$110M Transamerica Life Insurance Class Action Settlement
Case Overview
Transamerica Life Insurance Co., a provider of life insurance and financial services, agreed to a $110 million class action settlement. The lawsuit alleged that the company failed to properly credit certain increases in the cash value associated with eligible Direct Recognition Life policies.
The plaintiffs claimed that the company's actions violated the terms of the policies and consequently harmed the policyholders. Transamerica Life has not admitted any wrongdoing regarding these allegations.
Class members can receive a cash payment based on the denied cash value increases, and the company also agreed to credit the 40-Year guaranteed cash value increase if the policies remain in force. Class members who do not exclude themselves will automatically receive benefits, and the deadline for exclusion and objection is October 2, 2026.
Who May Qualify
Current or former owners of a Transamerica Life Insurance universal life insurance policy that was in effect on January 1, 2016, and was known by the product names “Direct Recognition Life 10” or “Direct Recognition Life 11,” or by the attribute codes “DRL-10” or “DRL-11,” and that was established and defined by the provisions of a group master policy, group insurance certificate and issue illustration.
Frequently Asked Questions
Who is eligible for this settlement?
The settlement benefits current or former owners of a Transamerica Life Insurance universal life insurance policy that was active on January 1, 2016, and was identified by the product names “Direct Recognition Life 10” or “Direct Recognition Life 11,” or by the attribute codes “DRL-10” or “DRL-11.”
What are the key dates for this settlement?
The deadline for exclusion and objection is October 2, 2026. The final approval hearing for the settlement is scheduled for November 9, 2026.
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