Transamerica Life Insurance Co. has agreed to a $57 million class action settlement to resolve claims it raised the cost of insurance on certain life insurance policies without proper notice.
The Transamerica Life Insurance settlement benefits individuals who own or formerly owned a settlement class policy under certain Transamerica products. A full list of products covered by the settlement can be found on the settlement website.
Transamerica Life Insurance is an insurance company that offers life insurance, retirement plans, investments and other financial products. The company has been in business for more than 100 years and is part of the Aegon group of companies.
According to a class action lawsuit, Transamerica Life Insurance violated its contracts with policyholders by raising the cost of insurance on certain policies. Plaintiffs in the case say they were issued letters from the company announcing their policies would be subject to a cost of insurance increase in 2022 and 2023.
The class action lawsuit argues these increases violated the terms of their contracts with Transamerica Life Insurance. The plaintiffs say they were damaged as a result of these violations.
Transamerica Life Insurance has not admitted any wrongdoing but agreed to a $57 million class action settlement to resolve the allegations.
Under the terms of the Transamerica Life Insurance settlement, class members can receive a cash payment. Class members will be able to receive a proportional share of the net settlement fund based on the amount they paid in monthly deduction rates or cost of insurance rates. Exact payments will vary depending on these factors.
Class members are guaranteed to receive at least $200 from the settlement.
Transamerica Life Insurance also agreed to non-monetary relief as part of the settlement. The company agreed not to increase the cost of insurance rates or monthly deduction rates on policies in the settlement class for five years. The company also agreed not to contest the validity of policies based on alleged misrepresentation or lack of insurable interest.
The deadline for exclusion is May 30, 2026. The deadline for objection is June 1, 2026.
The final approval hearing for the Transamerica Life Insurance settlement is scheduled for July 13, 2026.
No claim form is required to benefit from the settlement. Class members who do not exclude themselves will automatically receive settlement benefits.
Who’s Eligible
The class action settlement benefits individuals and entities who currently own or formerly owned a policy issued under certain Transamerica products for which the company sent written notice of cost of insurance rate or monthly deduction rate increases in 2022 or 2023.
Potential Award
At least $200
Proof of Purchase
N/A
Claim Form Deadline
05/30/2026
Case Name
Estate of Handorf, et al. v. Transamerica Life Insurance Company, Case No. 2:23-cv-00032-CJW-MAR, in the U.S. District Court for the Northern District of Iowa, Cedar Rapids Division
Final Hearing
07/13/2026
Settlement Website
Claims Administrator
TLIC MDR Settlement
c/o Settlement Administrator
P.O. Box 25226
Santa Ana, CA 92799-9958
[email protected]
833-386-6507
Class Counsel
Steven G. Sklaver
Michael Gervais
Rohit D. Nath
Glenn C. Bridgman
Jordan Rux
Kim Page
Seth Ard
Ryan Kirkpatrick
SUSMAN GODFREY LLP
Defense Counsel
Thomas F.A. Hetherington
Jarrett Ganer
Micah Grodin
Erin Taylor
MCDOWELL HETHERINGTON LLP
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