Review of Transamerica Life Insurance Company
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If you are looking for Transamerica Life Insurance Company reviews then you have come to the right place. In this review of Transamerica Life Insurance Company, we discuss the company’s pros and cons and offer our readers a possible alternative.
Ever wonder what the secret is to finding the best life insurance quotes from the top companies? Check out this short video on the importance of comparison shopping when looking for the right company and policy to fit your needs and goals.
About Transamerica Life Insurance Company
Home Office: 4333 Edgewood Road, NE Cedar Rapids, IA 52499 Phone: (319) 355-8511
Transamerica has been around over 100 years. This is a huge insurance provider that is owned by an even larger company based out of the Netherlands called Aegon. Transamerica owns Stonebridge Life Insurance Company. Monumental Life Insurance Company changed its name to Transamerica Premier Life Insurance Company. Further, Western Reserve Life Assurance Co. of Ohio merged into Transamerica Premier Life Insurance Company. All in all, Transamerica and its parent company offer products and services in over 30 global markets.
Bottom line, Transamerica is a top life insurance company and has been for years. They are well known in the life insurance industry, especially for the company’s niche market—elderly consumers, see best life insurance for seniors.
Pros of Transamerica
We love Transamerica Life. Due to the Company’s wide range of products offered we currently list it in our top 10 life insurance companies in the US list and we included it in our top ten best no exam life insurance companies list as well as our top final expense insurance companies list. One of the first things to notice is the company’s strong ratings.
Transamerica Company Ratings
All good Transamerica Life Insurance Company reviews will touch on the company’s strong ratings. As of June 2016, Transamerica Life has an A+ rating from A.M. Best Company, the premier rating agency for life insurance. What that means for you, the consumer, is that you are in secure hands with Transamerica Life. The company has $1,055 billion of insurance in force as of December 31, 2016. That is $1,085,000,000,000. That is a lot of zeroes! Rest assured this company will be able to pay out on your death claim.
A.M. Best: A+, 2nd highest rating offered by A.M. Best (as of July 2017)
Fitch: A+ (as of March 2017)
Moody’s: A1 (as of September 2017)
S&P Global: AA‐ (as of May 2017)
Comdex ranking: 90
In addition, Transamerica also has an A+ rating from the BBB.
Transamerica Products Offering
Offering a huge selection of different types of life insurance policies including Term Life, Whole Life, Universal Life, Variable Life, Final Expense, Accidental…you name it and Transamerica probably has it. Below is a brief synopsis of the two main products: term life insurance versus permanent life insurance.
Transamerica Term Life
The company’s level term life insurance comes in three flavors: a no medical exam term policy with a face amount limit of $249,999, a return of premium term policy, and a typical fully underwritten term life insurance policy with terms of 10, 15, 20, 25, and 30 years.
Transamerica Trendsetter Series offers initial level premium term products. The three main products are Trendsetter Super, Trandsetter Express, and Trendsetter Living Benefits.
All three offer non med underwriting options for certain face amounts (up to $99,999 for Super, and up to $249,999 for Express and LB). Face amounts come in ranges from $25,000 on up. And each offers a terminal illness rider at no additional cost (where applicable). However, Trendsetter LB offers some additional coverage in the form of living benefits.
Living benefits life insurance can be highly advantageous because it protects the insured in death and also in life. Trendsetter LB offers a disability rider, terminal illness rider, chronic illness rider and critical illness rider.
- Disability rider covers the insured if they suffer a qualifying disability and are unable to work.
- Critical illness covers the insured if they suffer a critical health condition or paralysis.
- Chronic illness covers the insured if they are unable to perform 2 of 6 Activities of daily living (ADLs) or severe cognitive impairment.
And the terminal illness rider kicks in if the insured is diagnosed terminally ill with less than 12 months to live.
Transamerica offers convertible term life insurance on its policies. If you choose to convert your policy to permanent coverage down the road, you can convert all or a portion of the face amount to permanent life insurance with no evidence of insurability, i.e. no health questions and no medical exams required. Instead, the company converts the policy to permanent coverage based on your original health class rating.
Term Life Insurance Riders
Transamerica offers several life insurance riders, including:
- Children’s insurance rider: life insurance children (ages 15 days – 18 years old)
- Accident indemnity rider: pays an additional death benefit if the insured dies as a result of an accidental bodily injury.
- Return of premium rider (for 20 & 30 year terms): return of premium life insurance returns 100% of eligible premiums at the end of the term.
- Waiver of premium rider: a waiver of premium rider provides that premiums are waived after a 6 month period if you become totally disabled.
Transamerica Permanent Life Insurance
Transamerica Life offers excellent permanent life insurance via the company’s universal and whole life insurance products.
Transamerica Universal Life
Universal Life insurance is similar to whole life but with more flexibility in the premium. You can pay a higher or lower premium throughout the life of the policy depending on your financial health. You can also lower or raise your death benefit if needed.
Indexed Universal Life Insurance is a good alternative for those looking for permanent cash value life insurance that has the potential for higher returns than universal life and whole life, but without the risk of variable life, since it is not invested directly into equities.
With indexed universal life your credited interest is based on a formula that takes into account a specific market performance.
Transamerica Premier Financial Foundation IUL
Transamerica Premier Life Insurance Company offers one of the top selling indexed universal life policies in the U.S. The policy offers a fixed account with a guaranteed 2% floor and a guaranteed 0.75% floor in the indexed accounts.
You can choose to allocate your funds to a fixed account that earns an interest rate declared by the company or to an indexed account that tracks the S&P 500 minus dividends, or the S&P 500, EURO STOXX 50 and Hang Seng.
Each index has a cap which represents the maximum amount of interest credited for each segment period of one year. Index caps fluctuate up and down, but will never be less than the declared rate on the fixed account.
You can choose from two death benefit options. Option 1 is a level death benefit and option 2 is an increasing death benefit. You can change the death benefit option once a year after the third policy year.
You can add an additional Long Term Care Rider to your policy that allows you access to the death benefit to help you cover costs associated with long term care.
The Income Protection Option (IPO) allows a different death benefit payment other than a lump sum. Monthly income payments can be between 5 and 25 years. The goal of the IPO rider is to pay out the death benefit over a longer period of time to protect the beneficiary from the typical lump sum, which essentially amounts to a “blank check”.
A Guaranteed Insurability Benefit Rider is available, making this a great life insurance policy for children or young adults. The rider allows the purchase of additional coverage without proof of insurability at specific ages, or alternatively, on certain special occasions such as marriage or the birth of a child.
Guaranteed Whole Life
The company’s guaranteed whole life insurance policy includes a guaranteed death benefit, guaranteed level premiums and builds guaranteed cash value that can be borrowed against to be used for whatever you need.
Life insurance loans are available using your cash value as collateral. The loan accrues interest, but the interest due does not have to be paid back. However, any outstanding loan plus interest due will be taken out when the death benefit is paid to your life insurance beneficiary.
Graded Death Benefit Products
Graded death benefit products are typically reserved for anyone looking for burial insurance or final expense insurance. The following whole life policies are available through Transamerica:
Immediate Solution: fixed premiums. Issue ages 0-85. Minimum issue amount $1,000. Maximum: Ages 0-55 maximum issue amount $50,000, 56-65 $40,000, 66-75 $30,000, 76-85 $25,000.
10 Pay Solution: level premiums FOR 10 YEARS. Issue ages 0-85. Minimum issue amount $1,000. Maximum: Ages 0-55 maximum issue amount $50,000, 56-65 $40,000, 66-75 $30,000, 76-85 $25,000.
Easy Pay Solution: level premiums to age 121. Available for ages 18-80. Death benefit for the first two years: 100% for accidental death or 110% of premiums paid. After the first two years the policy will pay 100% of the death benefit.
Transamerica Underwriting Niches
As you may have read in other Transamerica Life Insurance Company reviews, Transamerica Life’s niche is older clients. As you will see below, the company has liberal guidelines for clients 71 and older—an age that many life insurance companies stop writing life insurance at.
- A preferred plus rate class is available for clients with cholesterol ratio of less than 5.0. Many companies only allow up to 4.5 for the best rate class. Transamerica will offer the best rate class for clients 71 and older with a 5.5 cholesterol ratio.
- Clients 71 and older can qualify for the best rate class with a blood pressure reading of 145/85.
- Clients with Hepatitis C have an opportunity to receive a standard rate class.
- Clients suffering from schizophrenia that are well controlled and 2 years from diagnosis can receive from a Table 2 to Table 8 rate class. 10 years out and a client with schizophrenia can receive a standard rate class.
- And Transamerica offers some of the most competitive life insurance rates
Transamerica Life Insurance Quotes
Sample quotes for a preferred plus 65 year old male as of December 2015. Rates are subject to change and must be qualified for.
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Sample quotes for a preferred plus 70 year old male as of December 2015. Rates are subject to change and must be qualified for.
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Sample quotes for a preferred plus 75 year old male as of December 2015. Rates are subject to change and must be qualified for.
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Cons of Transamerica
Transamerica Life is but one company among many
Transamerica Life Insurance Company has positioned itself to be the leader in the life insurance world for older clients. However, the company is not always competitive with younger clients. As a result, for most people under the age of 70 there may be a better option.
That is why it is so important for people seeking Transamerica Life Insurance Company reviews to keep their options open. It is only by choosing an agency that represents multiple life insurance companies that you can guarantee that you are receiving the best rate and the best price on life insurance—for you.
An alternative to going with Transamerica Life Insurance is to keep an open mind and go where your specific situation leads you. At TermLife2Go we represent dozens different life insurance companies, each with a unique niche in the life insurance landscape.
What that means for you is that you have choices. And choices lead to savings—sometimes thousands of dollars over the life of the policy. Therefore, it pays to go with a TermLife2Go who can “shop” for you and direct you to the best company for you.
So, what are you waiting for? Give us a call today or visit our Term Life Insurance Quotes page and see what we can do for you!
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you! Give us a call today.
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