Migliaccio & Rathod LLP is investigating whether Transamerica improperly increased cost-of-insurance charges on older universal life policies by citing mortality or expense experience while allegedly using broader financial or accounting pressures to justify the increase.
Reported Issues
Transamerica policyholders report concerns about:
- Receiving notices that monthly cost-of-insurance charges were increasing.
- Being told the increase was based on mortality experience, expenses, or policy-cost assumptions.
- Having to pay higher premiums to keep coverage active.
- Seeing account value decline faster than expected.
- Risking policy lapse if additional payments were not made.
Why Individuals Should Be Concerned
Potential claims include:
- Breach of contract
- Improper cost-of-insurance increases
- Misleading notice letters
- Violation of state insurance regulations
- Bad faith
- Economic loss from increased charges or policy lapse
Signs You May Be Affected
- You own an older Transamerica universal life policy.
- Your cost-of-insurance charges increased.
- You received a notice citing mortality, expenses, or experience.
- You had to pay more to keep the policy in force.
- Your policy value declined faster than expected after the increase.
If you have encountered these issues, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call at (202) 470-3520.