Transamerica Life Insurance COI Rate Increase Class Action Settlement
People or entities who owned a Transamerica universal life insurance policy subject to a cost of insurance or monthly deduction rate increase on or after November 1, 2021.
Who’s Eligible
You may be eligible for the Transamerica Life Insurance settlement if you:
- Currently own or previously owned a universal life insurance policy issued by Transamerica Life Insurance Company (TLIC) listed as a Settlement Class Policy
- Received written notice from TLIC of a cost of insurance (COI) rate increase or monthly deduction rate (MDR) increase between 2022 and 2023 (the “2022/23 MDR Increases”)
- Owned the policy at any point during the Settlement Class Period, which runs from November 1, 2021 through the Final Approval Date
Eligible States
Quick Eligibility Check
Claim Deadline
What You Need to Do to Get Paid
To get paid from the Transamerica Life Insurance settlement, you don’t need to do anything. This is an automatic distribution.
If you are a Settlement Class Member, a check will be mailed to you at the address on file in TLIC’s records. No claim form is required.
If your mailing address has changed, contact the Settlement Administrator as soon as possible to update your information so your check reaches you. You can reach the administrator by email at info@HandorfCOIClassAction.com or by phone at (833) 386-6507, toll-free, 24/7.
Payments will be distributed after the Court grants final approval at the July 13, 2026 hearing and after any appeals are resolved.
No proof of purchase required. Eligible class members automatically receive payment by check mailed to address in TLIC records. Minimum payment is $200.
Settlement Payout
Transamerica Life Insurance settlement payments are at least $200 per eligible class member. The exact amount each person receives above that minimum will depend on the Plan of Allocation, which distributes the remaining settlement funds after attorneys’ fees, administrative costs, and service award payments are deducted from the $57,000,000 fund. Payments will be mailed by check to the address TLIC has on file. Checks go out after the Court grants final approval at the July 13, 2026 hearing and after any appeals are resolved.
- Attorneys’ fees (not to exceed 33 1/3% of gross benefits)
- Service Award payments of $25,000 per Class Representative
- Settlement administration costs
- Remaining amount distributed to Settlement Class Members
Settlement Documents
Background of the Lawsuit
The lawsuit, filed in the U.S. District Court for the Northern District of Iowa, alleges that Transamerica Life Insurance Company (TLIC) breached its contracts with certain universal life insurance policyholders by improperly raising cost of insurance (COI) rates and monthly deduction rates (MDR). Starting in 2022, policyholders received letters announcing the increases, which plaintiffs say violated the terms of their policies and caused financial harm.
TLIC denied any wrongdoing, arguing that the rate increases were consistent with the policy contracts and caused no damages. The court denied TLIC’s motion for partial summary judgment on certain claims in April 2025. With help from a neutral mediator, both sides reached a proposed settlement to avoid the cost and uncertainty of continued litigation.
The proposed settlement totals $57,000,000. TLIC also agreed not to impose new COI or MDR schedule increases on covered policies for five years and not to deny death claims or contest policy validity based on alleged misrepresentations or lack of insurable interest from the original application process. The Court has not decided who is right, and TLIC continues to deny liability. For more information, visit the official settlement website.
Frequently Asked Questions
Who is eligible for the Transamerica Life Insurance COI settlement?
How much will I receive from the Transamerica Life Insurance settlement?
Do I need to file a claim to get paid?
When will the Transamerica Life Insurance settlement payments be sent out?
What is the Transamerica Life Insurance settlement about?
What if my address has changed since I had the policy?
Can I opt out of the Transamerica Life Insurance settlement?
What happens if I do nothing in the Transamerica Life Insurance settlement?
Settlement Administrator
TLIC MDR Settlement
c/o Settlement Administrator
P.O. Box 25226
Santa Ana, CA 92799-9958
Case Details
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Disclaimer
The information on this website is free to access and provided for general educational and informational purposes only. It is not legal advice. We summarise settlement information from official notices, court documents, settlement websites, administrators, and other primary sources where available.
Settlement details and deadlines may change. Always refer to the official settlement website or consult a licensed attorney for advice specific to your situation.
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