Transamerica Life Insurance $57M Rate Increase Settlement

Transamerica Life Insurance $57M Rate Increase Settlement

Update: The settlement was granted final approval on Sept. 29, 2026.

Consumers who owned a universal life insurance policy issued by Transamerica Life Insurance Co. that was subject to a cost of insurance rate or monthly deduction rate increase on or after Nov. 1, 2021, may be eligible to claim a cash payment from a class action settlement .

Transamerica Life Insurance Co. agreed to pay $57 million to settle a class action lawsuit alleging it breached its contracts with certain policyholders by improperly raising COI or MDR rates on their policies.

Who are the class members?

Class members must meet all of the following criteria:

• They are a person or entity who currently own or previously owned a qualifying Transamerica Life Insurance Co. universal life insurance policy.
• The policy experienced a COI or MDR increase on or after Nov. 1, 2021, through the date of final court approval of the settlement.
• They or their representative received written notice from Transamerica about a COI or MDR increase that took effect in 2022 or 2023.
• They owned the policy at any time from Nov. 1, 2021, through the date of final approval of the settlement.

The class member's policy must be among the specific products listed in the settlement. These include, but are not limited to:

• AGRI-VIP, AGRI-VIP 5, AGRI-VIP II, AGRI-VIP III, AGRI-VIP Value and AGRI-VIP Value 5
• AHA MVP 100, All Pro Series I, All Pro Series II and Bankers Universal Life
• Bond Continuation, Conservation Protector, Executive Benefit Plus and Executive Benefit Plus 2
• Freedom Protector II, Freedom UL, Freedom UL II, Horizon2, Horizon3, HUB and HUB PA
• Inflation Fighter, Inflation Fighter II, INVIP, ISL Security Plus, ISWL08 & ISWL08R, Kid's Life and Life Security
• LifePro Protector UL, LifePro UL Plus, Lifetime Protector (plan code UL1346 only) and Lifetime Protector II
• NASE AGRI-VIP, Pacific Fidelity UL, Preferred 1000, Preferred Gold II, Preferred Protector 200, Preferred Provider II, Preferred UL, Preferred VIP and Premier Life
• Security Plus II, Security Plus ISWL, Security Protector, Single Premium and Summit UL
• Transadvantage, Transsavers, Transultra 1997, Transultra 2K, Transultra LP, Transultra LP 2005, Transvalue and Transvalue 2002
• Triple Protector, Turnaround in VIP, Turnaround UL, Turnaround/Ultima Pro-Unisex, Ultima Protector UL10, Ultima Provider UL, Ultima Simplified Protector, Ultimate Protector, Ultimate Security II, Universal Accumulator, Universal Protector, UNI-VIP HUB and Youth Protector

Class members can view a complete list of eligible products on the settlement website.

Policyowners with pending or resolved lawsuits against Transamerica regarding the 2022/23 MDR increases, other than this action, cannot participate in the settlement.

How much can class members get?

Each class member's share is based on their proportion of the total alleged overcharges among all class members. The minimum payment is $200 per qualifying policy. If a class member's calculated share is less than $200, they will receive $200.

The actual amount may be higher, depending on the amount of alleged overcharges paid due to the 2022/23 MDR increases and the total number of valid class members.

No action needed to receive payment

Class members do not need to file a claim to receive their payment. The settlement administrator will automatically mail checks to the address on file with Transamerica. If a class member needs to update their mailing address, they should contact the settlement administrator.

Settlement administrator's mailing address: TLIC MDR Settlement, c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799-9958

Settlement administrator's email address: info@HandorfCOIClassAction.com

Settlement administrator's phone number: 833-386-6507