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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.
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 the both the Trendsetter Super series 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 insure their life for a limited period of time to cover a 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 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 effect 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.
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 payout 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.
Transamerica Company Background
By far one of the largest and most recognizable names in the insurance industry, Transamerica has long been a leader in the life insurance business.
Having started back in 1928, they’ve been in business for nearly 100 years. Financially, they are incredibly strong and trustworthy. They have some of the highest marks from the most respected rating agencies in the nation.
• A.M. Best Rating= A+
• Fitch= A+
• Moody’s Investors Services= A1
• Standard & Poor’s= AA-
• Comdex= 93
Regardless of which type of life insurance you buy from Transamerica, you can feel unbelievably confident that they will be able to make good on their financial promises when they are called to. With their low life insurance rates, combined with almost 100 years in business, we would recommend to our own family.
Transamerica’s contact info is below:
Address: 4333 Edgewood Road NE Cedar Rapids, IA 52499
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