Transamerica life insurance is a financial company that also sells life insurance it was founded in 1901. They offer a variety of life insurance policies and other financial products, but I’m going to review their most popular product, the Transamerica Life Insurance.
- Transamerica Life Insurance Profile
- What Is Life Insurance ?
- What Are The Advantages of Transamerica Life Insurance ?
- What Are The Disadvantages of Transamerica Life Insurance ?
- How To Contact Transamerica Life Insurance Customer Support ?
Transamerica Life Insurance Profile
Let’s look at Transamerica’s life insurance, The Transamerica Life Insurance Review. Transamerica Life Insurance Review Pricing and Benefits The most important thing to understand about life insurance is how it’s actually used.
Transamerica offers a wide range of products that are generally used for life insurance coverage. Now, the reason that the selection of life insurance isn’t limitless is that the purpose of life insurance is for the insurance company to make money. So they have to choose which life insurance products to sell based on the risk that you’re assuming. The more expensive a life insurance policy is, the higher the premium. So for insurance companies that are charging a premium, it makes sense that they would cover less of a risk.
What Is Life Insurance ?
Life insurance is financial protection for the people who have it. It protects the person from death if he or she is unable to pay for funeral costs. It pays for living expenses if a person cannot work and the person may become sick or disabled. It pays for property and legal fees if a person loses or decides to forfeit his or her assets. The coverages and the way it is funded can be varied or the product can be summed up in a single policy. There are many ways to purchase life insurance.
Transamerica provides a simplified and easy to understand explanation of how insurance works. How Life Insurance Works An insurance policy is a contract between you and a company that sells you a financial product. The insurance company promises to pay a monthly amount until you die.
What Are The Advantages of Transamerica Life Insurance ?
If you decide to go with a life insurance policy from Transamerica, you should take a look at these advantages. Instant Access Having a Transamerica life insurance policy gives you access to your own money instantly if you happen to die while you’re under the policy. The insurance will pay out up to $1 million. But of course, there are some important conditions and fees to consider before you make any final decisions. No Formal Application Process With a Transamerica life insurance policy, there’s no form of formal application process. You’ll have immediate access to your money right away, and there are no long paperwork processes that need to be followed.
What Are The Disadvantages of Transamerica Life Insurance ?
In 2016, Fidelity ranked the product as number 23 in the top 50 life insurance companies. While some of the information in this article is helpful, the single biggest disadvantage is that people who have Transamerica Life Insurance have low asset levels when compared to many other policy types. The company is comfortable for its low asset levels because it holds a pretty low percentage of assets in cash, which is not going to earn a lot of interest. I would rather that they raise their minimum asset amount than rely on getting interest income from cash, but I do understand the position they are in with their finances.
How To Contact Transamerica Life Insurance Customer Support ?
You may contact customer support via their toll-free number, 1-877-424-8153 or via their social media pages. This section will focus more on how to sell life insurance as a way to grow your nest egg. How Transamerica Life Insurance Works With Transamerica Life Insurance, you purchase life insurance to secure a future for your loved ones. The company promises a variety of benefits, including life insurance protection and death benefits, a great investment opportunity, life insurance coverage to cover debt, personal/corporate tax-deferred growth and growth benefits. How to choose the right life insurance policy for you On average, an insurance buyer spends around 30 minutes creating a life insurance policy, using an interactive online questionnaire.
For more life insurance reviews, check out our Northwestern Mutual Life Insurance Review.