversary dates on these policies beginning August 1, 2017.
This trend continues with not only Transamerica but numerous other carriers as well. And, there will be more. If you are a fiduciary or policy owner of a life insurance policy, you must have those policies professionally reviewed at least every two years. Otherwise, you are likely in for a surprise in the future. If you need help with those reviews, let us know.
Mike Smith is President of TFP Brokerage, a Charter Member of PolicyCheck and author of Tread Lightly, A Life Insurance Guide for the Affluent Client. He can be reached at [email protected] or by phone at 678.338.4384.
President, Fry-Wagner Moving & Storage Company
6 年Michael have you considered doing and update to this article. I know that several class-action suits are now moving along in the court against Transamerica. Most notably is the one in the central California district court. The pleadings on the Feller case are interesting because they are going after Transamerica based on fraud and elder abuse. Transamerica lost one case that was known as DCD partners. Other Life insurance companies have lost class action lawsuits since you wrote this article. It is unconscionable for life insurance companies to screw their customers. Most of their insureds put their policy in their file drawer when they purchased the coverage in the 1980’s. They are now retired, on fixed incomes, and unable to replace these policies that they have paid on 25 or 30 years. Hopefully a jury will determine a positive outcome for customers who have had lapsed policy’s because of the COI increases.
FINANCIAL ADVISOR
7 年Mike how u doing?
Principal at Luk Financial and Insurance Solutions
7 年Thank you for the updates Michael
Senior Executive: General Management and Business Development
7 年Here is just the latest in reasons to work with companies who are conservative, great tenure in the industry and very highly rated. Also companies like Annexus who develop the most consumer intuitive products available.