Life insurance can be one of the most important components of one’s overall financial planning. This is because the proceeds that are received from a life insurance policy may be used by survivors for paying off debt, continuing to pay ongoing living expenses, or for any other need. This can be particularly beneficial if the insured was the family breadwinner, and their spouse/children would otherwise face severe financial hardship.
When purchasing a life insurance policy, there are several factors to consider. These include making sure that the proper type and amount of coverage is obtained, as well as ensuring that the insurance company you are buying the policy through is stable and unchanging from a financial standpoint. Transamerica is one such company.
The History of Transamerica Insurance Company
Transamerica has more than 113 years of experience in the insurance and financial services arena. The company was founded in 1904 in San Francisco, by a young entrepreneur by the name of Amadeo Giannini. Initially, the company was called the Bank of Italy, and it operated out of a converted saloon.
Throughout the years, the company grew and expanded exponentially, due to mergers and acquisitions, as well as by increased sales of its products and services. The product line has also widened substantially to serve an array of different customer needs.
Transamerica has several subsidiaries, including:
- Transamerica Life Insurance Company
- Transamerica Financial Life Insurance Company
- Transamerica Advisors Life Insurance Company
- Transamerica Premier Life Insurance Company
- Transamerica Casualty Insurance Company
- MONGERAL AEGON, Brazil
As of July 1999, Transamerica became a wholly owned subsidiary of Aegon N.V. – a leading provider of life insurance, pensions, and asset management that traces its original roots back to 1844, and now has operations in more than 20 countries and serves more than 26 million customers. As of June 2017, Aegon N.V. managed more than EUR 815 billion.
Transamerica Life Insurance Review
Presently, Transamerica and its parent company operate in more than 20 markets around the globe, with its headquarters still located in San Francisco, California. The company has become known for its iconic pyramid-shaped building, which takes up nearly one whole city block.
Transamerica is also recognized for its financial strength – particularly when it comes to life insurance products. For example, as of year-end 2016, Transamerica Life Insurance Company held roughly $1,055 billion of insurance in force. This arm of the company holds nearly $131,800 million in assets and more than $6,048 million of total capital and surplus. Transamerica Life Insurance Company is licensed to sell its products in all states (except for New York), as well as in the District of Columbia.
In addition to helping its customers with protecting what is most important to them, Transamerica is also well renowned for its many sponsorships. These include the American Heart Association, Habitat for Humanity, the Alzheimer’s Association, the PGA / LPGA and the American Junior Golf Association.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong financial footing and its positive reputation for paying out its policyholders’ claims, Transamerica has earned very high rankings from the insurer rating agencies. About Transamerica Life Insurance Company, the following ratings apply:
- A+ from A.M. Best Company
- A+ from Fitch Ratings
- A1 from Moody’s
- AA- from S&P Global
Also, while Transamerica Life Insurance Company is secure and stable financially, due to the number of customer complaints and negative reviews it has received, this company has been given an overall grade of C from the Better Business Bureau (BBB). This is on a general grade scale of A+ to F.
Over the previous three years, Transamerica has settled 394 customer complaints (18 have been closed within the past 12 months). Of these total 394 complaints, 235 regarded problems with the company’s product/services, another 82 were related to advertising/sales issues, 63 were regarding billing/collection issues, 12 had to do with delivery issues, and the remaining two were linked to guarantee/warranty issues.
Life Insurance Products Offered By Transamerica
Transamerica offers many different types of life insurance coverage to choose from. These include both term and permanent options. With term life insurance, the insured is covered with a pure death benefit amount, and there is no cash value, or savings build up that is associated with these policies.
Term life insurance is purchased for a set period – or terms – such as ten, fifteen, twenty, or even thirty years. This type of coverage is often considered to be “temporary” life insurance protection, and it can be a good choice for people who are wishing to cover the unpaid balance of a mortgage or other similar needs.
At Transamerica, there are several different term life policies available, with term periods that range from ten to thirty years, separated by five-year increments, and face amounts from a minimum of $25,000 up to $2 million. Some of these policies do not require the applicant to undergo a medical examination to qualify. The term life insurance policies that may be purchased from Transamerica include the Trendsetter Super Series and the Trendsetter LB.
Transamerica also offers permanent life insurance coverage. With this type of life insurance, there is a death benefit, as well as a cash value component in the policy. These policies will often provide coverage for life if the premium is paid.
The cash that is in the policy’s cash value component can grow on a tax-deferred basis. This means that no tax is due on the gain unless or until the policyholder withdraws it. These funds may be either withdrawn or borrowed for any need that the policyholder sees fit.
There are several different forms of permanent life insurance that are available via Transamerica. These include:
- Whole Life Insurance – As its name implies, whole life insurance is intended to cover an insured for the entire his or her lifetime. The death benefit and the premium are typically fixed with this type of coverage. Transamerica offers individual and group whole life insurance policies. The individual plans provide face amount of between $2,000 and $50,000. Group plans also provide coverage of up to $25,000.
- Universal Life Insurance – Universal life is also a form of permanent life insurance. However, this type of policy is more flexible than whole life, as the policyholder, within certain guidelines, may alter the premium due date and amount. They may also decide how much of the premium dollars to put towards the policy’s cash value and the policy’s death benefit. This can help as their needs change over time. As with whole life, Transamerica also offers both group and individual universal life insurance coverage.
- Variable Universal Life Insurance – Variable universal life insurance also provides a death benefit and a cash value component. In this case, though, the funds that are in the policy’s cash value are inside professionally managed accounts that are invested in the stock and bond market(s). This can provide the ability to earn a higher amount of return in the cash value. (It can also, however, be subject to more risk than a regular universal life or a whole life policy).
Transamerica also offers accidental death insurance. This provides a death benefit to a named beneficiary if the insured dies as the result of a covered accident. This benefit is payable, regardless of other insurance coverage that the insured may have. Also, this type of policy will pay out a benefit if the insured sustains certain injuries – such as blindness and a loss of hearing or limb. There is no medical examination required to qualify for this type of coverage. And, accidental death coverage can be purchased either as a stand-alone policy or in conjunction with another policy.
There are two options for obtaining accidental death coverage through Transamerica. These include the following:
- Plan A – Plan A pays out a benefit that is equal to $250,000 for a covered accidental death. This benefit will double to $500,000 for death due to a common carrier accident.
- Plan B – Plan B pays out a benefit that is equal to $125,000 for a covered accidental death. This benefit will double to $250,000 for death that is due to a common carrier accident.
Senior and No Medical Exam Life Insurance
Because the average cost of a funeral and other final expenses can often exceed $8,500 in the U.S., Transamerica also offers various life insurance products that are geared towards seniors. One of these if final expense life insurance.
Final expense – which is also often referred to as burial insurance or funeral insurance coverage – is a type of life insurance policy that is geared towards paying for one’s funeral, as well as other costs, such as a burial plot and headstone, memorial service, transportation, and flowers. This can help loved ones to focus on other things at such a difficult time in their lives.
There are three different final expense policies offered by Transamerica. These include the Immediate Solution, the 10 Pay Solution, and the Easy Solution. These policies offer lifetime coverage once approved (provided that the policy’s premium continues to be paid). Also, the premium will remain level throughout the entire life of the policy – even as the insured ages, and if he or she contracts an adverse health issue. There is also no waiting period for this coverage to begin.
As with other types of life insurance, the proceeds that are received via a final expense policy can be obtained free of income taxation by the beneficiary – and they can be used for any need that they see fit.
Other Products and Services Available
In addition to its wide array of life insurance products, there is an extensive list of other offerings that are available through Transamerica. These include the following:
- Medicare Coverage
- Long-Term Care Insurance
- Dental Insurance
- Mutual Funds
- Annuities – Fixed, Fixed Index, and Variable
- Retirement Solutions – Including IRAs (Individual Retirement Accounts)
How to Get the Best Premium Quotes on Life Insurance Coverage Through Transamerica Life
If you have been seeking the best premium quotes on life insurance coverage through Transamerica – or from any insurer such as Fidelity Life – then it is typically recommended that you work with an independent insurance broker or agent. That way, you can compare, side-by-side, the policies and the premium prices of numerous insurance carriers – and from there, you can choose which one will be the best for you and your specific needs.
When you are ready to move forward and see the life insurance coverage that may be available to you, we can help. We are an independent life insurance brokerage, and we partner with many of the top life insurers in the nation. We can provide you with all the crucial specifics that you require for making a sound decision, and we can do so for you very quickly. If you are ready to get started, then just simply fill out our quote form.
Should you find that you still have any additional questions and concerns regarding life insurance, then please feel free to reach out to us directly by phone. Our experts can be contacted toll-free by dialing 800-277-3098.
We understand that choosing the right life insurance for your needs is a critical decision and that it is filled with many variables that you need to consider, such as the proper amount and type of coverage. But when you work with an ally on your side which can easily guide you through this process, it can be made so much easier. So, contact us today – we’re here to help.