This Transamerica Life Insurance review is here to provide consumers with assistance and unbiased facts about the company to effectively help them navigate the life insurance market and decide if Transamerica is a life insurance company worth considering.
This Transamerica review is right around a 5-minute read from start to finish.
During our in-depth look at Transamerica, we intend to cover critical components of the company, such as the life insurance coverages offered, the underwriting process, and who of you currently reading should be considering Transamerica.
In addition, to make life easy, we have provided easy to navigate links directly below that you can use to skip to any specific section of this post that you desire to learn more about.
Here’s what we intend on discussing in today’s overview:
- Our Transamerica Life Insurance Review
- Company History and Background
- Financial Strength Ratings
- BBB Ratings and Consumer Complaints
- Life Insurance Products Offered by Transamerica
- What Makes Transamerica Unique?
- Who Should Consider Transamerica?
- Application Process and Underwriting Guidelines
- What to Do If You Have Been Declined?
- Pros of Choosing Transamerica
- Cons of Choosing Transamerica
- Final Thoughts
Lastly, before diving in, we wanted to be sure we accommodated the individuals who only have a minute to gather all the needed information to decide for yourself.
To fulfill your needs, we have provided a quick 2-paragraph overview/snapshot of Transamerica directly below.
Here are those details:
Transamerica is a long-standing and stable life insurance company that’s been around since 1905.
They offer robust term life insurance products in addition to final expense life insurance, whole life, and universal life insurance.
As always, feel free to run rates with Transamerica to determine how well they stack up against other providers, but don’t forget to compare rates with multiple options before ultimately making your decision.
Transamerica is an excellent company to consider for coverage for individuals that are healthy or even for individuals who may have some pre-existing medical conditions.
That’s about the quickest way we know how to explain what you need to know about the company.
However, if you can spare those few minutes, we recommend you read the full review to ensure you have a thorough understanding of the company before ultimately making your decision.
Here is what you need to know.
Our Transamerica Life Insurance Review
Transamerica has been one of the top life insurance companies for several decades.
Transamerica is one of the few life insurance companies that offer a wide range of coverage options and allow consumers the opportunity to be approved for coverage with pre-existing medical conditions.
Transamerica remains a life insurance company that’s worth running a quote with, but that doesn’t necessarily make them the best option for coverage for all consumers.
Company History and Background
Transamerica Life Insurance was initially founded back in 1904 under the original name of “The Bank of Italy.”
Soon after, Bank of Italy joined forces with a popular name in the financial services sector that we all recognize in Bank of America.
Following the acquisition of Occidental Life Insurance Company, the company was eventually renamed Transamerica.
Transamerica made efforts to provide services in several sectors before ultimately making the decision that it would remain solely in the insurance and financial services sector.
Currently, Transamerica has offices located in Maryland, Iowa, Colorado, Pennsylvania, New York, Georgia, Texas, and Florida.
Financial Strength Ratings
Transamerica does an excellent job of helping consumers feel confident about conducting business with the company.
Currently, Transamerica is considered an A+ rated company according to A.M. Best.
Furthermore, Transamerica currently is being provided the following financial strength ratings from the other 3 major credit rating agencies.
Standard and Poor’s- AA-
Comdex Score- 93
J.D. Power and Associates- 780
All these ratings are considered one step away from the highest rating that can be provided to an insurance company.
BBB Ratings and Consumer Complaints
The BBB helps consumers to understand what kind of complaints are being publicly announced about a life insurance provider and how severe those complaints may be.
In most situations, the complaints posted through the BBB are for smaller matters, but nonetheless, it’s nice to know as the consumer what you are walking into.
Currently, Transamerica is rated as an A- with the BBB and has a total of 394 complaints closed in the last 3 years, which is nothing too out of the ordinary compared to what we are accustomed to seeing.
The complaints fall into these categories:
44- Advertising and Sales
57- Billing and Collections
7- Delivery Issues
2- Guarantee- Warranty
284- Problem with Product or Service
Life Insurance Products Offered by Transamerica
Transamerica offers a robust product lineup.
For starters, consumers can choose between the following popular choices for coverage:
- Term Life Insurance
- Universal Life Insurance
- Long Term Care
- Whole Life Insurance
- Accidental Death Life Insurance
- Final Expense/ Burial Life Insurance Coverage
Term Life Insurance is most likely the most popular product offered by Transamerica currently.
With Transamerica, the minimum amount of coverage you can purchase with term life insurance is 25,000.00.
However, you do have the option to exceed 1,000,000 in coverage well if need be.
The coverage durations available are what we typically see from all life insurance companies.
You have the option to choose between 10-30 years in 5-year increments while enjoying level premium terms.
Ages 18-80 are welcome to apply for this coverage.
What Makes Transamerica Unique?
Transamerica is unique from the pure standpoint that they are one of few life insurance companies that currently offer nearly every life insurance solution catered to consumers in just about all age ranges.
Furthermore, Transamerica is an excellent option purely because of its long-standing history and strong financial strength.
Who Should Consider Transamerica?
Transamerica, from our point of view, is excellent for everyone to consider, at least in the beginning phases.
You may find that Transamerica isn’t always going to be the most competitively priced life insurance option, but depending on your unique circumstances, Transamerica can be a great choice to compare possible rates with.
Considering we always recommend running rates with a minimum of 5-6 providers, Transamerica should be one of the companies mixed into that pool of quotes.
Application Process and Underwriting Guidelines
Transamerica has a relatively black and white underwriting process like most life insurance companies.
Simply apply for coverage with an independent life insurance agent or a Transamerica Agent.
Once you apply, you will complete the medical background and exam.
Following the results of this health background will determine what coverage you are eligible for and what rates you are likely to pay.
The best news to look forward to with a company like Transamerica is that they do currently offer relatively flexible underwriting guidelines compared to other competitors.
This simply means you have a better chance of being approved for coverage if you have a long list of medical conditions to factor in.
What to Do If You Have Been Declined?
If you have been declined for coverage, don’t get to upset or jump the gun just yet.
You still have options.
If you applied with Transamerica, went through the process, and you were declined for coverage, simply take the time to work an independent agent, explain the situation, and try again.
Independent agents understand the unique and specific health niches with life insurance companies.
Likely, they can find something that will work for you.
Worst case scenario, you should be considering accidental death coverage or guaranteed issue life insurance coverage.
Some coverage is always going to be better than no coverage.
Pros of Choosing Transamerica
Life insurance companies typically offer unique positives that consumers can benefit from.
After our review of Transamerica, here is what we believed to be the most significant benefits:
- Broad, Diverse and Robust Product Lineup
- Strong History and Strong Financial Strength
- Burial Coverage for Seniors is Available
Cons of Choosing Transamerica
On the other hand, we found some significant drawbacks you may encounter in choosing Transamerica.
Here are those negatives you may experience:
- More Competitive Options May Be Available
- Fairly Decent Number of BBB Complaints
- Not the Best No Exam Options Available
At the end of the day, Transamerica is a good company to compare rates with.
They are a reliable and stable company with robust products.
However, you need to be careful and ensure you are comparing rates with enough options to guarantee the lowest prices and the best chances of being approved for coverage.
We wish you luck in your search.