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Transamerica Review

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. Get Quotes

Fletcher Wilson

Fletcher Wilson

Life Insurance Expert

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Updated: March 19, 2014

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

Financial Strength

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  • 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.

Policy Features

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Policy Riders

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Coverage Options

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Customer Support

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Contract Provisions

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Online Tools and Materials

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Payment Options

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