Life Insurance

Transamerica Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 4 minute read

Are you curious about Transamerica? Read our Transamerica Life Insurance Company Review to learn more about the company.

Transamerica Life Insurance is an excellent option for individuals who are not in good health yet require a substantial quantity of money to fulfill their last expenses. Transamerica offers two distinct types of life insurance policies: ultimate expenditure and universal life, both of which come in a variety of sizes. You may be eligible for death payments that exceed the standard range of $250,000 to $500,000.

Pros and Cons of Transamerica

Transamerica Life Insurance Review - Transamerica Life Insurance Logo

Pros

  • The policy’s limits are somewhat onerous.
  • Examinations are not permitted due to the constraints.
  • Obtaining funds in a simple and expedient method
  • The monetary equivalent in terms of value of a significant quantity of money.

Cons

  • There is no online form for filing a claim.
  • Numerous buyers have reported their dissatisfaction with the product.

Factors that affect your rates

Transamerica, like other life insurance companies, offers a preferred rate class.

  • There are no prior traffic offenses or suspensions on your record, such as DUIs.
  • Blood pressure and body mass index levels that are within normal limits indicate good health (BMI).
  • When feasible, it is prudent to engage in activities that do not endanger your life.
  • Historically, tobacco usage was not a reason for alarm.
  • The use of alcoholic drinks and illicit narcotics is strictly banned.
  • There is no family or personal history of illness.

How to get a quote from Transamerica life insurance

To apply through a local agency, take these steps:

  1. If it is more convenient for you, you may contact Transamerica at 800-797-2643.
  2. Transamerica’s home page has an Insurance option under the What We Offer menu.
  3. Choose the proper level of life insurance coverage for your circumstances.
  4. After entering your ZIP code, scroll down to the bottom of the page and click on Find An Agent to start the search.
  5. Following that, inform them of your location and contact information.
  6. Simply enter your zip code in the search form at the top of this page to locate an insurance agent in your area.

Transamerica offers term and permanent life insurance

You may be able to convert your term life insurance policy to permanent coverage, according to a business such as Transamerica. You have a number of options, including those listed below:

  • Index universal. The strategy will be developed in response to the customer’s requirements and objectives. Finally, there is the financial factor to consider. It is immediately accessible upon approval and is designed to cover death-related expenses such as funeral costs.
  • Term. Transamerica offers two distinct types of term life insurance: Trendsetter super and Trendsetter lb. One provides financial rewards to riders, while the other may demand riders to commit to the sport for an extended period of time. A number of policies are available, ranging in coverage from $25,000 to $10 million over ten to thirty years. Additionally, you can choose between constant, declining, or increasing death benefits throughout that time span.
  • Universal. This is an excellent option for long-term protection since the premiums are adjustable and the death benefit grows in value over time, making it an exceptional choice. Index universal insurance or variable universal insurance that is based on the S&P 500 or another index may be the best option for you if you want to optimize your investment gains.
  • Whole. This insurance has a fixed premium, a growing cash value, and will cover the insured for the remainder of his or her life. Individual insurance policies pay up to $3,000 in medical expenditures, whereas group policies cover up to $25,000.

Transamerica life insurance riders

You may choose one or more of the following extra coverages for your insurance according to your needs:

  • A faster payment of the death benefit. You may be entitled to prepay a portion of your death benefit if you have been diagnosed with a terminal disease.
  • Both father and kid are riding their bicycles concurrently. By adding a spouse and children to a policy, the need for extra insurance coverage is eliminated.
  • Term lengths are becoming shorter. If you’re looking to save money on your insurance rates, you could consider decreasing your coverage.
  • The protection of one’s property. You will not be taxed on your death benefit.
    This insurance protects you against financial ruin. Purchase life insurance that covers you for the remainder of your years and requires no medical examinations until you have children, if feasible.
  • Your membership fee has been reimbursed to your account. It makes no difference how long you live as long as you survive until the policy’s expiration date; you will receive a refund of your premium payments. This benefit is offered exclusively on policies with a term of 20 or 30 years.
  • The system has been gradually phased out of premiums. If you are unable to work for more than six months due to illness or accident, your insurance premiums are waived.

Transamerica life insurance reviews are mixed

Transamerica maintains an A- grade for customer service despite this, indicating that there is space for improvement. The Better Business Bureau received 339 complaints against insurance firms during the last three years, which is a significant number in this area. As a beneficiary, it is critical to be aware of billing concerns and lengthy claim payout deadlines.

Customers express their dissatisfaction with the way a business interacts with them and with their overall TrustPilot experience. They rate the insurance firm 1.6 stars out of 5 based on a small number of client assessments. Transamerica’s financial strength is rated A- by AM Best.

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