I will never sell TransAmerica because of what they did with my personal policy.
I owned a product with a different carrier that Trans bought. Happens, no big deal I thought.
Several years go by and being as diligent as most clients I received my annual statements and simply glanced at them and put them in the file.
Last fall I took a closer look at my statement and noticed that there was no premium credited to the policy for the entire year. Since I always pay my bills I thought maybe I had just paid it a little early and maybe doubled up the previous year. Checked that statement and no premium was listed either. And there was none in the year before that.
I called the customer service line and inquired about not receiving premium notices and thought maybe they changed my address or something went wrong. Nope. The girl told me that Trans simply decided to stop sending premium notices to clients 3 years ago.
Nice. So they want the policies to lapse and they are running a stealth operation that will catch many clients off guard. Unethical and immoral if you ask me.
This is a UL policy and I also asked for an inforce paying the max NonMEC premium every year because I was so mad I want to force them to pay the death benefit. Screw them!
Well after getting 4 different inforce illustrations that were all incorrect (apparently TA has never heard of Maximum NonMEC Premium) I spoke with the one person who runs them and talked him through what I wanted. I finally got the correct illustration and guess what? Even at current rates and current charges and paying the maximum premium the policy will lapse at age 74.
I dare you to find a piece of junk that bad anywhere else in the insurance world. Tells me they have not only reduced rates (acceptable) but they have also increased internal charges.
You want to work with people who do that to clients? If so you know what to expect.
I owned a product with a different carrier that Trans bought. Happens, no big deal I thought.
Several years go by and being as diligent as most clients I received my annual statements and simply glanced at them and put them in the file.
Last fall I took a closer look at my statement and noticed that there was no premium credited to the policy for the entire year. Since I always pay my bills I thought maybe I had just paid it a little early and maybe doubled up the previous year. Checked that statement and no premium was listed either. And there was none in the year before that.
I called the customer service line and inquired about not receiving premium notices and thought maybe they changed my address or something went wrong. Nope. The girl told me that Trans simply decided to stop sending premium notices to clients 3 years ago.
Nice. So they want the policies to lapse and they are running a stealth operation that will catch many clients off guard. Unethical and immoral if you ask me.
This is a UL policy and I also asked for an inforce paying the max NonMEC premium every year because I was so mad I want to force them to pay the death benefit. Screw them!
Well after getting 4 different inforce illustrations that were all incorrect (apparently TA has never heard of Maximum NonMEC Premium) I spoke with the one person who runs them and talked him through what I wanted. I finally got the correct illustration and guess what? Even at current rates and current charges and paying the maximum premium the policy will lapse at age 74.
I dare you to find a piece of junk that bad anywhere else in the insurance world. Tells me they have not only reduced rates (acceptable) but they have also increased internal charges.
You want to work with people who do that to clients? If so you know what to expect.