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.
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.
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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.
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.
|Recent Weight Loss||Good|
|Former Tobacco Use||Fair|
|High Blood Pressure||Good|
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.
After you're a policyholder
Quote for: $500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums
|Company||Plan||Male - Age 30||Male - Age 40||Male - Age 50||Female - Age 30||Female - Age 40||Female - Age 50|
|Mutual of Omaha||Term Life Answers||$21.66||$33.47||$85.53||$23.41||$28.66||$64.09|
|Pacific Life||Pacific PROMISE Term||$20.84||$29.59||$77.09||$19.18||$26.68||$61.67|
|Protective||Custom Choice UL||$20.37||$28.91||$76.82||$17.93||$25.25||$55.75|
|Protective||Classic Choice Term||$20.21||$28.38||$75.68||$17.63||$25.94||$55.47|
|Prudential||Return of Premium Term||$101.00||$143.62||$291.99||$88.12||$130.04||$253.37|
|SBLI||Level Premium Term||$21.32||$40.05||$96.06||$24.48||$34.71||$65.87|
Annual Payment Discount
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
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:
The review on this page is only for this company's term life insurance products.
Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.
Child Protection Rider
Provides life insurance coverage for all eligible children.
Disability Income Rider
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.
Accidental Death Benefit Rider
Pays an additional death benefit on top of the base policy's death benefit if the death resulted from qualifying accidental injuries.