Well well, while I was posting my SO was tinkering with my phone and figured out how to solve this problem. Figured I'd post the solution for anyone else having this issue.
1) Play a visual voicemail message (stay on that screen)
2) While in visual voicemail increase the volume using the keys on the right on the phone
3) Switch to speakerphone through the menu (if speakerphone was default in #2, switch to handset instead) and increase the volume to desired setting
4) Exit with the back key and that will save your volume preferences
Only by switching volume of both handset and speakerphone will the volume preferences be set and changed.
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