The Transamerica Life Insurance Company offers its devoted policyholders some of the most reliable and comprehensive coverage options.
With an array of policies, ranging from term to whole life insurance, Transamerica makes it easy for somebody to find coverage that best meets their needs and budget.
Our extensive Transamerica Life Insurance Review will explain everything you need to know about this well-known insurance company.
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Transamerica Life Insurance Company
Most people are familiar with Transamerica because of its logo featuring a pyramid.
Transamerica Life was officially founded in San Francisco in 1904 as a bank.
Transamerica began focusing exclusively on providing life insurance, investment, and retirement products in 1956.
In 1999, Transamerica officially became part of the international insurer Aegon based in the Netherlands.
Transamerica Premier Life merged with Transamerica Life in 2020, and the merged entity will continue to do business as Transamerica Life.
The Pyramid is no longer Transamerica’s headquarters, with the company now located in Cedar Rapids, Iowa.
Transamerica ratings
Transamerica ratingsConsidering the financial strength ratings from independent agencies like A.M Best, Duff &Phelp’s, Fitch Ratings, Standard & Poor’s, and Comdex is important.
These rating agencies perform extensive analysis to determine each insurer’s financial strength and claims-paying ability.
A rating is not a guarantee of financial strength, but it can be considered a reliable indicator of how a company will perform in the future.
Transamerica Financial Ratings
| Rating Agency | Grade |
| AM Best | A (Excellent) |
| Duff & Phelps | AA- (Very Strong) |
| Fitch | N/A |
| S & P Global | A+ ( Strong) |
| Comdex | 81 |
Transamerica Term Life Insurance
Transamerica Term Life Insurance Many Transamerica products are available, each designed to meet different needs and budgets.
When you buy a term life insurance policy, the insurer determines the premium based on your elected term duration and death benefit.
Transamerica has two term life policies, the Trendsetter Super Series and the Trendsetter LB, with term lengths of 10, 15, 20, 25, or 30 years.
Transamerica Life offers some of the industry’s cheapest term insurance rates, with face amounts starting at only $25,000.
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Transamerica Trendsetter Super Series
Trendsetter Super Series offers coverage from $25,000 to over $10 million. You may not be required to do a physical exam when buying less than a 2 million dollar policy.
We recommend the Trendsetter Super Series for seniors, smokers, and those with minor medical problems.
Trendsetter Super includes a terminal illness accelerated death benefit. You can customize this policy with a disability waiver, income protection, child rider, and accidental death benefit rider.
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Transamerica Trendsetter LB Series
The Trendsetter LB has higher premiums, with death benefits starting at $25,000 and going up to $2 million.
If you are healthy, buying less than 2 million dollars in coverage may not need a medical exam.
The Trendsetter LB series was named “Best Overall” in the Forbes Advisor review of the best term life insurance policies.
Trendsetter LB provides living benefits, which may allow you to receive a portion of the death benefit available if you become terminally, chronically, or critically ill.
Transamerica’s term insurance is very affordable, with premiums similar to other well know insurers like Protective Life, Prudential, Banner Life, and Lincoln Finacial.
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Converting Transamerica Life Insurance
You can convert your Transamerica term into permanent coverage regardless of your current health.
With a term insurance conversion, you will automatically qualify for the same rate class you were initially approved for with no additional underwriting.
Transamerica will allow you to convert your coverage before age 70 or 75, depending on the rate class you received on your original term policy.
Transamerica Indexed Universal Life
Transamerica Indexed Universal Life Universal life insurance is a flexible, permanent life insurance policy that provides lifelong coverage with the potential for cash value accumulation and tax-deferred savings.
Indexed universal life insurance invests your cash value to fixed or various indexes, such as the Global Index, Dow Jones, S&P 500, and the NASDAQ.
The cash value inside a Transamerica IUL policy grows due to index performance, and your gains are generally capped at a certain percentage.
Financial Foundation IUL: These IUl policies start at $25,000 with a maximum coverage of $2 million. Financial Foundation offers two index options and is primarily sold to those looking for affordable permanent coverage.
Financial Choice IUL: This Transamerica IUL policy offers death benefits starting at $250,000. Financial Choice offers a variety of index options for cash value accumulation and tax-advantaged supplemental income.
Unfortunately, Transamerica does not offer a no-lapse rider that prevents your policy from lapsing regardless of your cash value performance.
However, TransAmerica’s IUL portfolio does allow you to access your death benefit early in the event of a qualifying chronic, critical, or terminal illness.
Transamerica Whole Life Insurance
Transamerica Whole Life InsuranceTransamerica has traditional and final expense whole-life plans that will last your entire life if you continue to pay your premiums.
Individual Whole Life: Transamerica’s whole life offers tax-deferred cash value and level premiums with death benefits up to $50,000. You must take a medical exam to qualify for this policy.
Final Expense: Transamerica also has three whole-life products for the final expense market, with coverage amounts ranging from $1,000 to $50,000. These policies are more expensive and do not require a medical exam.
- Immediate Solution: This is a traditional final expense policy with coverage up to $50,000, requiring lifetime payments.
- 10-Pay Solution: This limited-pay policy offers coverage up to $50,000, but you only need to pay the premiums for ten years.
- Easy Solution You can buy up to a $25,000 death benefit, but If you die in the first two years, you will not get the full face value, except for accidental death.
Transamerica’s whole life insurance is best for seniors and individuals with pre-existing medical conditions.
Because Transamerica’s whole life offers limited cash value and death benefits, it’s usually only purchased for burial insurance.
Transamerica Life Insurance Riders
Transamerica Life Insurance RidersLife insurance riders are add-ons to your coverage that can provide extra coverage for an additional cost.
Each kind of Transamerica life insurance policy has its own unique riders that should be discussed with your insurance agent.
- Waiver of Premium: If you become disabled and unable to pay your premiums, the waiver of premium rider ensures your policy remains in force until you can resume making payments.
- Accelerated Death Benefit: If you are diagnosed with a terminal illness, this rider will pay the death benefit before your death if you face a qualifying terminal illness.
- Child Rider: An optional rider that provides a small death benefit for one or more children in the family.
- Chronic illness rider: If you develop a chronic illness, you may be able to access some of their death benefits during your lifetime.
- Income protection option: This unique rider will begin paying your family an income benefit to replace your earnings upon your demise.
Transamerica Life Insurance Review
Transamerica Life Insurance ReviewLife insurance is a significant financial consideration for individuals and their families, but it can take time to decide whether or not to invest in it.
Before choosing an insurance company, you must determine the kind of life insurance you need, such as term, whole, or universal life insurance.
Transamerica’s term insurance is competitively priced, and you can purchase up to $2 million of coverage without doing a medical exam.
If you need a substantial amount of coverage, Transamerica offers death benefits of $10 million or more which is higher than many of its competitors.
Transamerica does not offer guaranteed universal life, the most popular form of permanent coverage in today’s marketplace.
However, Transamerica does offer indexed universal life, which lacks lifetime guarantees that are very important to most IUL buyers.
If you are interested in cash value accumulation and guaranteed lifetime protection, companies such as Penn Mutual, American National, Corebridge Life, and Pacific Life are excellent choices.
Transamerica’s whole life insurance tends to be expensive but can be a good fit for those with health issues or seniors needing coverage for their final expenses.
Regarding underwriting, TransAmerica reviews the applicant’s age, gender, smoking, overall health, and family history.
Transamerica’s underwriting is usually fair for most people being treated for minor health conditions.
For example, you can qualify for their best rates with high cholesterol and blood pressure, even when your condition is controlled with medication.
Transamerica is one of the only insurers offering coverage that is priced based on your current age, making them cheaper than many competitors.
Many insurance companies use your closest age when calculating your premiums, increasing the premium paid over the life of your policy.
Before buying a policy, it’s beneficial to shop around and examine plans from multiple insurers to guarantee you are getting the most desirable policy.
Using our life insurance calculator, you can compare rates without speaking with an insurance agent.
Transamerica Life Insurance Quotes
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- Press Get Quote
Transamerica Customer Service
Transamerica Customer ServiceIf you’re like most of us, dealing with a customer service representative can be a frustrating and time-consuming experience.
Hopefully, you will have an exceptional customer service experience when communicating with Transamerica.
This might be unlikely because Transamerica ranked close to last for customer satisfaction in J.D. Power’s 2022 U.S. Individual Life Insurance Study.
According to the National Association of Insurance Commissioners, Transamerica has had more complaints to state insurance regulators than many insurers of similar size.
If you have questions about your policy or coverage options, customer service is available during regular business hours. The Transamerica life insurance phone number is 800-797-2643.
Transamerica does not sell life insurance products online. Transamerica’s Life Insurance Policy Explorer tool allows consumers to research coverage options, but you must contact an agent to buy a policy.
Affordable Life USA is licensed with Transamerica and has local insurance agents who can speak face-to-face about your insurance requirements.
Our trustworthy financial professionals will answer all your questions and help you find accurate quotes that suit your financial needs and medical history.
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
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