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Transamerica Life Insurance Review
By Stephanie Colestock MONEY RESEARCH COLLECTIVE
Transamerica is a leading financial services company that offers a variety of insurance services to more than 30 million customers around the world. Transamerica offers five versatile life insurance policies to choose among, depending on your budget and how you want to protect your loved ones.
Here’s a look at the different types of life insurance policies this company offers and how to buy the coverage you need.
Table of contents
Transamerica’s customer satisfaction
Transamerica vs. the competition
Transamerica life insurance overview
Founded in 1904, Transamerica began as an Italian bank with the aim of providing financial services to a wide array of consumers. In the aftermath of the 1906 San Fransisco earthquake and fires, however, the company established an office in California. Loans to rebuild destroyed homes required just a handshake from borrowers in lieu of collateral, putting much-needed funds in the hands of affected people who needed it most.
In 1956, Transamerica shifted its focus from banking to insurance. In 1999, the company was purchased by Aegon. Today, Transamerica serves more than 30 million insurance, investment, and retirement customers across the world under its parent company, and employs more than 22,000 individuals.
Transamerica’s services
Transamerica today is a global financial services company that provides insurance and retirement products and services to consumers worldwide. The company offers both individual and group (employer-sponsored) products, including IRAs, mutual funds, and disability coverage.
Transamerica offers five different types of life insurance:
- term life
- whole life
- universal life
- final expense
- foreign national
Coverage is available for up to $10 million, depending on the type of policy you buy and personal factors.
What it offers
There are many types of life insurance policies that are distinguished by how long you want your coverage to last, what sort of protections you want, and how much coverage you need. Transamerica offers five types of policies: temporary and affordable coverage (term), coverage that will last the rest of your life (whole), cash value policies that grow as an investment (universal life), and coverage that’s primarily meant to pay your medical bills or cover a funeral (final expense).
Transamerica insurance coverage
Life insurance type: Coverage: Term Duration: Issue Ages:
Term life insurance $25K–$10 million and up 10-, 15-, 20-, 25-, and 30-year 18 to 80
Indexed life insurance Not disclosed N/A Not disclosed
Final expense life insurance $1,000 to $50,000 N/A 0 to 85
Whole life insurance Up to $2 million N/A Not disclosed
Foreign nationals life insurance $250,000 and up Varies 18 and up
Term life coverage. Transamerica sells two types of term (or temporary) life insurance products: the Trendsetter Super policy and the Trendsetter LB. Both are available for issue to people ages 18 through 80 and both offer 10-, 15-, 20-, 25-, and 30-year terms. Either product can be converted to a permanent life insurance policy.
- Trendsetter Super: Offers coverage from $25,000 to $10 million (or more), with no medical exam for up to $2 million as long as you qualify.
- Trendsetter LB: Offers coverage between $25,000 and $2 million, with no medical exam for those who qualify.
Whole life coverage. With whole life insurance, you can financially protect your family for the rest of your life with one level premium, no matter how old you get or whether your health changes over time. Your cost is locked in at the time of purchase, so as long as you continue paying your premiums as promised, your coverage will continue.
In addition to a guaranteed death benefit, you’ll also have a guaranteed cash accumulation value which you can withdraw or pull from later on if needed. This product is not offered in New York.
Index universal life coverage. Universal life policies are a form of permanent coverage that builds up a cash value in addition to providing your loved ones with a death benefit. With index universal life, your policy’s cash value can rise or fall based on the investment index it follows, potentially offering your family cash growth along with certain tax advantages.
Final expense coverage. With final expense life insurance coverage, you’re able to buy an affordable policy that follows you for life, providing your beneficiaries with the funds necessary to cover your final medical bills, funeral costs, and such. Transamerica’s final expense coverage can be issued up to age 85. So long as you continue paying your premiums (or pay them all in the first few years), your coverage will remain in effect until you die.
Final expense coverage from Transamerica offers up to $50,000 in protection and builds up a tax-deferred cash value that you can borrow against if needed. This policy is available in all states.
Foreign national coverage. For foreign nationals who do business in the United States or own property here, this policy can help cover estate taxes that may be incurred upon the death of the insured. With Transamerica foreign national life insurance, you can purchase coverage ranging from $250,000 to as much as $35 million, as long as you’re from one of 47 different countries and have clear financial ties to the U.S.
Coverage is available to residents and non-residents. Applicants may need to meet certain net worth and foreign travel day minimums in order to buy these types of policies. Depending on your country of residence and other factors, you may be able to purchase term life, index universal life, or whole life coverage.
What it doesn’t offer
Not all policies are available in all states.
Transamerica life insurance cost
Transamerica only offers online life insurance quotes for term coverage; they do not disclose rates online for other types of policies. If you are interested in a Trendsetter Super policy, though, you can learn about your coverage options and premiums online through their easy-to-use tool. There, we found that a 35-year-old Virginia woman in excellent health could purchase $2,000,000 in term life coverage for 15 years, for just under $35 per month with no medical exam required.
If you’re interested in purchasing coverage, you’ll need to speak with a licensed Transamerica insurance agent. They can help you determine which coverage option is right for you, how much coverage you want to buy, and to which application class you belong.
Your life insurance rates will be determined by:
- The type of policy you buy (the cost of term vs. whole life insurance policies is different, for example, even if you buy the same level of coverage)
- How much coverage you need
- How long you want coverage to last
- Your age
- Your location
- Whether you use tobacco, alcohol, or drugs
- Your height and weight
- Your family and personal medical history
- Your occupation and driving record
Transamerica’s credentials
Transamerica is a global financial services company with a 170+ year history and above-average financial strength ratings.
Licenses and registrations
- Transamerica Life Insurance Company is licensed in all states (except New York) and the District of Columbia.
- Transamerica Financial Life Insurance Company is licensed in all states as well as the District of Columbia.
Awards and certifications
- A.M. Best: A rating
- S&P Global: A+ rating
- Moody’s: A1 rating
Transamerica’s accessibility
Whether you need to purchase a new policy, manage your current coverage, or just have questions, there are a few different ways to reach Transamerica.
Availability
Transamerica is available in all 50 states and across the globe, with a robust online presence and a large network of financial professionals. Not all life insurance products and coverage options are available in all states, however, so you’ll want to speak with an agent if you’re not sure which coverage options are offered in your area.
Contact information
You can contact Transamerica online by submitting a contact request form, or over the phone. By phone, Transamerica can be reached from 9 a.m. to 6 p.m. ET Monday through Friday, by calling 800-797-2643.
You can also search for local Transamerica agents through their online Agent Locator tool.
Limitations
Transamerica doesn’t permit policies to be purchased online, so you’ll need to contact an agent to learn more and to buy a policy.
Transamerica has local agents available across the United States, so you can find a local office near you. Otherwise, customer service agents can be reached by phone Monday through Friday, and online contact requests can take a few business days to receive a response.
Transamerica’s customer satisfaction
When it comes to evaluating an insurance company, hearing from current and past clients can give great insight into the customer experience.
Customer complaints
The National Association of Insurance Commissioners (NAIC) maintains data on formal consumer complaints submitted against insurance companies. While a certain number of complaints is expected each year according to the insurance provider’s size and market share (noted as an index of 1.00), most carriers rank above or below this average.
According to 2021 NAIC data, Transamerica Life Insurance Company earned a complaint index of 1.85. This means that they received nearly twice as many consumer complaints as expected (1.00) for their size. In both 2020 and 2019, the company’s complaint index was 1.26.
Third-Party ratings
An annual JD Power study ranks customer satisfaction among life insurance carriers, based on factors such as price, life insurance options, communication, and company interactions. According to the most recent published survey, the 2022 JD Power Individual Life Insurance Study, Transamerica ranked 21st out of 22 named companies. Their customer satisfaction index rating was 740, notably lower than the industry average of 774.
Transamerica vs. the competition
Here’s a look at how Transamerica compares to other top carriers:
| Transamerica | Mass Mutual | State Farm | AIG | |
| AM best rating | A | A++ | A++ | A |
| Types of insurance | Term, whole, index universal, final expense, foreign national | Term, whole, universal, variable universal | Term, whole, universal | Term, whole, indexed universal, variable universal, final expense |
| Coverage | Up to $10 million (or $35 million for qualifying foreign nationals) | Up to $3 million online (through Haven Life); varies when purchasing through a MassMutual agent | $100,000 and up | $100,000 to $2 million |
If you want to learn more, be sure to check out our other pages — such as our AIG life insurance review — to see which coverage options are available and help you decide where to buy your next policy.
Transamerica life insurance FAQs
How we evaluated Transamerica life insurance
In order to properly evaluate Transamerica life insurance coverage, we looked at a few key criteria points. We compared the various products offered by the carrier, including type of life insurance, coverage limits, terms, and available riders. We also looked at coverage availability, pricing, and the ease of purchasing. Lastly, we looked at both consumer reviews and industry ratings to see how current customers fare and how well the carrier operates.
Summary of Miami Herald’s Transamerica review
Transamerica offers five different types of life insurance coverage, with up to $2 million available without a medical exam. Coverage is offered in all 50 states and DC, though not all products and services are offered in all areas. While Transamerica has a lengthy history and many coverage options, they have average or below reviews and consumer ratings.
Be sure to check out our list of the best life insurance companies to compare your available options!
Stephanie Colestock is a DC-based personal finance writer with nearly 11 years of freelance writing experience. She covers a wide range of finance-related topics and is currently working toward her CFP®️ certification. Her work appears on sites such as Business Insider, MSN, Fox Business, CNET, Investopedia, and more.