After paying Monumental Life for a policy (originally through Wells Fargo) since 2009, soon after they changed their name to TransAmerica, I was sent an Endorsement (Amendment) to be attached to my policy. It says "Under the EXCLUSIONS provision, exclusion number (9), shown below and in the Certificate is deleted: -- taking of any drug, medication, narcotic or hallucinogen, unless as prescribed by a Physician; AND IS REPLACED AS FOLLOWS: -- taking of any drug, medication, narcotic or hallucinogen" So I cancelled the policy.
The amendment means that you would be excluded if you had aspirin in your blood, or any medication prescribed by your doctor! Almost every person would be excluded under this Amendment. It's hard to figure out, because they don't date paperwork very well, but I believe that the effective date for this amendment was November 2014. Also, you can't actually talk to ANYONE at Transamerica for clarification.
All phone numbers lead to Insurance Administrative Services in Minneapolis 800 537 7158. They (IAS) say that they are similar to an answering service and can't actually tell you anything about your policy.
When pushed, they say that you can only contact Transamerica by fax, but they don't have the number. This Reeks of Scam!
Product or Service Mentioned: Transamerica Life Insurance.
Reason of review: Not as described.
Preferred solution: Clarify the Certificate Amendment terms re exclusions; possibly reinstate policy.
I didn't like: Deceptive amendments to policy and inaccessibility of company.