Transamerica Long Term Care Insurance Review
11 Customer Comments & Reviews - see all comments
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Transamerica Corporation is the holding company for several investment firms and life insurance companies operating under the Transamerica brand since 1928. The corporation's insurance companies have received high ratings from all major U.S. credit rating services, including an A+ (Superior) financial strength rating with A.M. Best.
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11 Customer Comments & Reviews
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Nancy D Eads, TN 3/18/2018 I have been having problems with TransAmerica Long Term Insurance ever since the premium increase took place. Although I did not get my option change letter in until about two weeks before the deadline, I still thought it would take effect. Of course that did not happen, and I was charged the higher premium on both policies, mine and my husbands, about a $65 increase for both. I immediately called the company and explained my problem. After being shifted around several times, being cut off and recalling, someone finally took my name and number to call me back. When I was called, I told them I wanted the error corrected and the money refunded to my... Read More
I am having the same negative experience that other Transamerica people are having. My mother was misled when she started her policy in 1994 and has been paying on her policy all these years. Now that she needs the insurance it is almost impossible to receive benefits. Instead of the full coverage she was told she have, the company only offers $20. a day for in home care and $40. a day for assisted living. This is so little to help considering in home care was $40. an hour and we pay $5,000.00 a month for assisted living. (And did I mention that they will only pay this for 1 year???) But, with no other choice, we take what we can get.....if we could get it. I have been... Read More
This company is a scam on elderly. My mother has paid over $30,000. We began a claim for time spent in a care center back in September. It is now February, and they're still sending us paperwork. In reality, she will not be able to get decent coverage, because, even if she's receiving some benefits for current care needs, she still has to pay the premiums each month. Read the fine print. The claimant has to pay monthly premiums until they've been in an actual nursing home for 6 months! Most people don't live more than 6 months once they're in a home! Now, I can't get them to cancel her policy. I'm being ignored, and they're sending her bills for three month's coverage. Terrible.
I am very unhappy with Transamerica's long term Care insurance increase in my policy premiums. In November we completed an options quote selection sheet. In December we called and Transamerica acknowledged our options selection sheet receipt. In January they deducted the incorrect amount, more than twice as much as we requested. I called them, and spoke to Kawan in Plano Texas. I was informed that nothing could be done and to call back in 2 weeks!I could not speak to a manager. They would call me. I am retired and on a fixed income and this seriously disrupts my monthly budget. I made a second call and spoke with Dan C. in Plano Texas. His attitude sounded cavalier until I called him on... Read More
This is a wonderful company until you make a claim. My 96 year old mother paid this company more than $63,000 in premiums for long term care. This company brags that they make their determinations on claims within 3-6 weeks. That is a lie. As my mother's legal guardian, I filed a claim in August of 2016, because my mother had been admitted to a nursing home with dementia and heart failure. They sent a nurse out to visit with my mother and obtain all records in October 2016. My mother died in December 2016. This company did not make a determination on the claim until October 2017, when they refused to pay a penny of my mother's nursing home bill. They also denied my appeal and refused to... Read More
My mother purchased a LTC policy in 1993 on the advice of a person who represented himself as a "financial planner", but in reality this person functioned only as an insurance salesperson. I mention that because this industry is filled with such people. All the alphabet soup credentials in the world do not change the fact that people who sell these policies ARE NOT objective and ARE NOT disclosing that fact to purchasers. Yet, consumers are NEVER told the truth or given any objective advice about the downside of these policies because....commissions are FAT! She never once was given any objective advice as to her financial situation or whether she even needed this policy. Oh,... Read More
This insurance company should be investigated for insurance fraud. As some of the other reviewers have said, they are fine while you are paying them, but as soon as you want to collect on a policy that has been paid for 20 years, they try to make it as difficult as possible. We hire a firm... we needed to do a predetermination. We send them paperwork, they didn't receive it. We send it 2-3 times, they only had one policy number (here's a newflash Transamerica...it's 2017...it's called a computer and it is capable of searching a name...if only the people you hired weren't so dumb and improperly trained and unable to do a simple search). We do a predetermination and the firm doesn't... Read More
My comment is very simple. I have been told numerous times that payments are being deferred as I live in a town affected by Hurricane Irma. As I travel for most of the year I have requested my payment be deducted, unfortunately this has not happened. When contacting the company you are put on hold, and then eventually cut off. After the seventh call this evening and waiting over an hour I have given up. I get the impression that Transamerica Long Term Care thinks I am a nuisance caller. Each time I call Ian asked to give my details, a few moments ago I talked to a very nice lady, and when I told her the issue, I was disconnected. I would be very concerned if I had an issue with... Read More
We have had this insurance for my Mom for almost 20 years and have had no problem because we were paying. However when my Mom needed to collect when she had to go into long term care the hassles began. There were constant delays in approval. It took well over 30 plus phone calls. We finally started to get the payments but payments were slow in coming and we had to stay on top of them with constant phone calls. Now with the last check they claim it must have gotten lost in the mail and will be delayed another two weeks thereby being almost a month late. By the way we have received 5 other pieces of mail from them during the month, but the only one lost is the check. In the interest of... Read More
My parents have had TransAmerican Long Term Care insurance to years and paid their premiums until my dad needed to go into a nursing home in ND. TransAmerica did pay for his care and mom 's premiums were not required to be paid after he entered the nursing home which was good. However, My mom is now in what is called Assisted Living, and licensure in MN is considered inadequate by TransAmerica as the original document stated it was for nursing home care even though she receives the care required for long term care. However, the only kind of long term care the was nursing home care when they purchased policy. Very frustrating!