If you are considering Transamerica for a life insurance policy, read our review below to help decide if Transamerica will fit your needs.
In our review, we will cover the life insurance policies offered, pros & cons, and who should consider Transamerica.
- About Transamerica Life Insurance Company
- Transamerica Life Insurance Ratings
- Life Insurance Products Offered by Transamerica
- What Makes Transamerica Unique?
- Pros of Choosing Transamerica
- Cons of Choosing Transamerica
- Compare Transamerica to Other Top Life Insurance Carriers
About Transamerica Life Insurance Company
Transamerica has been one of the most well-known 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.
Transamerica Life Insurance Ratings
Transamerica does an excellent job of helping consumers feel confident about conducting business with the company.
Here are the financial ratings for Transamerica Life Insurance, along with several other metrics that we use to review carriers.
- A.M. Best: “A” (excellent) rating
- Affordability Index: 6.5
- Ease of Applying: 5.2
- Customer Service: 5.4
- COMDEX Ranking: 93
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Transamerica compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top rating agencies.
BBB Ratings and Consumer Complaints
Currently, Transamerica is rated as an A- with the BBB with a 1.5 star review.
They also have well over 300 complaints in the last 3 years. This is not out of the ordinary for life insurance companies.
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 Life Insurance
Term Life Insurance is the most popular product offered by Transamerica currently.
With Transamerica, you can get $25,000 to $1,000,000+ in coverage. 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.
Who Should Consider Transamerica?
For most people, Transamerica is not the best option for life insurance. They do offer a wide range of policy options, but no matter which policy you choose, you are likely to find the same policy for a better rate with another life insurance company. We always recommend running rates with a minimum of 5-6 providers.
Application Process and Underwriting Guidelines
Transamerica has a relatively straight forward 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 background and exam 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
After our review of Transamerica, here is what we believed to be the most significant benefits.
- They have a broad life insurance product lineup.
- Strong history and financial ratings.
- They accept some health conditions that other companies may not.
Cons of Choosing Transamerica
On the other hand, we found some significant drawbacks you may encounter in choosing Transamerica.
- Transamerica has more expensive rates than most companies.
- Their customer satisfaction rating is low.
- They have a long application process.
Compare Transamerica to Other Top Life Insurance Carriers
At the end of the day, Transamerica is an OK company to compare rates with. They are a reliable and stable company with a variety of 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.
Below are several other company reviews that you may consider.