Was Your Transamerica Disability Insurance Claim Denied?
Transamerica has been operating for more than 100 years, and every year customers have had to deal with the company undervaluing, delaying, or denying their insurance claims. If Transamerica acted in bad faith when handling your insurance policy and insurance claim, call Donahue & Horrow today so we can help you hold the insurance company accountable for failing to live up to its obligations.
Donahue & Horrow is a Los Angeles-based law firm that has successfully secured millions of dollars for our clients for their denied disability insurance claims from the largest insurance companies, including Transamerica. We have experience fighting insurance companies on behalf of policyholder like you. We know what it takes to stand toe-to-toe with these multi-billion-dollar businesses that look at you and other policyholders as mere dollar signs.
Call us today if you think that you’ve been treated unfairly or unethically by Transamerica: (877) 664-5407.
About Transamerica – Aegon’s Largest Operating Group
Transamerica is part of Aegon, a multinational life insurance, pension, and asset management company that is traded publicly on the New York Stock Exchange. In Aegon’s 2018 annual report, the organization revealed yearly revenues of nearly $33.1 billion, with approximately $22.1 billion coming from the premium income operating segment. For its part within the parent organization, Transamerica offers insurance products in the United States, Bermuda, Hong Kong, and Singapore through various brands:
- Transamerica Life Insurance Company
- Transamerica Financial Life Insurance Company
- Transamerica Premier Life Insurance Company
- Transamerica Casualty Insurance Company
- Mongeral Aegon
During the 2018 fiscal year, some of Transamerica’s highlights include transfering the organization’s administration of its insurance and annuity businesses to Tata Consultancy Services (TCS), a cost-cutting move to reduce annual operating expenditures by approximately $100 million.
Despite bringing in such huge revenues, Transamerica still has an incentive to improperly deny your claim. The less it pays out in claims to people like you, the more money it has to distribute to shareholders. If you suspect that Transamerica has improperly denied your long-term or short-term disability insurance claim, call the Donahue & Horrow legal team today: (877) 664-5407. We’re available to answer any questions you may have about your insurance policy or denied insurance claim.
Donahue & Horrow is based in Los Angeles, but we routinely handle cases throughout California, including in Fresno, Orange County and Northern California. Call us at 877-664-5407. Our legal team is ready to talk to you on the phone or set up an in-person meeting, whichever suits your schedule best.
Transamerica Tactics In Denial of Disability Insurance Claims
History hasn’t been kind to Transamerica in recent years, as the organization continues to take advantage of policyholders by denying their legitimate insurance claims. Insurance companies this large resort to all-too-familiar tactics to deny policyholders’ valid insurance claims by:
- Denying an insurance claim after ignoring the insured’s statements about their actual, everyday occupational demands;
- Using biased physician reviews to wrongfully deny or terminate disability insurance benefit claims; and
- Not advising and educating customers about the appeal process after an insurance claim denial.
No one says that taking on a multi-billion-dollar insurance corporation will be easy, but there are signs you can look for to ensure you’re prepared to take on these companies when the time comes. Transamerica and other insurance companies often try to “wear down” policyholders like you in the hopes that you will give up rather than fight for your benefits. If the following scenarios sound familiar, it might be a clear sign the insurer is trying to fraudulently deny your insurance claim:
- Repeatedly making burdensome requests for more and more documentation, which often duplicates documentation already you already submitted;
- Downplaying medical evidence – including objective and subjective data – which supports the disability or entitlement to insurance benefits;
- Resorting to requesting so-called “independent” medical reviews by unqualified physicians or individuals; or
- Lengthy delays in making a decision on a disability insurance claim.
Real Examples of Transamerica’s Misdealings
Transamerica has come under fire in recent years for the organization’s practices, and its cost the business dearly. In June 2016, Transamerica notoriously raised life insurance premiums on decades-old policies, forcing customers to either pay the enormous increases or cancel their policies altogether. Some of the monthly increases were as high as 38% from the previous plans, which dated back to the 1990s and even 1980s.
Some other high-profile cases against Transamerica include a class-action lawsuit settled in 2018, which alleged that the organization increased monthly policyholders’ charges and withdrew these funds for universal life policies. Transamerica agreed to allocate $195 million into a fund to pay the plaintiffs, but this figure was later reduced to approximately $111 million.
In 2019, a lawsuit alleged that Transamerica misused retirement funds for an estimated 17,000 plaintiffs, who reportedly lost millions of dollars in retirement savings from their Transamerica’s 401(k) Plans. The case also claimed that the company failed to monitor these customers’ investments as mandated by the Employee Retirement Income Securities Act (ERISA).
Transamerica Can’t Be Trusted – Don’t Wait to Act
Transamerica may have a history dating back more than a century, but despite this impressive run as a business, the company has failed its policyholders throughout these decades. As part of a cog in the Aegon machine, Transamerica will continue to be more concerned with profitability than customers like you.
If you’re dealing with a denied insurance claim from Transamerica, don’t delay in taking action against the company. Insurance claims follow strict deadlines that must be met if you’re to secure your benefits, and this urgency is especially needed for claims governed by ERISA. Call Donahue & Horrow today at (877) 664-5407. Our legal team has fought against and succeeded against large insurance companies like Transamerica, and we’ll do the same for you.
If you have any questions about your insurance policy, don’t hesitate to contact us for help with your case. Insurance policies are often written by company lawyers to make things confusing for policyholders, so it requires a team of legal experts such as Donahue & Horrow to navigate these complex policies. Call us today for a free consultation: (877) 664-5407.