If you’ve ever wondered whether Transamerica would be the best life insurance company for your needs, you’ve come to the right place! In this review, we will examine the various life insurance plans that Transamerica has to offer.
This review will cover Transamerica’s term life, universal life, and final expense products. Let’s start with a little bit about the company itself.
About Transamerica Life Insurance
Transamerica Life Insurance Company has been in the industry for quite some time now. Now a household name, most consumers are aware that Transamerica is a sensible choice when shopping and comparing different life insurance carriers.
However, we prefer to emphasize the leading life insurance providers, and you won’t find Transamerica listed as one of the best life insurance companies on our list. Let’s take a look at why.
In the following review of Transamerica Life Insurance Company, we will be discussing pertinent information, such as their financial strength, the company’s history in the industry, as well as the consumers’ reviews of the company as reported by the Better Business Bureau (BBB).
Transamerica’s Financial Ratings
Transamerica has been well known for its financial integrity and its presence in the insurance market.
Let’s take a look at how Transamerica rates according to the major credit rating agencies. These agencies are responsible for rating insurance companies’ overall financial solvency and liquidity.
|National Rating Service||Current Rating|
|Moody’s Investors Service||A1|
|Standard & Poor’s||AA-|
|COMDEX Score||93 out of 100|
As the table shows, Transamerica is holding strong in terms of its financial strength. The life insurance carrier is clearly here to stay and a safe choice. However, we are not necessarily recommending the company as the best choice for your coverage.
Life Insurance Products Offered by Transamerica
Transamerica offers most of the same life insurance products as the other life insurance companies that are present on the market today.
- Term Life Insurance
- Permanent Life Insurance
- Indexed Universal Life Insurance
- Variable Life Insurance
Transamerica Term Life Insurance
Transamerica offers Trendsetter Super Series and Trendsetter Living Benefits, which are their term life insurance products. Both of these policies provide level premiums that will never increase while the policy is active.
As with other term policies, these plans provide coverage for a specified amount of time. Once the term has ended, coverage ceases, and the policy expires.
Additionally, Transamerica’s term policies offer face amounts between $25,000 and $10 million. The term lengths, which are relative to your age, include 10, 15, 20, 25, and 30-year terms.
Trendsetter Super Series
Transamerica’s Trendsetter Super Series is great for those looking for life insurance coverage for just a specific amount of time.
Automatically added to each policy is the terminal illness accelerated death benefit rider. For an additional cost, you may also add from the following riders:
- Income protection
- Waiver of premium
- Accidental indemnity
- Children’s insurance
In order to protect yourself from serious life-changing events, Transamerica offers Trendsetter Living Benefits (Trendsetter LB, for short). As the name suggests, this policy automatically includes the following riders:
- Critical Illness
- Chronic Illness
- Terminal Illness ( included with the Trendsetter Super Series as well)
Another feature of Transamerica’s term policies is that you have the ability to convert the policy into a permanent form of life insurance coverage without having to prove insurability.
Transamerica Universal Life Insurance
A type of permanent life insurance, Universal life builds cash value and accrues interest, which can be utilized for varying reasons.
While there are numerous types of universal life insurance on the market today, Transamerica just offers two forms:
- Indexed universal life
- Variable universal life
Both of these universal life insurance plans are excellent for consumers looking for life insurance, as well as growing their money by way of investing. Which one to choose depends on your risk tolerance.
With both of these policies, you can buy as little as $100,000 in coverage or as much as millions in coverage. Furthermore, they guarantee a low rate of interest on the cash value component.
As with other universal life policies, your premiums and death benefit may change at your discretion. Keep in mind that your premiums affect your cash value growth, and this can also affect how long your policy is active.
Due to the fact that universal life policies can be rather complex, you’ll want to be prudent when setting them up and have a good knowledge of how they function before choosing which policy is right for you.
Transamerica Final Expense Whole Life Insurance
It’s no surprise that the number of consumers seeking out final expense life insurance has grown substantially in the last couple of decades, especially since social security only covers $255 for both funeral and burial expenses. Transamerica has benefited from this demand by providing whole life insurance that covers final expenses.
Luckily, most seniors with medical conditions can qualify due to this policy’s affordable rates and permissive underwriting. For this reason, we list Transamerica as one of the best providers for those of the age of 60.
Here are some of the key features for this final expense plan:
- Premiums never increase
- Coverage does not decrease
- Builds cash value over time
- Policy does not expire at any age
All together, Transamerica offers three different whole life insurance plans. The plan that’s available for you will depend completely on your health.
Transamerica Immediate Solution
The greatest benefit of Transamerica’s Immediate Solution policy is that there is no waiting period. You’re able to be fully covered from day one.
Additionally, with the Immediate Solution plan, there are the preferred and standard ratings. The rating that you would qualify for is completely dependent on your answers to the application’s health questions.
Transamerica Easy Solution
Those with fairly serious health concerns will be offered the Easy Solution Plan, which has a 2-year waiting period and is the most expensive policy.
This plan will not distribute a death benefit during the first two years, regardless of death by natural causes. In cases where death occurs during the 2-year waiting period, Transamerica refunds all premiums paid in plus 10% interest.
Once the two-year waiting period has commenced, the full amount would be paid out for any reason. The only exception in regards to payout during the waiting period is accidental death. Should you pass away during the first two years, the Easy Solution Plan will pay the full face amount of the policy.
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.