Transamerica Life Insurance Review 2021
- Financial Strength A+
- BBB Rating C
- Coverages 4/5
- Flexibility Flexible policies
- Support Bad customer support
- User Ratings Below average
Transamerica is one of ten life insurance providers in the United States. It offers universal, whole, and term life policies. Even though the company is no longer headquartered in San Francisco, Transamerica still uses the iconic Transamerica Pyramid of the city as its logo. While a lot of life insurance companies tend to completely exclude smokers, Transamerica issues life policies to smokers without the need to pay a higher premium.
Transamerica Life Insurance Company was founded in 1904 in San Francisco. The primary goal of the organization was to provide cost-effective banking solutions and services to customers. Along with various life insurance policies, Transamerica’s services now include mutual funds, annuities, and retirement services. Individuals and companies both can avail of these services. Today, Transamerica is based in the city of Cedar Rapids, Iowa.
According to various Transamerica life insurance reviews, the company has high to superior financial ratings. Transamerica’s life insurance policies have up to 10 million dollars of coverage for term life insurance and 2 million dollars of coverage for whole life. The company offers term life insurance to anyone aged between 18 and 80 years.
The company offers many rider options that customers can utilize to customize insurance policies according to their personal preferences and needs. As a customer, all you need to do is figure out the coverage amount you need and simply request a quote from the company’s official website. You can also contact them through the Transamerica life insurance phone number available on the site.
How We Reviewed
In order to come up with authentic and detailed life insurance reviews, we conducted extensive research and carried out the necessary comparisons. We followed the steps given below:
- We started by analyzing Transamerica’s official website to identify the coverage types they offer, highlighted features, company policy, and more.
- Next, we used the website ourselves to conclude whether it is easy-to-navigate and user-friendly, whether it caters to tech-savvy clients or traditional ones, and lastly if everything on the website is explained in detail or is the information provided very vague.
- Lastly, we studied various customer reviews to get an idea of customer satisfaction rates and quality of service data. We also collected data related to the market reputation and the financial strength of the company.
So, if you are looking for an accurate Transamerica life insurance rating, you have come to the right place!
Where Is It Available
Transamerica offers life insurance in all 50 states, although availability varies by product. Major offices of the company are located in Cedar Rapids, Iowa; Baltimore, Maryland; Exton, Pennsylvania; Denver, Colorado; Johns Creek, Georgia; Harrison, New York; St. Petersburg, Florida, and Plano, Texas. Additional affiliate offices of Transamerica are located throughout the U.S. Transamerica became a subsidiary of Aegon in 1999. Aegon is a European financial services organization that is headquartered in The Hague, Netherlands. Now that you know the Transamerica life insurance address, let’s get started on the detailed review!
Transamerica Life Insurance Review
Transamerica brings a solid range of quality products to its customers along with a long history of great overall performance and financial stability. The term life insurance policies are sold at pretty reasonable rates. This financial services organization also offers term coverage with no medical exam for people who are young and have no family or medical history of health problems. One notable feature of this organization is its high-coverage options that go over 10 million dollars, depending on the needs of the policyholder’s family. Transamerica’s coverage amounts start at 25,000 dollars, enabling them to fulfill the diverse needs of their customers.
Types of Life Insurance Coverage that Transamerica Offers
Transamerica offers a wide range of insurance policies including:
Transamerica Term Life Insurance
The Transamerica term life insurance policy is available in coverage amounts that range from 25,000 to 10 million dollars. The policies last 10, 15, 20, 25, or 30 years. All the term policies offered by Transamerica can, later on, be converted into permanent life insurance and customers can choose between increasing, decreasing, or level death benefits.
Transamerica Whole Life Insurance
Whole life insurance is a permanent policy offered by Transamerica that features a guaranteed death benefit, fixed premiums, and cash value accumulation. The starting coverage amount is 2,000 dollars and it goes up to 3 million dollars for individual customers and 25,000 dollars for group policies.
Transamerica Universal Life Insurance
The Transamerica universal policy doesn’t only offer lifelong coverage, but it also offers death benefits, flexible premiums and overtime earns cash value. Customers are offered indexed universal policies with the highest possible returns. These policies are tied to a variable universal coverage as well as an index such as the S&P.
Index Universal Life Insurance
The index universal life insurance policy offers a death benefit along with a cash value that increases based on the stock market.
Final Expense Life Insurance
The final expense life insurance is designed for the coverage of end-of-list expenses such as burial and funeral costs. Transamerica issues this policy right after approving it and the premium remains the same throughout the policy duration.
Riders that You Can Add to Your Insurance Policy
Based on the policy you own, you might be able to add the following riders to your coverage:
Guaranteed Insurability Rider
Transamerica allows customers to convert to a whole life policy without taking any medical exam or providing proof of insurability. This rider is only available at major life milestones such as marriage or the birth of a child.
Estate Protection Rider
This rider allows customers to enjoy extra coverage for estate taxes, given that they are applied to their death benefit.
Accelerated Death Benefit Rider
This rider pays out a part of the policyholder’s death benefit if they are diagnosed with a terminal medical condition.
Decreasing Term Rider
This enables policy owners to have their coverage decreased as they pay off certain expenses or debts.
Final Expense Rider
The final expense rider helps customers cover funeral costs by offering an additional payout.
Waiver of Premium Rider
If a policyholder becomes completely disabled for over 6 months, the premiums for their life insurance policy are waived off.
So, what is the waiting period on a waiver of premium riders in life insurance policies? With the return-of-premium rider, you can have your premiums returned that you have paid if you outlive the term of your policy. This rider is only available for twenty- and thirty-year terms.
Spouse Rider Beneficiary and Child Rider Life Insurance
The child and spouse rider enables customers to benefit from additional coverage for a child and spouse, without applying for a new life insurance policy.
Transamerica Life Insurance Payment / Pricing
When it comes to Transamerica life insurance pricing, along with your gender and age, your lifestyle and health are also factored into your policy rate. In order to qualify for the “preferred plus” rate class at Transamerica, customers need to meet the eligibility requirements mentioned below:
- No history of substance or alcohol abuse
- No or minimal history of tobacco usage
- A family and personal health history that is completely free of specified impairments or disease
- A clean driving record that is free of suspensions, DUIs, DWIs, and other convictions
- Healy BMI and blood pressure
- Low-risk hobbies and occupation
Transamerica life insurance cash value is subject to change according to your policy. For instance, with the index universal life insurance, the cash value increases based on the stock market. According to LIMRA (Life Insurance Marketing and Research Association), for a healthy 30-year-old individual, the average cost of a 250,000 dollar term policy is 160 dollars per year.
Transamerica Life Insurance Quote
To find out how much your desired plan will cost, all you need to do is answer a few simple questions at:
Transamerica Life Insurance Discounts
Through Transamerica mutual funds, long term care, voluntary insurance products, and retirement management, Transamerica offers its employees along with their family members, access to various services and products. Additionally, Transamerica provides employee discounts via major retailers and many popular organizations such as AT&T, Microsoft, UPS, Verizon Wireless, Office Depot Sprint, Barnes and Noble, and Apple.
Customer Satisfaction and Financial Strength Review
Transamerica life insurance AM Best rating is A+. The company’s stability has been given 4.5 stars out of 5. Transamerica is known to have a significant market share in the U.S. It has scored a high to superior financial strength rating as compared to other top life insurance provider agencies.
Transamerica has a great reputation for claims payment and creditworthiness. Consumers with life insurance policies from Transamerica can rest assured knowing they’ve invested in one of the most stable insurance providers in the marketplace. This may, however, oftentimes translate into a less flexible mobile and online experience and higher premiums.
When it comes to the Transamerica life insurance complaints (long-term care), the NAIC Complain Ratio 2017 was 0.57. Since the score is below 1, this means that Transamerica did not receive a higher number of complaints than the overall average number.
Transamerica life insurance BBB rating is C. This is mainly because of Transamerica’s poor customer support. The company has a reputation for not addressing consumer complaints. Transamerica’s reputation, based on financial strength, has received 3.5 stars out of 5.
Like many other Transamerica life insurance customer reviews, we will be reviewing and discussing the company’s customer support in this one. You can call the customer service department of Transamerica at (855) 288-4181 to get a quote. The phone service is staffed Monday to Friday from 8:00 AM to 5:00 PM CT. You can also use the search tool available on Transamerica’s website to find an available agent near you.
While the company doesn’t offer an online chat feature, it allows customers to make payments and manage their accounts online. One major drawback of the company is that it doesn’t offer customers the option to speak with financial professionals about their investment goals and insurance needs. Transamerica does offer its customers an app; however, you cannot make payments, file a claim, or manage your insurance policy through the app.
While Transamerica life insurance customer service hasn’t received much positive feedback due to its inability to respond to customers in a well-organized manner, the Transamerica life insurance customer service phone number enables you to convey any concerns you have regarding Transamerica’s offerings by speaking to customer support representatives.
Ease of Buying and Claims Handling
The Buying Process
The buying process at Transamerica is simple.
- You can either speak to one of their friendly representatives by calling 855-288-4181
- Find an expert insurance agent to meet with on this link.
Transamerica Life Insurance Claims
Filling Transamerica life insurance death claim forms and filing a claim is simple. Transamerica offers multiple ways for customers to file claims, so they can simply opt for the one that works best for them. All you need to do is:
- Download forms at www.tebcs.com
- Submit a claim either by phone, fax, mail, or online
If you have questions about claims such as how to check on Transamerica life insurance claims or how to download the Transamerica life insurance change of beneficiary form, you can simply send an email at [email protected] and get answers!
Transamerica Life Insurance Claims Email Address
- Customers can send claim documents via email to [email protected]
- Make sure to include the name and certificate/policy number of the insured individual
- Wait for an email acknowledgment of receipt
Transamerica Life Insurance Claims Phone Number
- Call 888-763-7474 to contact the Transamerica Claims Customer Service Department
- Remember to have all the claim information ready with you
Transamerica Life Insurance Claims Mailing Address
- Mail completed documents related to claim to Transamerica – Claims P.O. Box 8043 Little Rock, AR 72203-8043
Transamerica Life Insurance Claims Fax Number
- Fax claim documents to 866-586-6528
- Make sure to include the name and certificate/policy number of the insured individual
- All documents should be readable and clear
Comparison with Competitors
Whether you compare Transamerica life insurance vs. Transamerica premier or Transamerica life insurance vs. Amica Mutual reviews, it is clear that Transamerica lacks behind in providing quality customer service. However, when it comes to offering a wide range of types of insurance coverage and a long list of riders that can be added to the policies, Transamerica stays somewhere near the top of the list.
Pros & Cons
- No-Exam Policy Option: Transamerica offers its customers, who are under a certain age and who plan to purchase a minimum amount of insurance coverage, a no-exam term life insurance option.
- High Policy Limits:The company offers maximum benefits to its consumers, one of the benefits being coverage up to 10 million dollars, something you won't receive with other life insurance providers. This translates to high-income earners finding full coverage.
- Lenient Underwriting: With its relaxed standards of underwriting, Transamerica serves high-risk applicants.
- Financial Strength: AM Best has given Transamerica an excellent rating (A), meaning that the company has the necessary cash reserves to easily pay out claims.
- High Amount of Customer Complaints: The beneficiaries of the policyholder need to call Transamerica in order to file a claim.
- No Online Claims Form: As mentioned earlier, Transamerica receives a higher amount of customer complaints relatively and its customer satisfaction ratings are lower as compared to.
According to most Transamerica life insurance reviews, we collected the most important points – the company has amazing financial strength, no-exam policies and it is available in all states. Downsides include not so great customer support and they have no online claims. If you are more tech-oriented, you might want to rethink your choice.
What information does Transamerica use to help determine my coverage needs?
The online coverage estimator of Transamerica takes factors such as the desired investment risk level, retirement plans, mortgage or other debts, household income, marital status, and dependents into consideration.
What benefits do Transamerica life insurance policies include?
Transamerica life insurance policies include benefits such as custom or lifetime coverage, flexible or guaranteed level premiums, all-time-accessible, tax-deferred cash value, and the opportunity to earn major interest based on the performance of an index. These benefits are provided to customers depending upon the type of life insurance policy they choose.
Are all Transamerica life insurance products available to apply for online?
Transamerica does not offer online applications.
How long do you have to claim Transamerica life insurance?
Typically, life insurance providers are bound by laws within a state regarding the time customers have to claim insurance benefits. You can contact Transamerica for more information.
How to cancel Transamerica life insurance?
At Transamerica, customers are free to cancel their term life insurance policy whenever they like. If customers fail to pay their insurance payments on time, the company can cancel their policy. Contact your life insurance carrier or agent to get information on the cancelation policy or to have your policy canceled.