TIAA Life Insurance Review 2020

Last modified: November 13, 2020
  • Claims 8
  • Buying 8
  • Transparency 8
  • Coverage Variety 7
  • Value For Money 8
  • OVERALL RATING 7.8
  • Financial Strength A++
  • BBB Rating A-
  • Coverages 3/5
  • Flexibility Customization Available
  • Discounts Not Available
  • Support Email, Phone, Fax
  • User Ratings Above Average
  • Availability Available in all 50 states
  • Pricing Variable

Buying a life insurance policy is a difficult process and you’re likely to skim through reviews of many companies. The chances are that you have also come across numerous TIAA life insurance reviews

TIAA life insurance company is definitely one option that you should consider and shortlist before you make a final decision. The company is well-reputed for offering great life insurance coverage and discounts. Read this review to learn about TIAA in detail.

About the Company

Formed over 100 years ago, Teachers Insurance and Annuity Association (TIAA) is a renowned and trusted financial services organization dedicated to providing teachers with quality financial services and products. Their products range from life insurance, banking, annuities, retirement savings, and investment options.

TIAA life insurance company focuses on assisting professionals from the fields of academics, research, and medicine. While many of its products are offered only to educators, anyone can apply for TIAA’s life insurance coverage.

The Teachers Insurance and Annuity Association is a New York-based company worth $37.1 billion. It offers a variety of coverage options to help people preserve their legacy and prepare for unexpected events. TIAA’s life insurance phone number is 877-825-0411. You can contact them for queries or insurance buying services.

It has a high financial rating and excellent customer service, thus making it one of the best options for life insurance.

How We Reviewed? 

To write this review on the TIAA life insurance company, we assessed everything in detail. This includes their website, financial ratings, customer service, coverage options, and customer satisfaction rate. 

We evaluated their website for ease of use. Most often, people start their search online and browse insurance company products over the web. That is why we assessed their website for site navigation, FAQs page, and contacts page.

After that, we compared the company’s financial ratings, including Moody’s, AM Best, and Fitch. By comparing the financial ratings, we were able to assess the company’s financial strength and its ability to pay in case claims are made.

We skimmed through customer reviews on different rating platforms and went through testimonials to evaluate TIAAs customer satisfaction level.

Once all the information was at our disposal, we were able to create a comprehensive review of the company.

Where Is It Available?

TIAA offers life insurance and other financial products in over 50 countries globally, including the US. It serves all 50 states.

TIAA Life Insurance Coverage Options

Whether you want coverage on a limited budget or more comprehensive life insurance policies, TIAA offers them all. Here is a detailed review of TIAA life insurance coverage options:

  • Term Life Insurance 

It provides temporary protection. Term Life insurance offers a level of death benefit and fixed premiums for the length of the contract. With TIAA, the amount of term life coverage you can get depends on the plan you choose. It typically ranges from 10 to 30 years. 

TIAA’s term life death benefits start at $100,000 and cap out at $5 million. There is also an option of converting your term policy to permanent life insurance before it expires or turns 80.

  • Universal Life Insurance 

When it comes to premiums and coverage, Universal Life insurance is more flexible. It gives policyholders full control over policy customization. This means that you have the power to increase or decrease your death benefit according to your requirements.

Additionally, you can also set your payment schedule. The cash value of the universal life insurance policy is tax-deferred. So, the premiums are more flexible for those who stay in conformance with the universal life insurance policy guidelines.

  • Variable Universal Life

Although it offers the same benefits as the Universal Life insurance coverage, the difference between the two is on the cash account side. Variable Universal Life coverage gives customers a higher cash value accumulation option. Many individuals with a high-net-worth opt for this insurance rather than the standard Universal Life insurance coverage.

  • Survivorship Universal Life

TIAA offers survivorship policy with both Universal and Variable Life insurance. This option is most suitable for people who want coverage for themselves and their spouse. With this policy, you can get coverage for both for less than two separate life insurance policies would normally cost.   

  • Tax Salary Shield 

It is exclusively designed for income replacement. This means that instead of getting a lump sum, the beneficiaries receive monthly payments for about 30 years. In general, Tax Salary Shield life insurance costs less than TIAA’s Term Life insurance. 

TIAA also offers add-ons in the form of life insurance riders. Here are some of the most popular TIAA riders:

  • Accelerated Death Benefit Rider

If the person insured is diagnosed with a terminal illness, they will receive a payment which is equal to either a part or all of the death benefit.

  • Over-Loan Protection Endorsement 

With this add-on, you can be sure that your coverage will not lapse due to insufficient funds in the account’s savings portion.

  • Charitable Giving Benefit 

TIAA will give roughly 1% of the policy’ death benefit to the charity of your choice.

  • Level Cost of Insurance Endorsement

With this insurance endorsement, you can lock the rates for up to 20 years. Thus, you don’t have to worry about prices increasing on a yearly basis based on your age. Please note that this add-on is only offered on Variable Universal plans.

  • Monthly Charges Waiver

This endorsement is quite beneficial as you can get waives on the premiums of your policy if you become disabled. This is precisely why it is commonly known as a disability rider.

  • Last Survivor Policy Split Option

This option allows you to split a survivorship policy into two different life policies if you have the dissolution of a partnership or divorce, and you still want to keep your life insurance policy.

Here it is essential to understand that these options are variable from state to state. You must get in touch with TIAA’s representative to learn about your state’s coverage options.

TIAA Life Insurance Pricing

Here’s an example of TIAA’ average life insurance pricing. If you want to get a more precise TIAA life insurance quote that takes into consideration your particular situation, contact their customer representative. Details are provided in the customer support section.

Age & Gender $100,000/20-Year
Monthly Rates
$250,000/20-Year
Monthly Rates
$500,000/20-Year
Monthly Rates
$1,000,000/20-Year
Monthly Rates
25-Year-Old Female $10 $13 $19 $32
25-Year-Old Male $11 $15 $22 $38
50-Year-Old Female $22 $36 $62 $115
50-Year-Old Male $28 $49 $84 $158

TIAA Life Insurance Discounts

TIAA doesn’t offer discounts. Instead, they have plenty of add-ons that allow you to save and get more for less value. 

Customer Satisfaction and Financial Strength Review

Now let’s take a detailed look at the company’s financial strength and customer satisfaction level. By looking at the reviews on leading rating platforms, we can confidently say that TIAA has a strong financial standing on the market. 

TIAA AM Best rating is A++. Fitch rated it AAA and Moody’s gave TIAA Aa1. Take a look at the table below for more ratings.

Platform Rating
Moody’s Aa1
AM Best A++
NAIC  Satisfactory 
S&P AA+
Fitch  AAA

It is safe to say that TIAA is one of the industry’s highest-rated companies. These ratings are indicative of a solid financial footing and you will not have to wait for claims to be paid out.

The customer satisfaction rate shows that the company excels in this domain. According to NAIC, TIAA complaints are fewer than average. TIAA is dedicated to giving policyholders superior customer experience throughout the way. 

Customer Support 

To offer award-winning TIAA customer service, the company provides prospects and policyholders multiple ways to get in touch with them. They have separate phone lines for existing customers and prospects.

TIAA’s customer service phone number for existing policyholders is 877-694-0305. You can reach out to them on weekdays 8 a.m. – 6 p.m. (ET).

To buy a policy or ask for information, feel free to get in touch with their knowledgeable representative on 877-825-0411. They are available on the weekdays, 8 a.m.–8 p.m. (ET).

You can also reach out to them via fax on 800-914-8922 or download their mobile app to manage your policies. 

Ease of Buying and Claims Handling 

When it comes to ease of buying, TIAA makes things quite simple. They have all the information that you need on their website. You can browse through their website to learn your options and read about policies, coverage, and add-ons. For more information, you can visit their FAQs page to get answers to the most commonly asked questions.

If you need more assistance and guidance with your policy selections and endorsements, you can contact them via call and talk to their representative. TIAA strives to make policy buying smooth and stress-free for everyone.

In case a policyholder dies, TIAA helps right away. The beneficiaries must notify TIAA of death on 888-380-6428 or by filing a claim form. This will help TIAA protect the deceased accounts from being accessed by unauthorized users and distribute the assets as intended.

In addition to this, TIAA life insurance will require some information about the deceased, including:

  • The account owner’s name and address
  • Date of death
  • Beneficiary info (contact info for spouse and executor)

Once they have all the information, the assets of the deceased policyholder will be distributed as specified in the policy. You would need to exercise patience, because the process can take up to a few months to complete. 

Comparison With Competitors 

Now let’s compare TIAA life insurance with its competitors on the market:

  • TIAA vs Fidelity

TIAA offers life insurance policies to all states. Fidelity does not cater to customers in New York and Wyoming. Besides this, TIAA is financially stronger than Fidelity. Fidelity is rated A+ by AM Best, while TIAA has an A++. Also, TIAA gives you the flexibility to customize your policy while Fidelity doesn’t. That said, TIAA seems a better choice regardless of where you live in the U.S. 

  • TIAA vs AAA 

AAA offers good coverage options and discounts, but in comparison to TIAA, it falls short. TIAA provides more coverage options, add-ons and has a better financial standing than AAA. Moreover, although designed for educators, TIAA extends its life insurance policies to couples and regular people. 

With AAA, you need to be a member before you can benefit from their life insurance policies. This means that if you don’t have auto insurance with AAA and you’re not a member, you can’t qualify for their life insurance policy. AAA also doesn’t offer you the flexibility to customize your insurance plan.

Pros & Cons

The Pros

  • Term-to-permanent policies conversion flexibility
  • Life insurance benefits for riders
  • Policy customization
  • Strong financial standing

The Cons

  • No whole life insurance plan on offer
  • A medical examination is required

Final Verdict

To sum up, TIAA is one of the best insurance companies in the United States in terms of assets, coverage, and customer service. Moreover, it is listed on the Fortune Global 500 list. 

Whether you’re a teacher or some other professional, you can find a fitting life insurance plan with TIAA. Although we have covered every aspect, it is advisable to read more TIAA life insurance reviews to make an informed decision.

FAQs

Does TIAA have membership requirements?

No. There are no membership requirements. Everyone can benefit from their policies. Some products may have certain eligibility requirements that you may have to fulfill. Also, some specific policies are restricted for certain groups like teachers, medical professionals, and federal professionals.

What types of life insurance does TIAA offer?

TIAA offers various types of life insurance. These include:

  • Term
  • Universal
  • Variable
  • Survivorship
  • Salary Shield

What is the averageTIAA life insurance cost per month?

It is variable. The cost per month depends on the policy you select, add-ons, and discounts. There is no one size fits all.

Does TIAA pay out dividends to its policyholders?

Depending on your life insurance policy, TIAA may pay dividends. For a better understanding of dividends payout, it is advisable to contact their representative.

Does TIAA require a medical exam?

Life insurance reviews show that TIAA is one of the companies that require new policyholders to go through a medical exam and submit results before they can be approved.

Can you cancel your TIAA policy?

Yes. Call on their customer service number to speak to a representative over the phone. Discuss your options for policy cancelation with their customer service representative. They will guide you through the steps to cancel your policy.