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Transamerica Life Insurance Review

Transamerica is an A+ rated company founded in 1904 that offers unique options in their term products.

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Overview

Transamerica, an A+ rated company founded in 1904, offers unique options, with a few of their term life products, such as Living Benefits for early access to death benefits in the case of terminal or chronic illness; Income Protection Options to allow customers to select from a combination of income stream and lump sum payouts for beneficiaries; no required medical exams for policy amounts below $250,000; and low, $25,000 minimum face amount requirements.

Our Take

Transamerica features a very quick application turnaround time. Once you get the policy, you have to update it with paper forms. Transamerica doesn’t make you do a medical exam if your coverage is less than $249,999. They also allow much smaller life insurance policies, with a minimum face amount at $25,000.

Financial Strength

Founded

1904

PolicyholderstooltipThis is how many active US life insurance customers this company insures.

7,200,000

AM BesttooltipA.M. Best is an independent rating agency that evaluates the financial strength of insurance companies. Ratings as of May 2016, on a scale from A++ to D.

A+

BBB RatingtooltipBetter Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.

A+

JD PowertooltipJ.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.

2 of 5

Accolades

In 2016, Transamerica won a technology innovation award from InformationWeek for its innovation in mapping the customer journey. “This technical innovation… will enable us to provide more personalized, customer­focused solutions in a rapid environment,” said Gerard Rescigno, CTO for Transamerica.

Finding the best rates

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Transamerica treats a variety of common health conditions from an underwriting perspective.

Pricing for health conditions
Health ConditionPricing
Survivor/Family HistoryExcellent
Recent Weight LossGood
Heart AttackGood
DiabetesFair
Sleep ApneaFair
Former Tobacco UseFair
High Blood PressureGood
High CholesterolFair

Excellent - Above average; company provides excellent coverage for clients with this condition.

Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.

Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.

Compare Transamerica to other top carriers

Find head-to-head comparisons of Transamerica and other top-rated life insurance companies to help you make the right decision.

Transamerica plan details

Unique Features

  • Competitive underwriting for a range of applicant health profiles
  • No medical exam required for amounts up to $99,999
  • Low minimum face amount requirement ($25K) and multiple terms available for policy personalization
  • Income Protection Option allows you to select from a combination of income stream and lump sum payouts for your beneficiaries
  • Selection of riders available to personalize coverage

When applying

How's the application process?

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Pros

  • Electronic application
  • Average number of application forms
  • Faster than average application approval (24 days)

Cons

  • Policy delivery by mail

After you're a policyholder

How's the customer service?

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What you can do online

  • Changing address

What you can't do online

  • Updating beneficiaries requires paper forms
  • Policy cancellation requires paper forms with witness signature
  • Changing payment info requires paper forms

Sample Quotes

Quote for: $500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

CompanyPlanMale - Age 30Male - Age 40Male - Age 50Female - Age 30Female - Age 40Female - Age 50
AIGSelect-a-Term$21.11$30.62$79.93$18.08$28.46$59.60
AIGROP Select-a-Term$91.21$150.77$281.97$75.80$124.95$261.56
Banner LifeOPTerm$21.44$32.38$94.07$18.19$26.60$58.62
John HancockTerm$26.95$34.65$81.70$24.20$34.00$78.99
Lincoln FinancialLifeElements$28.44$38.94$78.75$23.63$30.63$58.63
Lincoln FinancialTermAccel$21.00$29.75$78.75$17.94$25.81$57.31
Mutual of OmahaTerm Life Answers$21.66$33.47$85.53$23.41$28.66$64.09
Pacific LifePacific PROMISE Term$20.84$29.59$77.09$19.18$26.68$61.67
PrincipalTerm$22.75$31.94$79.63$20.04$27.56$59.24
ProtectiveCustom Choice UL$20.37$28.91$76.82$17.93$25.25$55.75
ProtectiveClassic Choice Term$20.21$28.38$75.68$17.63$25.94$55.47
PrudentialTerm Essential$34.20$43.65$88.65$27.90$38.70$76.95
PrudentialReturn of Premium Term$101.00$143.62$291.99$88.12$130.04$253.37
SBLILevel Premium Term$21.32$40.05$96.06$24.48$34.71$65.87
TransamericaTrendsetter Super$22.36$37.85$79.12$18.06$30.96$62.78
TransamericaTrendsetter LB$24.95$38.27$92.89$20.65$34.84$73.11

Details

Annual Payment Discount

3%

Payment methods available

Check; Auto bank draft; Credit card only for first payment

Is coverage available without a medical exam?

Yes, up to $99,999

What is the rule for converting the policy?

The policy is convertible to the earlier of the end of the initial level premium period or 70th birthday (75th birthday for the Preferred Plus class).

Is temporary coverage available?

Yes, up to $1,000,000

Common Features

This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

  • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
  • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
  • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
  • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
  • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
  • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
  • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

The review on this page is only for this company's term life insurance products.

Available Riders

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • checkmarkChild Protection RidertooltipYou can get life insurance for all children (ages 15 days - 18 years old) in one rider in increments of $1,000, up to a maximum of $99,000 or the base policy coverage (whichever is less).

    Provides life insurance coverage for all eligible children.

  • checkmarkDisability Income RidertooltipPremiums are waived if you become totally disabled (after a 6 month waiting period).

    If you become totally disabled as a result of a qualifying event, you will not have to pay premiums for a fixed period of time.

  • checkmarkAccidental Death Benefit RidertooltipPays an additional death benefit if the insured dies as a result of an accidental bodily injury. Double this additional amount is payable if the accidental bodily injury occurs while you're a fare-paying passenger on a common carrier.

    Pays an additional death benefit on top of the base policy's death benefit if the death resulted from qualifying accidental injuries.

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50 West 23rd Street, Floor 9

New York, NY 10010

24/7 - Available when you need us

Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET

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