Frequently Asked Questions

Basic Information

1. Why was the Notice issued?

The United States District Court for the Northern District of Iowa, authorized the Notice, which explains the lawsuit and what rights class members have. The Court has "certified" the following two Classes and two Sub-Classes:

1. Past Losses Class: All owners of TransAdvantage, TransSavers, TransUltra 2K, TransUltra 1997, TransUltra LP, TransUltra LP 2005, TransValue, and TransValue 2002 issued or insured by Transamerica Life Insurance Company, or its predecessors, subjected to the monthly deduction rate and COI rate increases first announced in or after 2021.

• Conversion Subclass: All members of the Past Losses Class, excluding owners of TransValue, TransUltra LP, and TransUltra LP 2005.

2. Uniformity Class: All owners of universal life policies issued or insured by Transamerica Life Insurance Company, or its predecessors out of Cedar Rapids, Iowa, and subjected to the monthly deduction rate and COI rate increases first announced in or after 2021, excluding owners of Bond Continuation, ISL Security Plus, Life Security, Premier Life, Security Plus II, Security Plus ISWL, Triple Protector, Ultima Simplified Protector, and Youth Protector.

• Mortality Factor Subclass: All members of the Uniformity Class that own Agri-VIP, Bankers Universal Life, Horizon 2, HUB, HUB PA, Pacific Fidelity UL, Preferred Gold II, Preferred UL, Summit UL, Uni-VIP HUB, and Single Premium (plan codes UL1020, UL1021, UL1022, UL1A28, UL1036, and UL1037).

Excluded from each of the foregoing Classes and Subclasses are Defendant Transamerica Life Insurance Company, its officers and directors, members of their immediate families, and the heirs, successors or assigns of any of the foregoing; anyone employed with Plaintiffs’ counsel’s firms; any Judge to whom this case is assigned, and his or her immediate family; and any owners of policies issued in any foreign country, United States Territory, the Armed Forces, Alaska, New Mexico, and South Carolina.

Chief Judge C.J. Williams of the United States District Court for the Northern District of Iowa is overseeing this lawsuit, known as Handorf, et al. v. Transamerica Life Insurance Company, Case No. 1:23-cv-32 (N.D. Iowa) (the “Action”), and has determined that the breach of contract claim against Defendant can proceed as a class action.

2. What is this lawsuit about?

The Plaintiffs claim that Defendant breached its contracts with certain policy owners. The policy provisions at issue for each of the Classes and Subclasses are:

1. Past Losses Class and Conversion Subclass: “This is nonparticipating insurance. lt does not participate in our profits or surplus. We do not distribute past surplus or recover past losses by changing the monthly deduction rates.”

2. Uniformity Class: “Any change in the Cost of Insurance Rates will be applied uniformly to all members of the same premium class.”

3. Mortality Factor Subclass: “The Monthly Cost of Insurance Rate is based on the insured's: Sex, Attained age, and Premium class shown on page 3;” OR

4. “The Monthly Cost of Insurance Rate is based on the insured's: Attained age, and Premium class shown on page 3.”

For the Past Losses Class and Conversion Subclass, Plaintiffs allege that Defendant breached the contract because Defendant imposed MDR increases that operated to recoup past losses and that Plaintiffs and members of the Past Losses Class and Conversion Subclass have been damaged as a result. For the Uniformity Class, Plaintiffs allege that Defendant breached the contract by imposing COI increases on some policies, but not others in the same premium class. For the Mortality Factor Subclass, Plaintiffs allege that Defendant breached the contract by basing the COI increases on factors other than mortality-related factors as, Plaintiffs allege, required by the policy language.

On June 3, 2025, the United States District Court for the Northern District of Iowa granted Plaintiffs' motion for class certification against Defendant. On April 24, 2025, the Court denied Defendant's motion for partial summary judgment filed against the named Plaintiffs on their individual claims. The Court's orders certifying the Classes and Subclasses and denying Defendant's motion for partial summary judgment does not predict nor guarantee that Class Members will receive any money or benefits; that will be decided later.

3. What is a class action?

In a class action, one or more individuals or entities, called a "Class Representative" or "Class Representatives" sue on behalf of all individuals with similar claims. Here, BlackOak Life Limited, as General Partner for BlackOak Investors LP has been appointed by the Court to represent the eligible owners of the Past Losses Class and Conversion Subclass policies. Lawrence Handorf and PHT Holding II LP have been appointed by the Court to represent the eligible owners of the Uniformity Class policies and PHT Holding II LP has been appointed by the Court to represent the eligible owners of the Mortality Factor Subclass policies. Together, all of these eligible owners are called the "Class" or "Class Members." The persons who sued are called the "Plaintiffs," a party being sued, such as Transamerica Life Insurance Company, is called a "Defendant."

One court resolves the lawsuit for all Class Members, except for those who exclude themselves. Class Members might receive money and/or other benefits if they stay in the Classes and Subclasses and if the Classes and Subclasses prevail on the merits or a settlement is reached and approved by the Court; and Class Members might receive nothing if they stay in the Classes and Subclasses and Defendant prevails on the merits.

4. Has the Court decided who is right?

No. The Court did not decide whether the Plaintiffs or the Defendant are right, although the Court did deny Defendant's motion for partial summary judgment filed against the Plaintiffs' individual claims. By certifying the Classes and issuing this notice the Court is not determining that the Plaintiffs will win or lose the case. To win, the Plaintiffs must prove their claims at trial. More information about the trial is in FAQ 14, below.

5. Is there any money available now?

No. Because the Court has not decided that Transamerica did anything wrong, and the sides have not settled the lawsuit, there is no money available now. There is no guarantee that money will be available later, but if the Plaintiffs win the case or the sides settle, you will receive another notice with those details.

6. Am I part of this class?

The Court has certified two Classes and two Subclasses. You may be part of one or more Classes and Subclasses.

You may find it useful to have the names and policy forms for your policies handy as you review the requirements listed below.

1. Past Losses Class and Conversion Subclass

Owners of the following universal life insurance policies are members of the Past Losses Class and/or the Conversion Subclass if:

1. issued or insured by Transamerica Life Insurance Company or its predecessors; and

2. subjected to the monthly deduction rate and Cost of Insurance increases first announced in or after 2021.

For example, if you owned a TransAdvantage policy in 2021, you are part of both the Past Losses Class and the Conversion Subclass, unless you exclude yourself. If you owned a TransUltra LP policy in 2021 you are part of the Past Losses Class, unless you exclude yourself, but not part of the Conversion Subclass.

1. Uniformity Class and Mortality Factor Subclass

Owners of the following universal life insurance policies issued out of Defendant's or its predecessors' home office in Cedar Rapids, Iowa are members of the Uniformity Class and Mortality Factor Subclass if:

1. issued or insured by Transamerica Life Insurance Company or its predecessors; and

2. subjected to the monthly deduction rate and Cost of Insurance increases first announced in or after 2021.

Excluded from the Classes and Subclasses are the Excluded Members.

For the avoidance of doubt, the following policies are also not included within the Uniformity Class: Bond Continuation, ISL Security Plus, Life Security, Premier Life, Security Plus II, Security Plus ISWL, Triple Protector, Ultima Simplified Protector, and Youth Protector.

What Happens Next?

7. Do I have to do anything? What happens if I do nothing at all?

No, you do not have to do anything at all to stay in the class action, and staying in the class action is the only way to receive any potential money or other benefits from this case.

If you are a class member and do nothing, then you will stay a class member. You will be notified if you are later entitled to receive any money or benefits from this case.

Keep in mind that unless you opt out of the lawsuit, whether Plaintiffs win or lose at trial you will not be able to sue or continue to sue Transamerica about the same issues that are in this class action.

8. Do I have to stay in the Class?

No. If you don't want to be part of this lawsuit or would like to sue Transamerica yourself about the same issues that are in this lawsuit, you can remove yourself from the class. Removing yourself is also called "opting out." If you opt out, you will not receive money or benefits from this lawsuit, but you will keep any rights you may have to sue Transamerica on your own about the legal issues in this case.

If you exclude yourself, you are telling the Court that you do not want to be part of the lawsuit. You will not be eligible to receive any money or benefits from this case. The deadline to exclude yourself from this lawsuit is October 13, 2025.

9. How do I opt out of the lawsuit?

If you do not want to be part of the lawsuit, you must send a letter called a "Request for Exclusion." To be valid, your Request for Exclusion must have the following information:

1. the name of the Action: Handorf, et al. v. Transamerica Life Insurance Company, Case No. 1:23-cv-32, pending in the United States District Court for the Northern District of Iowa;

2. your full name, mailing address, email address, and telephone number;

3. personal signature; and

4. the words "Request for Exclusion" or a clear and similar statement that you do not want to participate in the lawsuit.

You may only exclude yourself not any other person.

Mail your Request for Exclusion to the Notice Administrator at:

Transamerica UL Class Action
ATTN: Exclusion Request
P.O. Box 25226
Santa Ana, CA 92799

Your Request for Exclusion must be postmarked by October 13, 2025.

The Lawyers Representing You

10. Do I have a lawyer in the case?

Yes, the Court appointed the following attorneys as Class Counsel to represent you and other Class Members:

11. Should I get my own lawyer?

If you stay in the Classes, you do not need to hire your own lawyer to pursue the claims against Defendant because Class Counsel is working on behalf of the Classes. However, if you want your own lawyer, you may hire one at your expense.

12. How will Class Counsel be paid?

If Class Counsel recovers money or benefits for the class, they will ask the Court for fees and expenses. You won't have to pay these fees and expenses out of your own pocket. Rather, if the Court grants Class Counsel's request, the fees and expenses would be either deducted from any money obtained for the class or paid separately by Defendant.

The Trial

13. How will the court decide who is right?

A jury trial is scheduled to occur on January 20, 2026. Additional information about the date and location of the trial will be posted on this website.

Class Counsel will have to prove Plaintiffs' claims at a trial. During the trial, a jury will hear all the evidence to help them reach a decision about whether Plaintiffs or Defendant are right about the claims in the lawsuit. There is no guarantee that Plaintiffs will win or that they will get any money for the Classes or Subclasses.

The date of the trial may change, so please check this website for updates about the trial schedule.

14. Do I have to come to the trial?

No. Unless you are called as a witness, you do not have to come to the trial. Class Counsel will present the case for class, and the results will be posted on this website.

15. Will I get money or other benefits after the trial?

If Plaintiffs obtains money or benefits as a result of the trial or a settlement, you will be notified about how to obtain the money or benefits. We do not know how long this will take.

Getting More Information

16. How do I get more information?

For information regarding this lawsuit, please review the Court's Order certifying the class, and other important legal documents located on the Important Documents page. You may also ask to speak to Class Counsel; their contact information is listed in FAQ 11, above.

Do not contact the Court or Clerk of Court regarding this lawsuit