Transamerica Life Insurance Review
Transamerica is among the top 10 writers of individual life insurance. But despite its impact, Transamerica is often lost in the shuffle among a host of other industry giants.
This Transamerica life insurance review details more about the company, the policies they offer, their customer satisfaction reviews and more to help you as you search for the right life insurance company for you and your family.
About Transamerica Life Insurance
Transamerica was originally founded as a bank in 1904 but has been selling insurance products since 1961. The company is now licensed to sell insurance everywhere in the U.S. except for the state of New York and Washington D.C.
Headquartered in Baltimore, MD, Transamerica and its partner organization, Aegon N.V., serve some 13 million customers across the U.S.
What Kind of Life Insurance Does Transamerica Sell?
Transamerica sells both term and whole life insurance. Below is a summary of the various life insurance products available from Transamerica.
Transamerica Term Life Insurance
Transamerica offers customers their choice of two term life insurance options available in durations of 10, 15, 20, 25 or 30 years. Those between the ages of 18 and 45 can get up to $2 million of coverage with no medical underwriting and even those up to age 55 can get $1 million of guaranteed issue benefits.
- Transamerica’s Trendsetter Super provides up to $10 million worth of coverage and can be converted to a permanent policy without any additional underwriting.
- Trendsetter LB affords up to $2 million of benefits, the ability to convert to permanent coverage and provides living benefits so customers can receive payouts if diagnosed for certain chronic, critical or terminal conditions.
Transamerica Whole Life Insurance
Transamerica provides a variety of whole life policies offering permanent coverage.
- The base Transamerica Lifetime whole life policy features level premiums and a cash value that grows on a tax-deferred basis.
- Transamerica Financial Foundation IUL is an indexed universal life insurance plan that combines life insurance coverage with an investment portfolio. The policy value grows according to a guaranteed minimum interest rate or index account options and comes with several tax advantages.
Transamerica also offers a final expense life insurance policy called Final Expense Solution Portfolio. Deaths benefits are available up to $50,000 and are designed to cover burial costs and other end-of-life care expenses.
Does Transamerica Life Insurance Have Any Riders?
Transamerica has several optional riders available for both term and whole life policies. Transamerica’s riders include:
- Accelerated death benefits with nursing home benefits
- Children and grandchildren coverage
- Accidental death benefits
- Disability waiver of premium
- Income protection
- Guaranteed insurability
- Additional term life insurance
How Much Does Transamerica Life Insurance Cost?
Below are a few cost examples for various combinations of coverage amounts and term lengths using Transamerica’s online quote tool to give you a general idea of how much you might expect to pay for life insurance with Transamerica.
Quotes are based on non-smokers of very good (but not excellent) health and average height and weight.
Please note you may be able to find life insurance plans from other companies where you live that offer different term lengths and coverage amounts. The amounts listed below are examples. Call to chat with a licensed insurance agent who can help you compare life insurance policies that are available in your area.
| Age | Gender | Term length | Coverage amount | Monthly premium |
|---|---|---|---|---|
|
30 |
Male |
30 |
$500,000 |
$39.13 |
|
40 |
Female |
25 |
$300,000 |
$33.54 |
|
50 |
Male |
20 |
$1 million |
$164.26 |
|
60 |
Female |
15 |
$100,000 |
$41.71 |
Does Transamerica Insurance Have Good Customer Service?
Transamerica customer service and satisfaction has some room for improvement. According to the National Association of Insurance Commissioners’ Complaint Index Report, Transamerica fields a rate of customer complaints that is more than twice as high as the industry average.
In J.D. Power’s 2021 U.S. Individual Life Insurance Study that measures overall customer satisfaction, Transamerica ranked 19th out of 21 life insurance companies that were scored.
Transamerica maintains a Consumer Affairs rating of 3.8 stars out of five.
Transamerica Life Insurance Phone Number
Current Transamerica life insurance customers can call the Transamerica customer support phone number at 800-797-2643, Monday – Friday 9 a.m. to 6 p.m. ET.
How Long Does it Take to Get a Life Insurance Payout from Transamerica?
Most life insurance companies pay out death benefits in as little as two weeks or as long as two months. Contact Transamerica for more information about the expected timeline for a death benefit claim to be paid.
Is Transamerica Trustworthy?
Transamerica Life Insurance Company is rated highly by the leading credit rating agencies in the industry:
- A1 by Moody’s (fifth highest financial rating among 21 categories)
- A+ by S&P Global (fifth highest financial rating among 21 categories)
- A by AM Best (third highest of 16 categories)
Is Transamerica a Good Insurance Company?
Transamerica life insurance policies offer the basics that cater to many customers. The company’s financial strength is solid, but customer satisfaction could be better.
The best life insurance company for you will depend on your individual situation and how the company’s rates compare coverage from competing companies in your area. Contact a licensed insurance agent to compare life insurance policies available where you live.
