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Transamerica LIFE INSURANCE REVIEW - Pros, Cons, & FAQ's

Compare Transamerica to 30+ top life insurance companies.

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Overview:  Transamerica Life Insurance Company is a leader in the life insurance industry.  They offer a variety of competitively priced life insurance products that you can count on to protect your loved ones if you die. 

Here’s What You Need to Know About Transamerica Life Insurance

Transamerica Life Insurance has been protecting families from all different walks of life for many years.  They have a complete portfolio for life insurance products that can cover any life insurance need you have!

  • pros & cons

  • insurance types

  • who is a good fit?

pros & cons of Transamerica life insurance

Pros

  • Policies are issued and backed by a large and financially stable company.
  • You can get quotes for term life insurance and buy the policy online.
  • Wide range of products including term life insurance, whole life insurance, universal life insurance, guaranteed life insurance, and accidental death insurance.
  • You can get side by side product comparisons on their website so you can see how Transamerica life insurance prices and product features compare to each other.
  • Lenient underwriting for some types of mild health conditions.  Always consult with the company or agent for the specific underwriting guidelines.
  • Uses your actual birthday (age last birthday) to calculate your age instead of age nearest birthday (makes you a year older 6 months before your birthday).  This can at certain times lead to a better price compared to other leading carriers.

Cons

  • Fewer options for non-medical life insurance versus other leading carriers.
  • Preferred Plus rates are not as competitive as other leading carriers.
  • You can not manage your life insurance policy on the Transamerica mobile app.  The Transamerica mobile app is free to anyone to download, but is geared only toward retirement planning and not the administration of your life insurance policy.

How is Transamerica Life Different?

Transamerica Life offers many diverse products.  They can find a solution for just about every budget, every age and every scenario.

Also commendable are their  additional “perks” including Express Underwriting, Chronic Illness Riders, Conversion options and the Age Last determination ( as opposed to “Age nearest” most companies attribute the premium cost which can be a significant difference)

What types of insurance can you purchase from Transamerica Life?

Term & Final expenses life insurance details

Transamerica Term Life Insurance – 2 Types:

 1. Trendsetter Super

  • Face Amount $25,000 to $10 million.
  • Up to $99,999 without a medical exam.
  • Term Period: 10,15,20,25, or 30 years.
  • Can convert to permanent life insurance without a medical exam.
  • Terminal Illness Accelerated Death Benefit Rider

Underwriting Classes:

  • Preferred Plus
  • Preferred
  • Standard Plus
  • Standard
  • Preferred Smoker
  • Standard Smoker
  • Substandard Table A through Table H – (Table A = Standard + 25%.  Table B = Standard + 50%.  Table C = Standard + 75%, etc.)

Issue Ages Under $100,000

  • 10 year: 18-80
  • 15 year: 18-75 non smoker, 18-70 smoker
  • 20 year: 18 -65
  • 25 year: 18-60 non smoker, 18-55 smoker
  • 30 year: 18-50 non smoker, 18-45 smoker

Issue Ages Over $100,000

  • 10 year: 18-80
  • 15 year: 18-78 nonsmoker,  18-73 smoker
  • 20 year: 18-70 nonsmoker  18-65 smoker
  • 25 year: 18-65 nonsmoker 18-60 smoker
  • 30 year: 18-58 nonsmoker  18-53 smoker

Nonsmoker = NO NICOTINE | Smoker = ANY NICOTINE


2. Trendsetter LB

  • Face Amount: $25,000 – $2 million
  • Up to $250,000 without a medical exam
  • Term Period: 10,15,20,25, or 30 years
  • Up to 90% of the face amount or $1.5 million which ever is less in living benefits.
  • Includes Chronic, Critical, or Terminal Illness Accelerated Death Benefit at no extra charge:  This gives you early access to your policy’s death benefit if you experience a qualifying chronic, critical, or terminal illness such as a stroke, cancer, heart attack, or paralysis.  Benefits provided through the critical, chronic and terminal illness accelerated death benefit riders are subject to certain limitations and exclusions.  The actual benefit paid will be less than the amount that is accelerated because the amount is discounted to reflect early payment of the policy’s death benefit.  Amounts payable under the critical and chronic illness riders vary based in part on the nature and severity of the health condition, and remaining life expectancy at the time of the acceleration as determined by Transamerica.  Benefits may also be taxable.

Issue Ages


$25,000 to $99,000

$100,000 to $249,999

$250,000 to $499,999

$500,000 to $2,000,000

10 Year

18-60

18-80

18-80

18-80 

15 Year

18-60

18-75 NS

18-73 S

18-75 NS

18-73 S

18-75 NS

18-73 S

20 Year

18-60

18-70 NS

18-65 S

18-70 NS

18-65 S

18-70 NS

18-65 S

25 Year

18-60 NS

18-49 S

18-63 NS

18-57 S

18-65 NS

18-60 S

18-65 NS

18-60 S

30 Year

18-50 NS

18-49 S

18-57 NS

18-46 S

18-58 NS

18-53 S

18-58 NS

18-3 S

Underwriting Classes

$25,000 to $99,000

$100,000 to $249,000

$250,000 to $499,000

$500,000 to $2,000,000

Standard NS

Preferred NS

Preferred Plus Nonsmoker

Preferred Plus Nonsmoker

Standard Smoker

Standard NS

Preferred Nonsmoker

Preferred Nonsmoker


Nonsmoker

Standard Plus Nonsmoker

Standard Plus Nonsmoker


Standard Smoker

Preferred Smoker

Preferred Smoker



Standard Smoker

Standard Smoker

Substandard Table A through Table D – Table A = Standard + 25%.  Table B = Standard + 50%.  Table C = Standard + 75%,  Table D = Standard + 100%.

Nonsmoker = NO NICOTINE | Smoker = ANY NICOTINE

Transamerica has competitive prices for term life insurance. 

See for yourself.  Check out...

How Much Does Life Insurance By Transamerica Cost?

The Perfect Match Assessment

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Transamerica Term Life Insurance Riders:

The following life insurance riders are available:

Accidental Death Benefit Rider

The Accidental Death Benefit Rider pays an additional death benefit if the insured dies as a result of an accidental bodily injury.  Double the additional amount is payable if the accidental bodily injury occurs while the insured is a fare-paying passenger on a common carrier.  Death must occur within 90 days from the accident and before age 70 of the insured.  The insured cannot be engaged in hazardous occupations, as determined by the company.

Children’s Benefit Rider

Provides insurance on all children of the insured, subject to underwriting.  Each unit is equal to $1,000 of level term insurance.  Coverage on each child expires on the child’s 25th birthday.

  • Issue Age of Child – 15 days – 18 years
  • Maximum Death Benefit: $99,000
  • Insurance that terminates under the rider may be converted within 31 days to a permanent life insurance policy.  The face amount of the converted coverage cannot exceed five times the amount of rider coverage or $50,000, whichever is lower.

Disability Wavier of Premium Rider

In the event of total disability, before age 60, and after the total disability has continued uninterrupted for a waiting period of no less than six months, premiums will be waived retroactively from the beginning of the disability.  Premiums will continue to be waived for the duration of the total disability.  Among other reasons, premiums will not be waived if the disability results directly or indirectly from intentionally self-inflicted injury from participation in insurrection, or from war or any act of war.

Terminal Illness Accelerated Death Benefit Rider
Provides the option to accelerate a portion of the policy’s death benefit in advance of death, in a lump sum payment, when you are certified by a licensed physician as being terminally ill expected to die within 12 months of such diagnosis.

Guaranteed Issue Whole Life | Final Expense Products

  • Immediate coverage; no exam or labs necessary
  • Automated underwriting with same day notification possible
  • Safe, predictable coverage issued by a highly rated carrier and guaranteed fixed premiums

3 Types:

1. Immediate Solution

  • Premium Paying Period: Level premiums to age 121
  • Issue Ages: 0-85
  • Minimum Issue Amount: $1,000
  • Maximum Issue Amount: $50,000 (0-55), $40,000 (56-65), $30,000 (66-75), $25,000 (76-85)
  • Benefit Period:  Matures at age 121
  • Additional Benefits / Riders:
  • Accelerated Death Benefit Rider (Florida only)
  • Accelerated Death Benefit Rider with Nursing Home Benefit
  • Terminal Illness Accelerated Death Benefit Rider (California only)

Riders:

  • Accidental Death Benefit Rider
  • Children’s and Grandchildren’s Benefit Rider

2. 10 Pay Solution

  • Premium Paying Period: Level premiums for 10 years
  • Issue Ages: 0-85
  • Minimum Issue Amount: $1,000
  • Maximum Issue Amount: $50,000 (0-55), $40,000 (56-65), $30,000 (66-75), $25,000 (76-85)
  • Benefit Period:  Matures at age 121

Transamerica Riders:

  • Accelerated Death Benefit Rider (Florida only)
  • Accelerated Death Benefit Rider with Nursing Home Benefit
  • Terminal Illness Accelerated Death Benefit Rider (California only)

3. Easy Solution

  • Premium Paying Period: Level premiums to age 121
  • Issue Ages: 0-80
  • Minimum Issue Amount: $1,000
  • Maximum Issue Amount: $25,000
  • Benefit Period:  Matures at age 121
  • Death Benefit: Death Benefit during first two policy years is based on face amount for accidental death and will be limited to 10% of the sum of premiums paid (minus any loan balance) for death of insured from any other cause.  Death Benefit after first two years is based on face amount (minus the loan balance) for death of insured regardless of cause of death.

Riders: No riders available on final expense policies.

Transamerica has competitive prices for final expense life insurance. 

See for yourself.  Check out...

How Much Does Life Insurance By Transamerica Cost?

WHAT POLICIES DOES Transamerica LIFE OFFER?

Life Insurance Products Offered through Transamerica Life:

Transamerica offers four types of life insurance policies.  They are...

  1. Term Life Insurance
  2. Universal Life Insurance (Indexed)
  3. Whole Life Insurance
  4. Final Expense Life Insurance

See "insurance types" tab above for details.

a brief history of Transamerica Life


Since 1904, Amadeo P. Giannini founded a bank in San Francisco to make financial services readily available.

In 1928, his bank ultimately became Bank of America.  Around 1930, the organization acquired the Occidental Life Insurance Company through the newly created holding company, Transamerica Corporation. Less than two decades later in 1946, Giannini’s bank would become the largest private bank in the world.

Due to the Bank Holding Company Act of 1956, Transamerica had to choose whether to divest its banks or its non-bank investments. It chose insurance.

In July of 1999, Transamerica became part of one of the world's leading international financial organizations: Aegon N.V.

Americans are terrible at this one thing...

recent study found that more than half of Americans overestimate the cost of term life insurance by three times.  If you've never gotten a personalized quote or only seen quotes from one company, you likely have no idea how inexpensive life insurance really is!

Transamerica Life Insurance Products

Not only does Transamerica offer a wide variety of life insurance like...

  • Term Life Insurance
  • Universal Life (IUL)
  • Whole Life Insurance
  • Final Expense Insurance

Transamerica also offers products & services like...

  • Retirement Planning
  • Mutual Funds
  • Annuities
  • Employee Benefits

TransAmerica Life coverage details and guidelines

Read on to find out who issues Transamerica Life's policies, how to get an online quote, and how to get a low rate.

Who Issues Their Policies?

According to the Transamerica's website, "Insurance products and services are offered or issued by Transamerica Life Insurance Company, Cedar Rapids, IA; Transamerica Financial Life Insurance Company, Harrison, NY (licensed in New York); and Transamerica Casualty Insurance Company, Cedar Rapids, IA. Variable products and mutual funds are underwritten and distributed by Transamerica Capital Inc. and/or distributed by Transamerica Investors Securities Corporation."

How Do I Get An Online Quote Through Transamerica Life?

Click here for the easiest way to get quotes for Transamerica Life Insurance

OR

Go to www.transamerica.com and get term life insurance quotes direct.

You must call 1-800-797-2643 to get quotes for universal life, whole life, & final expense insurance.

How do I get a low rate?

The lowest rates are in the preferred plus underwriting class.  You have to be in EXCELLENT health to qualify with no family history of heart disease or cancer in your parents or sibling.  Even if you do not qualify for the top underwriting class, you might still be happy with the rate Transamerica offers you when you apply. 

Find Your Perfect Life Insurance Plan!

Click below to search for life insurance by company, coverage amount, and policy type.

Shortcut:  Our #1 choice for life insurance with health issues is AIG Direct.  If you have any history of heart disease, diabetes, cancer, stroke, or obesity, click here for a free quote.

WHO is Transamerica Life for?

Transamerica Life is for anyone up to age 80 years old who doesn’t have any or not enough life insurance but needs it.  No matter if your need is temporary or permanent, Transamerica might be a good fit for you.

Who is the ideal Transamerica life applicant?

The ideal Transamerica Life applicant is...

  • young or old 
  • healthy or unhealthy
  • smoker or non smoker

No matter what your status, you might find a good life insurance rates at Transamerica Life and is worth apply to.

what if i'm not perfectly healthy?

It does not matter if you are not perfectly healthy nor should you skip applying to Transamerica because you don't think you are.  Even if you do not get the best underwriting class, Transamerica has competitive rates across the board in all the underwriting classes.

Our Favorite Life Insurance Companies

We've worked with and reviewed dozens of companies.  Here are our faves.

Ladder Life Insurance Logo

Ladder Life Insurance

Best for:  No-Exam Plans Up to Age 60

Ladder is known for a quick and easy online application with no medical exam required in many cases.  They have 10, 20, and 30 year plans.  They offer the most coverage without an exam in the industry. Coverage amounts start at $100,000 and go as high as $8 million.

AIG Direct Life Insurance Logo

AIG Direct

Best for:  Lowest Rates or Health Conditions

AIG Direct offers a range of custom term plans up to 35-year term as well as return of premium, and permanent plans that build guaranteed cash value.  Their rates will beat just about anyone if you take an exam.  They're also terrific if you take medication or have health issues.

Bestow Life Insurance

Best for:  Convenient and Simple Plans

Bestow is known for their simple, straight-forward 10, 15, 20, 25 and 30 year term plans up to $1.5 million.  They never require a medical exam (ever) and have great rates.  Rates start as low as $8 per month.

how to apply for life insurance with Transamerica Life?

signing up for Transamerica life

Signing up for Transamerica can be done in a few different ways.  There is an online option via the website for Term Products only.  You also have the option of calling on the phone to sign up.

how does the application process with Transamerica life work?

After the initial application is complete and submitted, it will be reviewed by the underwriting department.  It is then determined if the medical screening is sufficient to issue a policy , or if a further medical process is required.  This could mean additional questions or a medical exam with labs ,i.e., blood  work urine etc.

Transamerica life financial strength and bbb ratings

Transamerica Life Insurance Company is backed by their parent company Aegon which has the reassurance and stability of an organization with more than 170 years of history and a strong capital position.

Tranamerica Life Insurance Company Reviews Ratings:

  • A.M. Best: A – 3rd of 16 categories
  • Fitch: A+ – 5th of 19 categories
  • Moody’s: A1 – 5th of 21 categories
  • S&P Global A+ – 5th of 21 categories

Transamerica is not accredited by the BBB.

LIFE INSURANCE MADE EASY

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Transamerica Life reviews and complaints

As a company in the insurance industry, Transamerica Life has a National Complaint Index Report over the National Association of Insurance Commissioners. The National Complaint Index standard is 1.00 with the Transamerica Life index being 1.31. This means that Transamerica Life’s complaint index is higher than as expected in the market.

Transamerica Life has had 331 complaints closed with the Better Business Bureau in the last three years with 87 complaints closed in the last year.  They have a 1.38 out of 5 as a customer review score on the BBB website

Lady with a smile on her face while looking at her lap top computer. The banner on the picture says Transamerica Life Insurance Review

A J.D. Power 2020 life insurance study ranks Transamerica Life 18th out of 23 life insurance companies studied.

Compare Transamerica Life VS New York Life Insurance

  • Transamerica has better term life insurance and final expense prices compared to New York Life.  However,  New York life has a better and less expensive whole life insurance policy compared to Transamerica.
  • You can buy Transamerica Life Insurance from any life insurance broker or agency compared to you must call New York Life direct and meet with a New York Life agent. 

How to Compare Companies:

Insurance companies are NOT all the same.  Some are more lenient on certain health issues, some focus on a no-hassle application without an exam, some are financially stronger than others, and their pricing varies a LOT!  The smartest move is to get quotes from two or three companies and compare the pros & cons of each.

Transamerica Life Insurance Alternatives

Many of the following companies have better products and cheaper prices versus Transamerica Life Insurance.  Some even offer no medical exam policies.

Colonial Life Insurance - Helping America's Workers with Financial Protection Since 1939

Colonial Life Insurance Review

Colonial Life has one of the oldest reputations in the supplemental benefits industry. They offer life, accident, and illness policies to complement your health insurance plan.  If your employer offers Colonial, you might consider them as an alternative to Transamerica.

Fabric Logo

Fabric Life Insurance Review

Fabric Life would be a good alternative to Transamerica if you want faster coverage.  Fabric offers affordable life insurance with easy, online quotes and application available 24/7.  The company uses algorithms to speed up the underwriting process, with well-qualified applicants getting approved without a medical exam.

Man in mid 30's with hands behind head and leaning back in his chair. He is wearing a blue collared shirt with sleeves rolled up.

Health IQ Life Insurance Review

If you're in great health, Health IQ may be a good alternative to Transamerica.  Health IQ rewards healthy lifestyle choices by offering lower rates for people who take care of their health. 

Mutual of Omaha Logo

Mutual of Omaha Life Insurance Review

If you're an older individual, Mutual of Omaha may be a good option for you instead of Transamerica.  Their Living Promise Whole Life Insurance has both level and graded benefit plans. Underwriting is simplified issued –  and does not require a medical exam.

For more company information, please visit our Life Insurance Company Reviews Page.   If you’re searching for life insurance by term length or dollar amount, please visit this page

FREQUENTLY ASKED QUESTIONS:

  1. Does Transamerica life insurance Company cover COVID-19 related deaths?  Yes.  Life insurance covers death by all causes that are not explicitly excluded in the policy.  COVID-19 is not explicitly excluded in the policy therefore they would not deny a claim for that reason alone.
  2. Who own’s Transamerica Premier Life Insurance Company?  Transamerica is owned by Aegon.  Aegon is a very large, stable, and highly rated company.
  3. Is Transamerica Life a good / legit company?  Yes.  Transamerica is not only a good / legit company, they are high rated and an industry leader.
  4. Does Transamerica Life have the best prices for life insurance?  NO.  Transamerica life insurance has average prices and generally does not appear in the top 5 when compared to other leading life insurance carriers.
  5. How easy is it to get approved for life insurance through Protective Life?  If you are healthy, it is not difficult to get approved.  If you are in poor health however, it might be difficult but not impossible.  Transamerica will do a thorough application and underwriting process before you are approved.  In most cases a medical exam and an attending physician statement from your doctor will be required.  The approval  process may take up to 6 to 8 weeks.
  6. Will I have to give my social security number when I apply?  Yes.  Transamerica will use your social security number to verify your identity.  Transamerica will also run a credit check and other types of data reporting such as an RX Prescription Drug database check during the underwriting process.
  7. Does Transamerica Premier Life Insurance Company have a lot of complaints?  Not a lot compared the size of the company.  According to the National Association of Insurance Commissioners, Transamerica scores a 1.3.  A score of 1 is the baseline average, and a score of 0 means there were zero or limited complaints to receive a rating.  With an average score of 1.3, Transamerica customer experience is not exceptional, but it is not terrible either.
  8. How does consumersadvocate.org rate Transamerica?  Transamerica is rated 4.3 of 5 by consumersadvocate.org.
  9. Did you find anything in your research during your Transamerica Life Insurance Reviews process?  Transamerica has average prices compared to the competition and it pays to shop around and keep comparing rates.

summary

You will not get the best price available compared to other leading carriers, but you most certainly will not get the worst either if you choose to purchase your life insurance from Transamerica.  Unless you have a specific liking for Transamerica, it would beneficial for you to keep shopping around.  You will find many life insurance carriers with better prices and are easier to buy from.



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Written by:  Chris Lalor

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