![]() ![]() Many of the policies were sold during a period of high interest rates, which allowed insurers to offer attractive guaranteed minimum interest rates. Universal life insurance allow buyers to make flexible premium payments to fund policies with a relatively low amount of premiums. ![]() “The charges that Transamerica applied to people who owned these universal life insurance policies caused tremendous surprise and stress for the people who received them, many of whom are now senior citizens, and some of whom are quite elderly and on fixed incomes,” he said in a statement. Transamerica Corporation is an American private holding company for various life insurance companies and investment firms doing business primarily in the United. While many insurers offer similar types of policies, we've found that few. Transamerica's wide variety of policies means that you can typically find one that fits your preferences. This meant some consumers entering retirement were forced to choose between losing the policy, which promised monthly interest payments of at least 5.5% annually, or paying the higher premiums, Mr. Transamerica is a great option for term life insurance and final-expense insurance products, particularly if you don't have a perfect health profile. According to Harvey Rosenfield, an attorney with Consumer Watchdog who represented the plaintiffs, Transamerica notified policyholders in 2015 that it was increasing charges by as much as 38% on universal life insurance packages originally sold in the late 1980s and early 1990s.
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