Although Transamerica life insurance has one of the most flexible product lineups in the life insurance industry, their superb customer support features and comprehensive educational resources shine the brightest of all.
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.
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.
A.M. Best FSR Rating
A.M. Best ICR Rating
Term, Whole, Universal
Standard & Poor's Rating
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.
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