Transamerica?-?Broken?Promises

Trust and transparency are important when dealing with serious financial promises which can affect people’s lives.

Life insurance is purchased to protect loved ones. For example, life insurance enables families to live comfortably after the breadwinner is gone, help save companies, help retain valuable objects such as real estate and pay taxes owed to the government.

The clients I work with frequently buy insurance policies with the reasonable expectation that if they keep their side of the bargain by paying the stated premiums in full and on time, that ultimately their beneficiaries will receive the economic benefits the insureds paid for.

Unfortunately, I recently learned from some of my clients that Transamerica may have increased the yearly cost of their policies by extraordinary amounts and, based upon my industry experience, they may not have done so in accordance with the terms of the policies.

There are very strict guidelines as to how and when an insurance carrier can raise costs of insurance. In fact, in my experience, many policies require that costs can only increase if insureds are living shorter life spans than was originally expected at issuance, but data indicates that insureds are living longer nearly every year. 

Despite that fact, these cost increases appear to be occurring.

In my experience, Transamerica’s conduct, if true, is unfair and could be illegal. Fortunately, if you have experienced a similar increase, I may be able to provide solutions based upon my long experience in the industry.

To be clear, I do not provide any legal services. That said, in some circumstances, you may need an attorney. In addition to business advice, I likely can help assess whether an attorney should get involved and help direct you toward counsel that will be a good fit for your needs.

So, if you are a policy holder and find yourself with increased costs, or are an agent with clients with increased costs, complete our online survey or email me at [email protected] I hate broken promises. My word is very important to me and I want to be able to trust others as well.

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