Quick tip: If you want to get some instant life insurance quotes from Transamerica and other top rating insurance companies, just click on the Compare Quotes button at the top of the page. We’ll show you instant rates from multiple carriers in your state.
Transamerica Life Insurance Company Contact Information
Address: 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499
Wondering if Transamerica has the best life insurance for your needs? If so, you came to the right place.
In this Transamerica life insurance review, we break down all the various life insurance plans they offer.
We’ll cover their term, universal life, and final expense products.
About Transamerica Life Insurance
Transamerica Life Insurance Company is one of those life insurance companies that have been around for a long time. They have grown into a household name in the industry and many consumers are familiar that they are a viable option to choose from when shopping for life insurance.
However, Spectrum Insurance Group only likes to focus on the best life insurance companies. Transamerica does not find themselves landing on our list of top life insurance companies and I bet you have the itch to find out why that may be.
In this brief overview of Transamerica Life, we will cover some the important information such as financial strength, company history and even what the consumers have had to say about the company according to the BBB.
Let’s start taking a quick dive into these details now.
The History of Transamerica Life Insurance Company
Transamerica Life has always been a company that comes in conversations with potential clients that are looking for the best and most life affordable life insurance that they can find.
It’s with good reason. They have been around since 1904 and originally began as the “Bank of Italy”.
The name changing and merging didn’t stop here, however. A few more name changes and mergers eventually created the Transamerica company that we are all aware of today.
Transamerica also hasn’t always been known for just life insurance. TransAmerica originally wanted to be involved in many markets.
Some of these other markets and services that Transamerica once offered to the consumer could include the airlines business and even renting vehicles at one point in time.
Ultimately, these ventures didn’t pan out and Transamerica adopted the business model that most life insurance companies choose to do.
This means that Transamerica ultimately decided that life insurance and financial products were their bread and butter and that they preferred to stick with just that moving forward.
One of the biggest ways life insurance companies are judged comes down to their financial strength ratings. Let’s look at those briefly.
Transamerica Life Insurance Co. Financial Strength & BBB Rating
Transamerica has always been known for its strong numbers and presence in the life insurance industry.
Here’s a look at the numbers currently being afforded to TransAmerica by the 4 major credit rating agencies assigned the task of reviewing insurance companies’ liquidity and overall financial outlook.
- A.M Best: A+
- Fitch: A+
- Moody’s: A1
- Standard and Poor’s: AA-
- Comdex Score: 93
- J.D. Power and Associates: 780
As you can see, these are solid numbers that Transamerica is representing. They are clearly around to stay and a safe bet but to use for your life insurance but that doesn’t mean that we recommend using them for your coverage.
Additionally, Transamerica is currently operating with more than 130 billion dollars in assets and currently has 6 billion dollars set aside as a surplus only or “sitting in the piggy bank” so to speak.
One of the areas that we weren’t nearly as impressed with Transamerica was their BBB rating. Currently, as of 2019, Transamerica has an A- rating from the BBB.
While this isn’t necessarily terrible, it’s certainly not the A+ that we prefer to see when reviewing life insurance companies across the country.
Enough about Transamerica and their financials. Now it’s time to discuss the product options you would be afforded when working with Transamerica.
Life Insurance Products Offered by Transamerica
Transamerica has a life insurance lineup that’s very similar to most life insurance companies currently offering products on the market today.
- Term Life Insurance
- Permanent Life Insurance (Whole Life)
- Indexed Universal Life Insurance
- Variable Life Insurance
- Long Term Care
- Accidental Death Life Insurance
Transamerica Term Life Insurance
Transamerica has two different term life insurance products to choose from. One is called Trendsetter Super Series, and the other is called Trendsetter LB. Both offer level premiums that will not increase while the policy is in force.
Just like all term policies, Transamerica’s term coverage is a life policy that will last for a specific period of time. Once the term is up, the policy expires, and there is no more coverage.
For both the Trendsetter Superseries and the Trendsetter LB, face amounts range from $25,000 up to $10 million. Term lengths are as follows (your age will determine which options you have): 10, 15, 20, 25, or 30 years.
Trendsetter Super Series
The trendsetter Super Series is a perfect option for anyone who is merely looking to ensure their life for a limited period of time to cover liability.
A terminal illness accelerated death benefit rider is automatically included with every policy, and you may addon the following riders for an additional cost:
- Waiver of premium
- Income protection
- Children’s insurance
- Accidental indemnity
The Trendsetter Living Benefits (that’s what the “LB” stands for) policy provides extended peace of mind via riders that insure against serious life events.
All LB term plans will automatically include the following riders that provide living benefits.
- Terminal Illness (is included with the Trendsetter Super Series too)
- Chronic Illness
- Critical Illness
Both term plans give you the ability to convert your term policy to a permanent one without having to show evidence of insurability.
Transamerica also offers other financial products and solutions to the consumer. Some of these options can include 401K’s, Roth IRA’s and various annuities.
Depending on your needs and situations, it’s always recommended to speak to a Registered Representative when considering purchasing products geared toward retirement planning and financial planning.
Transamerica Universal Life Insurance
Universal life insurance is a form of permanent life insurance. They build cash value and accrue interest which can serve a variety of purposes.
There are many kinds of universal life insurance policies on the market. Transamerica offers two basic types:
- Indexed universal life
- Variable universal life
These type of life plans are ideal for those who seek to grow their money via an investment while also looking for life insurance. In essence, which type of universal life insurance suits you best depends upon your risk tolerance.
Both types require that you purchase at least $100,000 in coverage, and they guaranteed a minimum rate of interest on the cash value. On the flip side, you can purchase millions in coverage if you wish.
As is the case with most universal life plans, your payments and death benefit can fluctuate over time (at your discretion). Bear in mind, your payments will affect the performance of your cash value accumulation which could ultimately affect how long your policy lasts.
Quite frankly, universal life plans can be complicated. For that reason, you should take great care to set them up properly, and fully understand how they work before deciding which type is best for you.
Transamerica Final Expense Whole Life Insurance
Given that social security only provides $255 for funeral and burial expenses, it’s not surprising that folks looking for quality life insurance for final expenses has exploded in the last couple of decades.
Transamerica capitalized on this demand by offering a whole life insurance policy for final expenses.
These permanent life plans combine affordable premiums with very lenient underwriting, so most seniors with health issues can still qualify. This is part of the reason Transamerica made our list of best life insurance companies for seniors over 60.
Their final expense insurance plans work as follows:
- Premiums never increase
- Coverage can’t decrease
- Policy can’t expire at any age
- Builds cash value
In total, Transamerica has three different plans you may qualify for. Which plan will be offered to you (if any) will depend entirely on your health.
Transamerica Immediate Solution
The biggest benefit of the immediate solution plan is that it comes no waiting period whatsoever. Your plan would fully cover you from the very first day.
There are two health ratings for their immediate solution plan. There is a preferred and a standard rating. Which of those health ratings you qualify for, if any, depends upon your answers to the health questions on the application.
Their immediate solution comes with two payment options. You can do life pay which means you would pay for as long as you’re alive.
You can also elect the 10-pay option. With a 10-pay option, you will only pay for 10 years. After that point, your policy will become paid-up which means you no longer need to make any more monthly payments. Your policy will remain in force forever without having to pay any more money.
Transamerica Easy Solution
The easy solution plan is their most expensive one, and it has a two-year waiting period. You would need to have some fairly serious health issues to be offered this plan.
Basically, this plan will not pay out a death benefit from natural causes if death should occur during the first two years. Instead, Transamerica would simply refund all premiums plus 10% interest.
After the two years has passed, the full amount is payable for any reason moving forward. There is one exception to the waiting period, and that is accidental death.
If you have the easy solution plan and you pass away from an accident during the first two years, the full-face amount will payout. The waiting period only applies to non-accidental death.
While Transamerica is Reputable, We Think You Can Do Better
When considering life insurance companies to work with, it’s important that you look at the entire picture.
While TransAmerica certainly offers some good products and has a long track record in the industry, we rarely recommend them as independent agents.
Part of this is due to price and the value you receive in return for your premiums and part of this is purely because we are aware of life insurance companies that have unique underwriting niches.
Companies that can serve your family better if you are presented the options and work with an agent who can present several options to you.
At the end of the day, it’s your decision and you should only work with a company that can truly fit your budget and ensures that you have the best chances of being approved for coverage.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
All content on this site has been written by life insurance experts & licensed life insurance agents.