THE GOOD

Wide array of coverage options:

Unsurpassed in the life insurance industry, Transamerica's varied selection of coverage options provide you maximum flexibility and an excellent opportunity to tailor your policy to your long-term needs and goals. The company offers a full selection of policy types, including term life, whole life, and universal life policies, all with flexible cash surrender and conversion options. A return of premium option is available for term life policies, which refunds your premium payments if you outlive your policy term. Among other useful coverage options, the mortgage life option helps to protect your family by paying off your outstanding mortgage balance in the event of your death. Transamerica also offers low minimum coverage amounts beginning at $25,000, which is an important detail if affordability is a key consideration in your policy plans.

Complete selection of policy riders:

By combining their flexible coverage options with a diverse assortment of policy riders, Transamerica has created one of the most comprehensive product lines in the industry. The company's disability income and long-term care riders provide coverage if you get injured on the job or contract a serious illness. An estate protection rider helps to protect your loved ones from tax obligations arising from the payment of your policy's death benefit. Policy riders are also available to provide for your funeral expenses and to provide extra benefits in the event of your accidental death.

Excellent customer service features:

It's evident that Transamerica is focused on harnessing the latest technological tools to provide great customer service. While standard telephone support is available around the clock, you can also get your questions answered by email, through a live online chat, or Facebook, Twitter, and Google+. The live chat feature is especially valuable, as it gives you instant access to a representative who answers your questions as you browse the company's website. In view of Transamerica's excellent support options and varied online tools, it's easy to see the company's commitment to reaching the next generation of insurance buyers who favor a variety of communication options and powerful online tools. Whether or not you fall into this category, Transamerica is unlikely to disappoint when it comes to customer support.

Comprehensive online tools and learning materials:

Offering excellent beginner's guides, powerful interactive planning tools, and immediate online price quotes, Transamerica maintains one of the life insurance industry's best selection of online educational resources. Visit the Transamerica website to access Life Insurance 101, a thorough beginner's guide that explains the ins and outs of life insurance and provides great perspective on the differences between the major coverage options. Check the life insurance glossary and the dedicated FAQ pages for additional help with some of the finer policy details. For assistance in identifying your individual insurance needs, the interactive Personal Plan Builder is simple and fast. Finally, resource links and testimonials provide access to more information you can use to make a confident policy decision.

THE BAD

Mobile app lacks policy management capabilities:

Though the Transamerica mobile app is better than most other apps in the industry, it does not offer any account management functions beyond basic bill payment. To make policy changes or to edit your account information, you must either call in to customer service or log in to your account using your computer. This lack of full mobile functionality is somewhat surprising when compared to the company's well-rounded and versatile online tools. That said, the app does enable you to view your account details and get a rate quote, functions that many users appreciate.

Contract provisions may limit flexibility:

Virtually all life insurance policies include contract provisions that define various restrictions, such as policyholder age limits, minimum coverage amounts, and interest payment terms for loans taken against the policy. On most counts, the provisions for Transamerica's policies are similar to those of other major life insurance companies. However, Transamerica has a policy selector tool that doesn't even permit amounts above $1 million.

THE DETAILS

Details
A.M. Best FSR Rating A+
A.M. Best ICR Rating aa-
Moody's Rating A1
Policy Offerings Term, Whole, Universal
Standard & Poor's Rating AA-

FEATURES

Title
  • A.M. Best "Excellent" or Better The insurance company has an A.M. Best rating of "A-" or better.

  • ICR Rating "Stable" The insurance company has an A.M. Best Credit Rating of "Stable" or better.

  • S&P Rated "Very Strong" The insurance company has an S&P rating of "AA-" or better.

  • Moody's "Very Strong" The insurance company has a Moody's rating of "Aa3" or better.

  • Cash Value Access The policy owner can access or borrow against the value of policy accounts.

  • Dynamic Premium Amount You decide the amount and date of premium payments, subject to basic minimums.

  • Expiration or Lapse Guarantee The policy does not expire if premiums paid are insufficient.

  • Guaranteed Level Premiums Premiums do not increase over time but remain constant for the entire life of the policy.

  • Interest Rate Guarantee You receive a guaranteed minimum level of interest in the contract.

  • Level Death Benefit A policy where the death benefit remains level is available.

  • Limited Premium Payments Whole life insurance premium payments can be limited to a fixed number of years.

  • No Exam Term Conversion The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.

  • Paid-Up Additions You can purchase additional insurance with paid-out policy dividends.

  • Partial Surrenders You can withdraw funds up to a certain percentage of the policy value.

  • Tax-Deferred Growth The cash value of the policy grows tax-deferred.

  • Term Renewal Guarantee You are guaranteed a renewal option annually after term expiration.

  • Variable Death Benefit A policy where the death benefit increases or decreases with your policy account value is available.

  • Waiver of Monthly Deductions Future monthly deductions are waived in the event of disability.

  • Dividends The policy owner can receive periodic dividends based on account performance.

  • Graded Premium Option The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.

  • Accelerated Benefit for Terminal Illness A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.

  • Accidental Death Benefit A rider that pays an additional death benefit in the event of the accidental death of the insured is available.

  • Additional Insured Rider A rider that extends coverage to an additional person/spouse is available.

  • Child Rider An added rider that covers the death of your child is available.

  • Disability Income Rider An added rider that provides income in the event of a bodily injury that prevents you from working is offered.

  • Estate Protection Rider A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.

  • Final Expenses Policy A rider or a policy that covers funeral expenses is available.

  • Long-Term Care Rider A rider is available that covers the cost of long-term care if needed during the policy term.

  • Whole Life Guaranteed Insurability Rider An option to guarantee future insurability at standard rates without further proof of insurability is available.

  • All Policy Types Term, whole, and universal coverage options are available.

  • Cash Surrender Option Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.

  • Flexible Coverage Options Low initial coverage options below $100,000 are available.

  • Mortgage Life Option A policy in which the death benefit stays level for a fixed number of years but then decreases over the remainder of the term is available.

  • Return of Premium Option An option is available where the premiums paid over the life of the policy are returned at the end of the term less any deductions or loans taken.

  • Survivorship/Joint Coverage Option The policy covers two people and is paid when the first or the last of the two people covered in the policy dies.

  • Term Conversion Option Conversion to a cash value or permanent policy is offered by the life insurance company.

  • Whole Life Vanishing Premium Option A whole life policy whose dividends can be used to reduce future premium payments is available.

  • Email/Ticket An email or ticket system dedicated to support is available.

  • Live Chat You can get support through live chat.

  • Phone You can get support by phone.

  • Social Media You can contact the insurance provider with questions through social media websites.

  • Assignment Clause The insurance policy is freely assignable to anyone.

  • Automatic Premium Loan Provision The insurance provider can automatically pay an outstanding premium with a policy loan, preventing a lapse of coverage.

  • Grace Period The insured has a grace period after missing a premium payment before the policy is cancelled.

  • Incontestable Clause After an initial period, the provider can no longer contest or revoke the policy.

  • No Medical Exam Required A medical exam is not required in order to qualify for a policy.

  • Policy Discount A discount is offered if you hold additional insurance with the life insurance company.

  • Waiver of Premium An option that waives the premium payment if the policyholder becomes disabled or otherwise unable to pay is available.

  • Interest-Free Cash Value Loan You can borrow against the cash value of the policy without paying interest.

  • No Maximum Age No maximum age for policy coverage is imposed.

  • No Maximum Coverage Level The provider does not impose a maximum coverage level.

  • No Minimum Age The provider does not impose a minimum age for policy coverage.

  • No Minimum Coverage Level The provider does not impose a minimum coverage level to start a policy.

  • No Minimum Premium The provider does not impose a minimum premium amount in the early stages of a policy.

  • Claim Status and Management Death claims can be managed online.

  • FAQs You have access to a collection of relevant frequently asked questions and answers.

  • Glossary You have access to an online resource that explains commonly used insurance terminology.

  • Learning Resources You have access to online resources that explain the various types of life insurance.

  • Level of Coverage Calculator An online tool to determine the level of insurance coverage that you need is available.

  • Online Agent Contact You can forward the details of your online rate quote directly to an agent for review.

  • Online Quotes You can obtain a term insurance quote online.

  • Policy Selection Guidance A tool or guide to help you select the best type of coverage is offered.

  • Online Purchase You can purchase a new policy over the Internet.

  • Automatic Payments Premium payments can be automatically scheduled.

  • Bank Account Payment You can pay your premiums with a linked bank account.

  • Credit Card Payment You can pay your premiums with a credit card.

  • Online Premium Payment You can pay your premiums online.

  • Single Premium Payment An option to pay a single life premium payment up front for whole or universal life insurance is available.

  • Phone Payments You can pay your premiums over the phone.

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