Transamerica Life Insurance Review | Complete Guide For 2024

Transamerica’s humble beginnings started in 1904 when Amadeo P. Giannini founded a bank in San Francisco.

Giannini hoped to make financial services available to everyone, a new concept in the early 1900s.

Along with its subsidiary company, Aegon N.V., Transamerica now serves over 13 million customers in the United States.

Today, Transamerica is known for competitively priced products, including life insurance, but client experience is a concern.

Originally based out of San Francisco, where the iconic building still stands, Transamerica is now headquartered out of Cedar Rapids, Iowa.

Key Features

• Affordable life insurance
• Strong financial rating (A.M. Best – A)
• Negative customer experiences (BBB Rating – F; with no accreditation)

Transamerica Life Insurance

Transamerica offers a number of life insurance products for you to consider.

Put simply, life insurance could be the most important purchase you ever make.

– Transamerica

There are five primary types of life insurance products available. Discover the differences to determine the best option for you.

Quick Navigation Guide

1. Term
2. Whole
3. Index Universal
4. Final Expense
5. Accidental
6. Compare

Important – product details and availability are subject to change.

Transamerica Term Life Insurance Reviews

Term life insurance is the most common form of life insurance plans and coverage options purchased, for good reason. It’s affordable and is available in large face amounts (policy size).

Features

• Term lengths of 10, 15, 20, 25, and 30-years
• Level premiums for the initial term
• Option to convert to a permanent product

Transamerica offers term coverage via two products:

1. Trendsetter Super Series
2. Trendsetter LB (living benefits)

There are a few key differences between the two-term products.

Trendsetter Super

A term life insurance product in which you may purchase up to $10 million (or more) in coverage.

Essential Facts

• Face amounts: $25,000 – $10,000,000
• Issue ages: 18 – 80
• No medical exam option for up to $99,999
• Policy fee $30 ($60 if policy is under $100,000)
• Multiple health classes available

Living Benefits

Living benefits are features of your life insurance contract, in addition to the death benefits.

• Terminal Illness Accelerated Death Benefit – the lesser of $1,500,000 or 100% of the face amount
• Income Protection Option (IPO)

Riders

Customizing your term life insurance with policy riders can make all the difference during a difficult time.

• Accident Indemnity
• Children’s Insurance
• Return of Premium
• Waiver of Premium

Trendsetter LB

Term life policy for up to $2 million that includes comprehensive living benefits.

Essential Facts

• Face amounts: $25,000 – $2,000,000
• Issue ages: 18 – 85
• No medical exam option for up to $249,999
• Policy fee $30 ($60 if policy is under $100,000)
• Multiple health classes available

Living Benefits

Trendsetter LB offers generous living benefits, via the Accelerated Death Benefit.

• Chronic Illness
  • Must be unable to perform two of six activities of daily living or experience severe cognitive impairment
  • Minimum benefit: $1,000 per year
  • Maximum benefit: the lesser of $1,500,000 or 90% of the face amount
  • Maximum face amount acceleration: 24% per year
• Critical Illness
  • Must suffer a critical health condition or paralysis
  • Minimum benefit: $2,500
  • Maximum benefit: the lesser of $1,500,000 or 90% of the face amount
  • Maximum face amount acceleration: 90%
• Terminal Illness
  • Must have 12 months or less to live
  • Minimum benefit: $5,000
  • Maximum benefit: the lesser of $1,500,000 or 90% of the face amount
  • Maximum face amount acceleration: 100%
• Income Protection Option (IPO)

Note – if you opt to utilize a living benefit, your death benefit is reduced accordingly.

Riders

• Accident Indemnity
• Children’s Insurance
• Monthly Disability
• Waiver of Premium

Who buys term life insurance?

Most people buy term.

If you are in need of life insurance protection for a specific period of time, say, when you are raising your children, term is an excellent option.

Highly affordable term life insurance offers the ability to purchase a large face amount that won’t break the bank.

Transamerica Whole Life Insurance Reviews

Aptly named, whole life insurance lasts your whole life.

Also referred to as permanent life insurance coverage, Transamerica offers individual whole life insurance, for up to $2 million (or more).

Specifically, Transamerica’s whole life product is a “single-life, nonparticipating, limited-payment, and interest-sensitive”.

Essential Facts

• Face amounts: $25,000 – $2,000,000 
• Issue ages: 20 – 80
• Multiple health classes available
• Cash value component you can access
• Higher premiums than term
• Level premiums during the Premium Payment Period

Additional Features

• Option to select a limited pay period
• Accepts 1035 Exchanges (for plan takeovers)
• Guaranteed coverage with guaranteed minimum cash values
• Works for 412(e)(3) and split-funded defined benefit markets
• Potential for net cash value
• Rates are the same for males and females

Riders and Options

• Accelerated Death Benefit
• Automatic Premium Payment provision
• Coverage Continuation Option
• Premium Loan Provision

Keep in mind – whole life premiums are significantly higher than for term life. However, your policy will not expire and it accumulates cash value.

Read more:

• Is there a minimum or maximum amount of cash value that can accumulate?
• Does Transamerica offer cash value life insurance?

Transamerica Universal Life Insurance Reviews

Index universal life insurance is a type of permanent coverage, with flexibility in premium payments and an investment component.

Transamerica IUL reviews reveal that the company offers the Financial Foundation IUL (FFIUL).

Typically, IULs are purchased by someone looking to utilize a policy for retirement funding and provide a death benefit to beneficiaries.

Policyowners have the option to change their policy face amounts once per year.

Keep in mind – IULs are exposed to the stock market, meaning that there is some risk to their cash value, beyond the guaranteed minimum rate.

Essential Facts

• Minimum face amounts: $25,000
• Issue ages: 0 – 85
• Multiple health classes available
• Ability to accumulate cash value
• Guaranteed minimum interest rate (guaranteed floor)
• No-lapse guarantee with minimum monthly premium payment
• Policy loan option

Additional Features

• Policy includes a basic interest account; plus two index account options
• Policy illustrations available at any time
• Death benefit has many uses:
  • Family financial protection
  • Key person insurance
  • Buy-sell agreement
• Death benefit options may be changed after the third policy year

Riders and Options

• Base Insured
• Long Term Care
• Additional Insured
• Children’s Benefit
• Guaranteed Insurability
• Disability Waiver of Monthly Deductions
• Disability Waiver of Premium

Important – Transamerica also offers variable universal life insurance, another form of permanent coverage.

With variable universal life (VUL), your premiums are placed into investment accounts, in which money may accumulate over time, but there are risks involved.

Transamerica Final Expense Life Insurance Reviews

Final expense burial life insurance is a type of permanent coverage, designed specifically to cover end-of-life expenses.

For example, final expense may pay for medical bills, funeral costs, and burial services.

Face amounts are modest. Transamerica provides up to $50,000 in final expense coverage.

There is no medical exam required during underwriting and the application process is simple. Expect just a few health questions.

Read more: Does Transamerica require a medical exam to get life insurance?

Transamerica offers three final expense policies:

1. Immediate solution
2. 10-pay solution
3. Easy solution

Essential Facts

• Face amounts: $2,000 – $50,000
• Issue ages: 0 – 80
• Level premiums to age 121
• No medical underwriting
• First day, full coverage available
• Cash value
• Policy loan option

Transamerica Accidental Death Insurance Reviews

Accidental death insurance is not technically life insurance because it only provides a benefit if death occurs as a result of an accident.

The most common unintentional deaths occur as a result of:

• Motor vehicle accidents
• Accidental falls
• Unintentional poisoning

Transamerica’s accidental death policies provide your family with financial assistance when it is needed.

– Transamerica

Transamerica offers two types of accidental death policies.

1. Plan A – $250,000 for a covered accident
2. Plan B – $125,000 for a covered accident

Note – the amount of coverage doubles if the death is caused by a common carrier, like commercial airlines, buses, or trains.

A family option is also offered.

This option provides an additional $125,000 in coverage for a spouse and $5,000 for your children for Plan A.

For Plan B, an additional $75,000 is provided for a spouse and $5,000 for children.

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Compare Transamerica Life Insurance Products

Each life insurance product has different features. View side-by-side comparisons. 

Compare Transamerica Life Insurance

Product	Face Amount	Permanent Coverage	No Medical Exam
Term	$25,000 - $10,000,000	No	Sometimes
Whole	$25,000 - $2,000,000	Yes	No
Index Universal	Minimum of $25,000	Yes	No
Final Expense	$2,000 - $50,000	Yes	Yes
Accidental Death	$125,000 - $250,000	No	Yes

Subject to change

Transamerica Life Insurance Quotes

To get a general idea of Transamerica’s life insurance rates, consider the following sample quotes.

Keep in mind, though, sample quotes are just that – samples of how much a policy costs.

Term

Below are example rates for 10-year term life insurance from Transamerica for men:

Transamerica Term Life Insurance Quotes Male

	$100,000	$250,000	$500,000
20 year old	$13.24	$17.20	$24.51
30 year old	$10.06	$11.83	$14.62
40 year old	$13.33	$16.99	$23.22
50 year old	$20.21	$30.96	$52.46
60 year old	$42.66	$77.62	$131.58
70 year old	$110.77	$221.24	$418.82
80 year old	$388.03	$777.01	$1514.46

Subject to change. 10-year term.

And example rates from Transamerica for women:

Transamerica Term Life Insurance Quotes Female

	$100,000	$250,000	$500,000
20 year old	$11.95	$11.61	$12.90
30 year old	$9.72	$10.75	$12.90
40 year old	$12.47	$15.27	$19.78
50 year old	$17.46	$26.45	$42.14
60 year old	$36.98	$63.86	$112.23
70 year old	$90.13	$181.46	$332.82
80 year old	$324.74	$681.98	$1267.21

Subject to change. 10-year term.

Final Expense Quotes

Below are sample rates for final expense insurance for men:

Transamerica Final Expense Life Insurance Quotes Male

	$5,000	$25,000	$50,000
20 year old	$10.08	$36.10	$68.64
30 year old	$11.50	$43.20	$82.83
40 year old	$14.51	$58.27	$112.97
50 year old	$17.56	$73.50	$143.44
60 year old	$23.69	$104.17	NA
70 year old	$39.11	$181.28	NA
80 year old	$71.90	$345.21	NA

Subject to change.

And, likewise, sample rates for women:

Transamerica Final Expense Life Insurance Quotes Female

	$5,000	$25,000	$50,000
20 year old	$8.83	$29.86	$56.14
30 year old	$10.12	$36.34	$69.11
40 year old	$12.59	$48.68	$93.80
50 year old	$14.77	$59.59	$115.60
60 year old	$18.64	$79.84	NA
70 year old	$28.78	$129.63	NA
80 year old	$53.84	$254.92	NA

Subject to change.

Navigating Transamerica Life Insurance Claims Process

Ease of Filing a Claim

Transamerica provides multiple channels for filing insurance claims, ensuring flexibility and convenience for their policyholders. You can file a claim through their online portal, over the phone, or using their mobile app. This variety of options allows policyholders to choose the method that best suits their preferences and circumstances.

Average Claim Processing Time

The average claim processing time with Transamerica may vary depending on the complexity of the claim and the specific insurance product. However, Transamerica is known for its efficient claims processing system, and they strive to settle claims promptly.

Policyholders can expect timely responses and resolutions to their claims, helping them receive the support they need when it matters most.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is an essential aspect of evaluating an insurance company’s claims process. While Transamerica offers efficient claims processing, it’s crucial to consider policyholders’ experiences with claim resolutions and payouts.

Customer feedback can provide valuable insights into the company’s performance in this regard, helping prospective customers make informed decisions.

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Unveiling Transamerica Life Insurance Digital and Technological Advancements

Mobile App Features and Functionality

Transamerica offers a mobile app designed to enhance policyholders’ digital experience. The app provides various features and functionalities, allowing users to manage their insurance policies on the go. These features may include the ability to view policy details, make premium payments, and access important documents, all from the convenience of a mobile device.

Online Account Management Capabilities

In addition to the mobile app, Transamerica offers robust online account management capabilities through their website. Policyholders can log in to their online accounts to access a wide range of services.

This may include reviewing policy information, updating personal details, and tracking the status of claims. The online portal simplifies policy management, making it easy for customers to stay informed and in control.

Digital Tools and Resources

Transamerica provides policyholders with digital tools and resources to support their insurance journey. These resources may include educational materials, calculators to assess insurance needs, and guides on various insurance topics.

By offering these digital tools, Transamerica aims to empower policyholders with the knowledge and resources they need to make informed decisions about their insurance coverage.

Frequently Asked Questions

Commonly asked questions about Transamerica and their answers.

Is Transamerica life insurance good?

Transamerica has strong financial ratings (A.M. Best gives them an A).

They provide a wide range of insurance products with competitive pricing.

However, Transamerica does have poor customer-service ratings.

In fact, the Better Business Bureau gives them an F, and J.D. Power rates them, “below average” in all customer satisfaction categories.

According to the NAIC database of consumer complaints about insurance companies, Transamerica has a complaint index of 0.58, meaning that the company has a proportionately low number of customer complaints.

The median score across the U.S is 1.0. Customers who have had a poor experience indicate customer service and claim departments – they report long waiting periods and poor communication. 

Transamerica Life Insurance has an app that is focused on retirement plans so you can’t manage your life insurance policy, make payments or file a claim. 

Should I buy a Transamerica policy?

Only purchase life insurance through Transamerica if it is the best policy option to meet your needs.

You will want to collaborate with an independent agent to evaluate Transamerica and other carriers to compare and contrast.

Your needs should be based on the following, to start:

• Who is the life insurance for?
  • Life insurance for you
  • Life insurance for parents
  • Life insurance for a child
• Purpose of the life insurance policy
• Financial needs of those who depend on you
• Annual income
• Monthly monetary requirements
• Long-term financial goals

What type of Transamerica life insurance should I look at?

Your financial needs determine the type of life insurance you should buy.

For temporary coverage with the most bang for your buck, look to term.

If your needs are indefinite and you’re interested in a cash-value component, consider whole life or a variable life product.

And, for example, if you are considering life insurance for seniors and need end-of-life financial protection, look to final expense.

Finally, an accidental death insurance policy provides protection for qualifying accidents and might be an option if you would otherwise not qualify for coverage.

Do I need to take a medical exam?

It depends.

Most of Transamerica’s traditional life insurance products do require a medical exam.

Certain term life insurance policies are available for simplified underwriting, if you meet certain criteria, namely face amount, age, and overall health.

Additionally, final expense products never require an exam.

Next Steps

There are a couple of things to do in order to determine if Transamerica, or any carrier for that matter, is right for you.

Understand Your Needs

Before applying for life insurance, it’s in your best interest to understand your coverage needs.

Conduct a needs analysis and determine how long you will need coverage.

Also, note if you have experienced major medical events because it can impact the type of policy you qualify for.

Work with an Independent Agent

By collaborating with an independent agent, you have someone sitting on the same side of the table as you, so to speak.

Importantly, you will have access to multiple quotes from the best life insurance companies. That way, you can rest assured you are applying for the best policy at the best rate you qualify for.

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