Transamerica increasing cost-of-insurance rates on universal life insurance policies:
Squitieri & Fearon, LLP is investigating possible claims for a class action against Transamerica for increasing the costs associated with certain Universal Life policies. In 2018 Transamerica sent letters to certain of its universal life policyholders, including those with TransUltra and TransSurvivor policies, that were purchased between 1997 and 2000. The letters announced that Transamerica would increase the “monthly deduction” or “monthly deduction rate”. As a result of the increases, the costs of many policies have increased significantly and may become too expensive for many policyholders to continue paying. Often the policyholders have been faithfully paying the premiums for years and now are faced with increased costs that make it too expensive to continue funding the policy. The increases also decrease or deplete the policy’s cash value or the accumulated cash value. We believe that this is unfair and that Transamerica has improperly increased the costs of the policies.
If you or someone you know has a universal life policy with Transamerica and would like to learn more about our investigation, please fill out our online form, or contact Stephen Fearon at stephen@sfclasslaw.com or by phone at (212) 421-6492. You can also complete the following form, and someone from the firm will contact you.