Transamerica to Pay $57M to Universal Life Policyowners Hit With 2022/23 Rate Increases, Minimum $200 Per Class Member
Transamerica Life Insurance COI Class Action Settlement
Transamerica Life Insurance Company has agreed to a $57 million non-reversionary settlement over allegations that it improperly imposed 2022 and 2023 Monthly Deduction Rate (MDR) Increases on certain universal life insurance policies. Current and former owners of a Settlement Class Policy that received a 2022/23 MDR Increase letter at any point from November 1, 2021 through Final Approval will receive an automatic payment with a guaranteed minimum of $200, plus a five-year freeze on COI rate and MDR schedule increases.
Settlement fund
$57M
Common fund
Top payout
Min $200
Automatic payment, no claim form
Claim deadline
May 30, 2026
25 days remaining
You may be owed money
Filing is free and takes a few minutes. Deadline: May 30, 2026.
Do you qualify?
You are a Class Member if ALL of the following apply:
- You presently own or formerly owned a Transamerica universal life insurance policy on the list of products affected by the 2022/23 MDR Increases.
- Transamerica sent you a written notice that your policy would be subject to the 2022/23 MDR Increases between 2022 and 2023.
- You owned the policy at any point during the Settlement Class Period (November 1, 2021 through the Final Approval Date).
- Excluded: Transamerica Life Insurance Company; its officers and directors reported in its most recent Annual Statements, and members of their immediate families.
- Excluded: Anyone employed in Class Counsel's firm; the Honorable C.J. Williams and his immediate family; and Policyowners challenging the 2022/23 MDR Increases in other pending or resolved lawsuits against Transamerica.
- Excluded: Policyowners who properly execute and timely file a Request for Exclusion by May 30, 2026.
Not sure if you qualify? Call the Settlement Administrator toll-free 24/7 at 1-833-386-6507, email info@HandorfCOIClassAction.com, or visit HandorfCOIClassAction.com.
What happened
Plaintiffs the Estate of Lawrence Handorf, Blackoak Life Limited (as GP for Blackoak Investors LP), and PHT Holding II LP filed this class action against Transamerica Life Insurance Company (TLIC), alleging that TLIC breached its contracts with certain universal life Policyowners by improperly imposing the 2022/23 Monthly Deduction Rate (MDR) Increases. From 2022 through 2023, Policyowners received letters announcing that their policies would be subject to the increases, which Plaintiffs assert violated the terms of the policy contracts and damaged Plaintiffs and the Settlement Class. On April 24, 2025, the Court denied TLIC's motion for partial summary judgment on certain of Plaintiffs' claims, after which the parties reached a compromise with the assistance of a neutral mediator.
Transamerica denies any and all liability or wrongdoing of any sort with regard to the 2022/23 MDR Increases and asserts multiple defenses, including that the challenged actions are consistent with the terms of the policy contracts and have not caused any damages. The parties agreed to settle to avoid the risks, costs, and delays of further litigation. In addition to the $57 million Settlement Fund, Transamerica has agreed not to increase COI rate or MDR schedules on Settlement Class policies for five years from the date of the Settlement, unless ordered to do so by a state regulatory body, and not to cancel, void, rescind, or contest a death claim or policy validity based on alleged lack of insurable interest or misrepresentation in the original application.
How to file a claim
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1
Confirm you are eligible
You qualify if you presently own or formerly owned a Transamerica universal life insurance policy that received a 2022 or 2023 MDR Increase letter, at any point from November 1, 2021 through the Final Approval Date. The full list of affected products is available on the settlement website. If the Settlement Administrator mails you a notice or postcard, you are likely a Settlement Class Member.
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2
Understand your payment
Transamerica will pay $57 million into a non-reversionary Settlement Fund. After Court-approved attorneys' fees (up to 33 1/3% of the gross benefits), service awards of $25,000 for each of the three Class Representatives, and notice and administration costs, the remainder is distributed to Class Members under the Plan of Allocation. The minimum payment is $200 per Settlement Class Member. The Settlement Fund will be reduced proportionally only if Class Members opt out.
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3
No claim form required
There is no claim form to file. A check will be mailed automatically to the address Transamerica has on file. If your mailing address has changed, contact the Settlement Administrator to update it: email info@HandorfCOIClassAction.com, call toll-free 24/7 at 1-833-386-6507, or write to TLIC MDR Settlement, c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799-9958. The Plan of Allocation, Settlement Agreement, and Long Form Notice are available at HandorfCOIClassAction.com.
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4
Receive your payment
Payments are issued after the Court grants final approval at the July 13, 2026 Final Approval Hearing and any appeals are resolved. The appeal process can take a year or more. No follow-up is required once the Court approves the Settlement, just confirm the Settlement Administrator has your current mailing address.
Key dates
- May 30, 2026 Opt-out & objection deadline Upcoming
- May 30, 2026 Claim filing deadline Upcoming
- Jul 13, 2026 Final Fairness Hearing (1:30 p.m. CT, in person) Upcoming
- TBD after final approval Payments issued to claimants Pending
The Final Approval Hearing is scheduled for July 13, 2026 at 1:30 p.m. Central Time before Chief Judge C.J. Williams in Courtroom 1, United States Courthouse, 111 7th Avenue SE, Cedar Rapids, IA 52401. The Court may move the hearing, so check HandorfCOIClassAction.com for updates before traveling.
Where the money is going
This is a non-reversionary common fund. No portion of the Final Settlement Fund will revert back to Transamerica. Court-approved attorneys' fees, service awards, and notice and administration costs come out of the $57 million before payments are calculated for Class Members. The Fund will be reduced proportionally only if Class Members opt out.
All amounts listed above are pending and subject to final court approval at the July 13, 2026 Final Approval Hearing. The Court may award less than the amounts requested. The minimum payment per Settlement Class Member is $200; remaining amounts are distributed under the Plan of Allocation.
Common questions
How much money will I receive?
The minimum payment is $200 per Settlement Class Member. The remainder of the $57 million Settlement Fund (after Court-approved attorneys' fees up to 33 1/3% of the gross benefits, service awards of $25,000 for each of the three Class Representatives, and notice and administration costs) is distributed to Class Members under the Plan of Allocation. The Plan of Allocation is available on the Important Documents page at HandorfCOIClassAction.com.
Do I need to submit proof of purchase?
No documentation or claim form is required. Transamerica's records identify Settlement Class Policies that received a 2022/23 MDR Increase letter, and the Settlement Administrator will issue payments using the address on file. If your mailing address has changed, contact the Settlement Administrator at info@HandorfCOIClassAction.com or 1-833-386-6507 to update it before the check is mailed.
What if I didn’t receive a notice?
You can still be a Settlement Class Member even if you did not receive a postcard or long-form notice. If you presently own or formerly owned a Transamerica universal life policy that received a 2022/23 MDR Increase letter, you are likely a Class Member. To confirm, contact the Settlement Administrator at 1-833-386-6507 or info@HandorfCOIClassAction.com.
Does staying in the class affect my right to sue later?
Yes. Unless you exclude yourself by mailing a Request for Exclusion postmarked or emailed by May 30, 2026, you will be bound by the Settlement and will release any claims arising from the same factual predicate as the released claims, including all claims relating to the 2022/23 MDR Increases on Settlement Class Policies. The full Released Claims and Released Parties are defined in the Settlement Agreement, available at HandorfCOIClassAction.com. If you exclude yourself, you will not receive a Settlement payment.
When will payments be sent out?
The Court will hold the Final Approval Hearing on July 13, 2026 at 1:30 p.m. Central Time before Chief Judge C.J. Williams in Cedar Rapids, IA. Payments will only be issued after the Court grants final approval and any appeals are resolved. The appeal process can take a year or more. No action is required from Class Members, just confirm the Settlement Administrator has your current mailing address.
Dapeer Law, P.A.
Consumer class action attorneys based in South Florida. We track settlements so you don’t have to.
Similar open settlements
This page is for informational purposes only and does not constitute legal advice. Dapeer Law, P.A. is not the administrator of this settlement and is not affiliated with Transamerica Life Insurance Company, Simpluris (the Settlement Administrator), or Class Counsel Steven G. Sklaver of Susman Godfrey L.L.P., Seth Ard of Susman Godfrey L.L.P., and Michael Gervais of Susman Godfrey L.L.P. The case is Estate of Handorf, et al. v. Transamerica Life Insurance Company, Case No. 2:23-cv-00032-CJW-MAR, pending in the U.S. District Court for the Northern District of Iowa before Chief Judge C.J. Williams. Class representatives are Estate of Lawrence Handorf, by and through its administrator Melissa Barger, Blackoak Life Limited as GP for Blackoak Investors LP, and PHT Holding II LP. Transamerica denies wrongdoing. This website is attorney advertising. Past results do not guarantee future outcomes.