Transamerica Life Insurance Review

Written by AssuranceLife.org

Everyone has heard the name Transamerica over the years. Transamerica Life Insurance Company provides several life insurance products for consumers to choose from when protecting their families through life insurance. You might be wondering if Transamerica Life Insurance is the right company for you. Sometimes deciding which type of life insurance plan can be confusing and often a tiring process. As you consider Transamerica Life Insurance or other companies for your life insurance needs, Assurance Life has you covered. We provide expert reviews of life insurance companies and can also offer you comparisons among the best companies around. The best way to find a life insurance policy for you and your family is to compare several companies before buying. First, let’s take a look at the pros and cons of Transamerica Life Insurance to see if their policies would meet your needs.transamerica life insurance

Our Transamerica Life Insurance review should provide plenty of information about Transamerica so you can make your own decisions about Transamerica going forward. This Transamerica review will cover Transamerica’s company history, life insurance products offered, sample rates, and more. Read below to find out more information about Transamerica Life Insurance.

Assurance Life is not affiliated with Transamerica Life Insurance. If you need to contact Transamerica directly, their phone number is 800-797-2643.

Transamerica Life Insurance – Company History

Transamerica Life Insurance roots go back to 1904 in San Francisco, CA. A.P Giannini, an American banker had a heart for helping people. After the 1906 earthquake, he gave loans to help individuals rebuild their homes only secured with a handshake. His business grew over the years and in 1928 he consolidated his banking business into what would become Bank of America. In 1930, they acquired Occidental Life Insurance and renamed the company Transamerica. In 1972, the famous Transamerica Pyramid was built in San Francisco which transformed the San Francisco skyline.transamerica life insurance

Transamerica later moved its headquarters to Cedar Rapids, IA, while keeping the iconic Transamerica Pyramid as their logo. Transamerica tried their hand in a lot of things over the years but insurance and financial services is still their focus. Transamerica currently has over 25,000 employees and is committed helping people like it did over 100 years ago upon the company’s formation. Transamerica has an A+ Superior rating with AM BEST. This is the 2nd highest rating available and shows how financially strong a company is. Transamerica Life Insurance is a very solid company financially.

Types of Life Insurance Plans that Transamerica Life Insurance offers:

  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance (Variable Universal also)
  • Accidental Death Insurance

Transamerica Term Life Insurance

Transamerica offers two different term life insurance policies called Trendsetter Super Series and Trendsetter LB. Both of plans are great options if you are looking to protect your family’s futures for a specific time period. Once again, term insurance does expire and only covers you for the set term that you choose. Transamerica offers term periods from 10, 15, 20, 25, and 30 years. Coverage amounts on the Trendsetter Super is between $25,000 to 1 million and up to 2 million on the Trendsetter LB plan. Plus, on both plans Transamerica has a no medical exam option for the lower face amount policies. This is a great option for those who are looking for a quick approval of less than 2 weeks start to finish. Also, you can choose how your beneficiary will be paid out on both of these policies. You can choose a one-time lumpsum payout or monthly payout over 5-25 years. Here are some details on both term life plans that Transamerica offers:transamerica life insurance

Transamerica Trendsetter Super Series Highlights:

  • No medical exam if death benefit is below $100,000
  • Coverage amounts available between $25,000 to 1 million
  • Can convert to Universal Life policy at the end of the term without medical exam
  • Accelerated death benefit for terminal illness
  • 3 death benefit options to choose from

Transamerica Trendsetter LB Highlights:

  • No medical exam if death benefit is below $250,000
  • Coverage amounts available up to 2 million
  • Can convert to Universal Life policy at the end of the term without medical exam
  • Living benefits for terminal illness, chronic illness, and critical illness
  • 3 death benefit options to choose from

Transamerica offers several term insurance riders:

  1. Children Insurance Rider
  2. Accident Identity Rider
  3. Return of Premium Rider
  4. Waiver of Premium Rider

Sample Term Rates on Transamerica’s Term Life- 50 year old Male – Preferred Plus – Nontobacco

transamerica life insurance

Transamerica Whole Life Insurance

Transamerica offers whole life insurance and final expense insurance as well. Both are permanent policies that last a lifetime. Once again, if you are needing protection for your family or parents that doesn’t expire then whole life insurance is for you. Of course, whole life insurance is more expensive than term insurance but it does cover you for WHOLE life and term life does expire. Transamerica’s whole life policy does require a medical exam but their final expense policies do not. Both policies build cash value slowly over time and can be borrowed against if needed. Transamerica’s offers 3 different policies for final expense coverage: Immediate Solution, 10-Pay Solution and Easy Solution. Here are some details on Transamerica’s whole life and final expense policies:transamerica life insurance

Transamerica Whole Life Insurance Highlights:

  • Medical exam is required
  • Issue ages 0-80 years old
  • Policy can’t be cancelled due to age or health
  • Premiums will never increase
  • Coverage amounts available $2,000 to $50,000

Transamerica Final Expense Insurance options:

Immediate Solution:

  • Level Premiums to Age 121
  • Issue ages 0-85
  • Minimum coverage amounts $1000
  • Maximum Issue Amount – Ages 0-55 – $50,000
  • Maximum Issue Amount – Ages 56-65 – $40,000
  • Maximum Issue Amount – Ages 66-75 – $30,000
  • Maximum Issue Amount – Ages 76-85 – $25,000

10-Pay Solution:

  • Level Premiums for 10 years
  • Issue ages 0-85
  • Maximum Issue Amount – Ages 0-55 – $50,000
  • Maximum Issue Amount – Ages 56-65 – $40,000
  • Maximum Issue Amount – Ages 66-75 – $30,000
  • Maximum Issue Amount – Ages 76-85 – $25,000

Easy Solution:

  • Level Premiums to Age 121
  • Issue Ages 18-80
  • Minimum Issue Amount – $1000
  • Maximum Issue Amount – $25,000
  • Graded death benefit for the first two years

Sample rates on Transamerica’s Final Expense – Immediate Solution – 70 year old Male – $10,000 – Nontobacco

transamerica life insurance

Transamerica Universal Life Insurance

Transamerica Premier Life Insurance Company offers 3 different types of Universal Life Insurance products: Index Universal Life Insurance, Group Universal Life Insurance, and Variable Universal Life Insurance. Flexibility is the main reason why individuals purchase a universal life insurance policy. These policies give you the flexibility to modify the amount and frequency of your premium payments. So, as your needs change so can your plan. Plus, cash value accumulation is also a big benefit in these universal life policies. Transamerica’s Index Universal Life has higher return potential than their Variable Universal policy, since you are participation in a stock market index. However, big gains could sometimes mean big losses also. Just remember, your life insurance policy is tied to an investment. Group Universal is only offered through employers, so we won’t cover this one. Here are some details on Transamerica’s Universal Life polices:transamerica life insurance

Index Universal Life Insurance Highlights:

  • Flexibility on policy
  • Cash value grows tax-deferred
  • Capital gains are tax free
  • Lifetime coverage
  • Coverage amounts start at $100,000
  • Index accounts for investing

Variable Universal Life Insurance

  • Permanent life insurance policy
  • Premium is flexible
  • Mutual fund type sub-account for investing
  • Cash value grows tax-deferred
  • Coverage amounts start at $100,000

Transamerica Accidental Life Insurance

Transamerica has two types of accidental life insurance called Plan A and Plan B. Both plans work like most accidental insurance plans providing a death benefit to your beneficiary if you die because of an accident. No medical exams or health question asked and everyone between the ages of 18-80 years old is approved. Plan A offers a higher death benefit amount which is $250,000. Plan B has an accidental death of $125,000. Here are some details on Transamerica’s Accidental Life Insurance policies:

Transamerica Accidental Death – Plan A Highlights:

  • Death benefit amount is $250,000
  • Benefit doubles to $500,000 for common carrier accidents
  • Spouse’s death benefit is $125,000 (if added to policy)
  • Child’s death benefit is $5,000 (if added to policy)

Transamerica Accidental Death – Plan B Highlights:

  • Death benefit amount is $125,000
  • Benefit doubles to $500,000 for common carrier accidents
  • Spouse’s death benefit is $125,000 (if added to policy)
  • Child’s death benefit is $5,000 (if added to policy)

Final Thoughts on Transamerica Life Insurance

Transamerica Life Insurance Company is definitely one of the best life insurance companies in the US. However, that doesn’t mean they are the RIGHT company for you. The best way to purchase a life insurance policy is to compare several different companies before you buy. More specifically, use an independent broker life Assurance Life who has access to over 25 of the top life insurance companies in the US.

Transamerica might not always have the lowest quote but are often the best choice based on your specific health rating. Assurance Life can compare Transamerica Life Insurance with other companies and see if it is the right one for you. We hope you enjoyed our Transamerica Life Insurance review.  Click the Get Quotes Now button on the left of the page to get started.

About AssuranceLife.org
About AssuranceLife.org

Assurance Life works with individuals nationwide to secure the best life insurance rates. With access to top rated insurance companies, we always find the lowest rates regardless of medical conditions, age, or budget.

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