Heather1966
New Member
- 4
My late ex-husband had a Transamerica transmax life insurance policy plan code ul1x59. He paid $1,500 a year since 1988. It's a $500,000 universal life policy. Transamerica Jacked their premiums up so high and deducted from cash value to pay riders and monthly base premiums so there was no cash value to pay the premiums. my ex husband got so frusterared he let it lapse on June of 2017 and died November of 2018. I see there was a class action lawsuit and got ahold of the attorneys that won the 195 million lawsuit against Transamerica...he said we didn't really get much for the policyholders. Due to my divorce I am not a beneficiary but my two sons are. I would hate to think we paid in over 37,000 since 1998 and then Transamerica has a humongous rate increase that no one can afford and we have to drop it. I do see on the illustrations they were charging about $1,000 a year on a riderr that I was told was for waiver of premium for disability, I always thought that was kind of included in most life insurance policies. if anyone knows anything about this policy or company or solutions please I would greatly appreciate to hear from you