Transamerica Life Insurance Review

However, Transamerica Life Insurance does not offer variable life insurance but has large final expense coverage and fair rates for those with less-than-perfect health.

Transamerica provides unique life insurance products, such as universal life or a last expense coverage to cover bills at the conclusion of one’s life. It’s possible to earn death benefits for millions of dollars through whole or term life insurance policies, much above the normal payments of $250,000 to $500,000. This Transamerica Life Insurance Review may assist you in making an educated decision about.

Pros and Cons of Transamerica

Transamerica Life Insurance Review - Transamerica Logo

Pros

  • Policy restrictions are quite strict.
  • Rules that prevent students from taking exams
  • Convenient securing of financing
  • A substantial amount of money

Cons

  • There’s no way to submit a claim online.
  • There are several grievances from clients.

Factors that affect your rates

As with other life insurance companies, there are some qualifications to be eligible for Transamerica’s preferred rate class:

  • Driving history devoid of infractions or suspensions, such as DUIs.
  • A normal blood pressure and BMI are good indicators of good health.
  • Work and pastimes that don’t put you in danger are best.
  • The usage of tobacco has never been an issue in the past.
  • There will be no drinking or other drug usage.
  • There is no personal or family history of any particular illnesses.

How to get a quote from Transamerica life insurance

In order to apply through a local agent: 

  1. Contact Transamerica directly at 800-797-2643.
  2. Select Insurance from the What We Offer menu on the Transamerica main page.
  3. Figure out what kind of life insurance you want.
  4. Tap Locate An Agent after entering your ZIP code at the bottom of the page.
  5. Next, provide information about where you are and how to reach you.
  6. When you tap Search, a list of insurance agents in your area will appear.

Transamerica offers term and permanent life insurance

For example, Transamerica offers the option to convert term life insurance into permanent life insurance, as well as a wide range of policy options. There are several options available to you, including:

  • Index universal. Plans may be tailored to meet your specific needs and goals.
    Expense in the end. Covers expenditures associated with dying, including as funeral fees, and is immediately accessible upon approval.
  • Term. Trendsetter super and Trendsetter lb are two different term life insurance products offered by Transamerica. One gives living benefits to riders, while the other can be converted to permanent life. There are 10 to 30 year policies available, ranging in coverage from $25,000 to $10 million. You may also choose between fixed, declining, or growing death payouts over that time period.
  • Universal. This plan provides coverage for the rest of your life, adjustable premiums, and a death benefit that builds cash value over time. If you want to maximize your investment returns, look at indexed universal insurance like the S&P 500 or variable universal coverage.
  • Whole. Includes coverage for the rest of your life, a set premium, and a growing cash value. Individual plans range from $2,000 to $3 million in coverage, while group policies are $25,000 or more.

Transamerica life insurance riders

There are a variety of add-ons available for your policy, depending on your specific needs:

  • Accelerated death benefit. If you’re diagnosed with a terminal disease, you may be able to prepay some of your death benefit.
  • Both the child and the husband are on the bike. Adds spouse and child coverage without purchasing a second insurance.
  • Terms that get shorter and shorter. Reduces your insurance coverage as you pay down debt or make other lifestyle adjustments.
  • Protection of the estate. Includes coverage for your death benefit’s estate taxes.
  • Insurability is ensured with this policy. Convert to a policy that covers you for the rest of your life and requires no medical tests other than when you have children.
  • The premium has been refunded to you. You’ll get your premiums back if you live past the policy’s expiration date. This benefit is only available for policies with durations of 20 or 30 years.
  • Premiums are no longer charged. If you are disabled for more than six months, your insurance premiums are waived.

Transamerica life insurance reviews are mixed

Because of this, Transamerica does not have a BBB accreditation, but their customer service rating is still an A-, indicating that there is still opportunity for improvement. For an insurance firm, the BBB has received 339 complaints in the previous three years, which is a lot. As a beneficiary, you should be careful of invoicing problems and long claim payout times.

Customers on TrustPilot express dissatisfaction with the company’s communication skills and customer service. They give the insurance provider a score of 1.6 out of 5 stars, based on a small number of customer reviews. AM Best‘s financial rating assigns Transamerica an A-.

Visit our review of TIAA Life Insurance Review for one more car insurance review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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