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TransAmerica has a rating of 1 star from 2 reviews, indicating that most customers are generally dissatisfied with their purchases. TransAmerica ranks 51st among Life Insurance sites.
There's a reason variable annuities are not good financial investments. They make money for the seller and for the insurance company. The purchaser is lucky to live long enough to recoup his/her investment let alone realize a profit. I am fortunate in that I have passed the surrender periods of a Transamerica Variable Annuity I never would bought in the first place had my (former) broker not left out certain details. I now have a lifetime income from the annuity, which sounds great except for the fact that the annual check- in the low 5 figures- not only isn't enough to pay my rent, it is my own money! This annuity is no longer being sold. Comparable ones that are would pay a lifetime income of less than half of what I receive- again, getting your own money back until you have it all and start receiving TransAmerica's money- if you live long enough to enjoy a few years of that profit.
There's a reason variable annuities are not good financial investments. They make money for the seller and for the insurance company. The purchaser is lucky to live long enough to recoup his/her investment let alone realize a profit.
I am fortunate in that I have passed the surrender periods of a Transamerica Variable Annuity I never would bought in the first place had my (former) broker not left out certain details. I now have a lifetime income from the annuity, which sounds great except for the fact that the annual check- in the low 5 figures- not only isn't enough to pay my rent, it is my own money!
This annuity is no longer being sold. Comparable ones that are would pay a lifetime income of less than half of what I receive- again, getting your own money back until you have it all and start receiving TransAmerica's money- if you live long enough to enjoy a few years of that profit.
They recruited me at a shopping mall asking to work for them. What the business is is selling scammy retirement and insurance plans to helpless naive people looking to save money. And they wanted me to be a salesperson. But you have to get there through recruits. You literally have to recruit as many people as you can. They harassed my friends and family trying to get them to work for them! In order to get a financing license you have to pay a $100 fee that will "only be withdrawn when you get your license". I decided I didn't want to be a part of their sketchy scammy business and they took my money anyway! My bank wouldn't help me either. Do not go to them for ANY reason. They'll screw you any chance they get.
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