$57M Transamerica Life Insurance rate increase class action settlement

Individuals and entities who currently own or formerly owned a Transamerica life insurance policy for which the company sent written notice of cost of insurance or monthly deduction rate increases in 2022 or 2023 are eligible.

None required — no claim form is needed, as class members who do not exclude themselves will automatically receive settlement benefits.

About This Settlement

Transamerica Life Insurance Co. has agreed to pay $57 million to resolve a class action lawsuit alleging the company improperly raised the cost of insurance (COI) on certain life insurance policies. According to the lawsuit, Transamerica sent written notices to policyholders in 2022 and 2023 informing them that their policies would be subject to cost of insurance rate increases or monthly deduction rate increases. Plaintiffs allege these increases violated the terms of their insurance contracts with Transamerica Life Insurance. Transamerica has not admitted any wrongdoing as part of the settlement.

The case, filed in the U.S. District Court for the Northern District of Iowa, Cedar Rapids Division, is known as Estate of Handorf, et al. v. Transamerica Life Insurance Company (Case No. 2:23-cv-00032-CJW-MAR). Transamerica Life Insurance is a subsidiary of the Aegon group of companies and has operated for more than 100 years, offering life insurance, retirement plans, and other financial products to consumers nationwide.

In addition to the $57 million cash fund, the settlement includes non-monetary relief. According to the settlement terms, Transamerica has agreed not to increase cost of insurance rates or monthly deduction rates on policies covered by the settlement for five years. The company has also agreed not to contest the validity of those policies based on alleged misrepresentation or lack of insurable interest.

Who Qualifies

You may be eligible to benefit from this settlement if you meet the following criteria:

• Policy ownership: You currently own or formerly owned a life insurance policy issued under certain Transamerica products covered by the settlement
• Rate increase notice: Transamerica sent you written notice of a cost of insurance rate increase or monthly deduction rate increase in 2022 or 2023
• Geographic scope: The settlement covers policyholders nationwide
• Policy list: A full list of covered Transamerica products is available at the official settlement website, HandorfCOIClassAction.com
• No claim form required: Class members who do not exclude themselves from the settlement will automatically receive benefits — you do not need to submit a claim form to participate

Note: Estates and other legal entities that owned qualifying policies may also be eligible, according to the settlement terms.

What You May Receive

Eligible class members are guaranteed to receive a minimum payment of at least $200 from the settlement fund. Beyond that minimum, individual payments will be calculated as a proportional share of the net settlement fund based on the amount each class member paid in monthly deduction rates or cost of insurance rates during the relevant period. This means policyholders who paid higher COI charges over a longer period may receive larger payments than those who paid smaller amounts or held their policies for a shorter time. Exact payment amounts will not be known until after the claims process is complete and the settlement receives final court approval.

No proof of purchase is required, and no claim form needs to be submitted. Because this is an automatic benefit settlement, the administrator will use existing records to calculate and distribute payments to qualifying class members. If you are unsure whether your policy qualifies or want to confirm your eligibility, you can contact the settlement administrator directly at 833-386-6507 or visit HandorfCOIClassAction.com.

How to File a Claim

Because no claim form is required, there are no standard filing steps — benefits are distributed automatically to eligible class members who remain in the settlement class. However, there are important actions you should take to protect your rights and ensure you receive your payment:

1. Confirm your eligibility by reviewing the list of covered Transamerica policy types at HandorfCOIClassAction.com. Look for documentation showing you received a written COI rate increase notice from Transamerica in 2022 or 2023.
2. Do nothing to receive your payment automatically. If you are an eligible class member and do not opt out, you will be included in the settlement and will receive your proportional payment without submitting any paperwork.
3. Opt out by May 30, 2026 if you wish to exclude yourself from the settlement and preserve your right to pursue independent legal action against Transamerica. Opt-out instructions are available on the settlement website.
4. Submit an objection by June 1, 2026 if you wish to object to the terms of the settlement. Instructions for filing an objection can be found at HandorfCOIClassAction.com or by contacting the settlement administrator at TLIC MDR Settlement c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799-9958.
5. Mark your calendar for the key deadlines: The opt-out and exclusion deadline is May 30, 2026, and the final approval hearing is scheduled for July 13, 2026. Payments will not be distributed until after the settlement receives final court approval.

Case Details

Case: Estate of Handorf, et al. v. Transamerica Life Insurance Company, Case No. 2:23-cv-00032-CJW-MAR Court: U.S. District Court for the Northern District of Iowa, Cedar Rapids Division Claim Deadline: May 30, 2026 Opt-Out Deadline: May 30, 2026 Final Hearing: July 13, 2026 Source: https://www.HandorfCOIClassAction.com