In our Transamerica life insurance review below, we provide ratings, product offerings and quotes for the Transamerica Life Insurance Company.
You can’t turn on the TV without seeing a commercial from an insurance company. All of the carriers spent a lot of time and money on advertising and marketing. All of them want you to think they sell the best plans out there.
We hate to tell you, but all of them aren’t THE BEST.
How are you going to judge which carrier is perfect for you? Are you only going to look at the price? Options? Customer service?
For us, it’s a combination of all of these factors and much more.
The History of Transamerica Insurance Company
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.
Through the more than 100 years, they’ve grown a lot. This occurred 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 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 operates 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. The Transamerica Life Insurance Company is licensed to sell its products in all states (except for New York), and 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.
Ratings and BBB Grade
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).
Life Insurance Sold By Transamerica
Transamerica policies come in different lengths, 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 options don’t require a medical examination to qualify.
The plans from Transamerica include the Trendsetter Super Series and the Trendsetter LB.
Transamerica also offers permanent life insurance coverage. Neverending coverage plus its build value.
Why would you want your life insurance policy to have value? If you need to borrow money, it’s there.
Whole Life Insurance
As its name implies, whole life insurance is intended to cover an insured for the entire his or her lifetime. The face value and payments 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 valye section.. 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).
Senior and No Medical Exam Life Insurance
The average cost of a burial and other 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 provide 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.
Accidental death insurance
Transamerica also has some accidental death insurance. These policies are similar to a standard life insurance plan, but they will only pay out the policy if the person dies because of an accident which is covered by the plan.
There are two options for obtaining accidental death coverage through Transamerica. These include the following:
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 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.
Other Products Sold by Transamerica
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)
Should You Buy Life Insurance Through Transamerica
As an independent agency, we work with Transamerica often. They are one of the 60 carriers we work with.
We recommend them a lot to certain customers, but it all depends on the situation. Each family has different needs, no two applicants are the same, meaning their life insurance needs aren’t the same either.
If Transamerica doesn’t work for you, then what? You have to keep looking. It’s only one of the thousands of companies.
Want to compare 60 carriers at once? Of course, you do! Go ahead and call us.
With only a couple of minutes on the phone, you can compare Transamerica to the other carriers we’ve partnered with.