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Transamerica is a financial services company offering a wide variety of life insurance products. It has options for common life insurance like term and whole life insurance policies. A notable feature of Transamerica is the high coverage options, up to more than $10 million depending on the policyholder’s family needs. With coverage amounts starting at $25,000, the company serves diverse customers with a variety of life insurance coverage needs, from low to high.
Transamerica also offers index universal life insurance, a policy with unique investment features. The policy can earn interest when a market index value increases and will never be credited less than the market value interest rate. This unique plan enables policyholders to increase their benefits as markets grow. The cash value can be credited to a single index account or can be spread among several index accounts. One thing to watch for with Transamerica is its customer satisfaction ratings, which are lower than average.
Transamerica Life Insurance Overview: Financial Strength, Availability, and History
Transamerica was founded in 1904, when it introduced financial services and products. According to Transamerica, the company serves 13 million customers in the U.S.YouGov ranks it as the 29th most popular and 26th most famous insurance brand and also reports the company boasts similar positive opinion scores and popularity rankings among Millennials, Generation X, and Baby Boomers. Transamerica is not an accredited business with the Better Business Bureau (BBB). Its headquarters currently has an A- rating by the BBB, with a 1.5 out of 5 rating for customer reviews and 362 complaints in the last three years (as of May 2020).
- In business since: 1904
- S&P Global financial strength rating: AA-
- Moody’s financial strength rating: N/A
- A.M. Best financial strength rating: A
- States served: 50 plus Washington, D.C.
Transamerica Life best for high coverage amounts of $10 million+
- Coverage amounts for a wide variety of needs
- Index universal life insurance policies
- Long-standing reputation and financial backing
- Lower-than-average customer service ratings
- Higher-than-average amount of customer complaints
- No child life insurance policies
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Life Insurance Study Score||NAIC Customer Complaints|
|Transamerica Life||A||2/5||More complaints than average|
|Northwestern Mutual||A++||5/5||Fewer complaints than average|
|State Farm||A++||5/5||Fewer complaints than average|
|Nationwide||A+||4/5||Fewer complaints than average|
|New York Life||A++||4/5||Fewer complaints than average|
|Mutual of Omaha||A+||4/5||Fewer complaints than average|
|Principal||A+||4/5||Fewer complaints than average|
All information accurate as of 06/08/2020.
The Bottom Line
Transamerica offers various types of insurance coverage for all levels of financial needs, ranging from short-term life insurance policies with small coverage amounts to long-term universal and whole life insurance policies that accumulate cash value.
Transamerica Life Insurance FAQ
As far as products, Transamerica provides whatever coverage you’re after, excluding child life insurance policies. The coverage amounts Transamerica offers are more flexible compared to many other insurers. Transamerica is a financially stable company with a long-standing history, ranking high in financial strength ratings and guaranteeing to pay out death benefits as long as policy conditions are met. However, because Transamerica ranks near the bottom of customer satisfaction studies, if customer service is important to you, you may want to explore other options.
Transamerica offers whole life insurance, term life insurance, universal life insurance, index universal life insurance, and final expense life insurance policies.
Average life insurance cost per month depends on a variety of factors, including age, health, and the type of policy you’re applying for. For a 30-year $25,000 term life insurance policy for a 35-year-old female, the estimated quote is $11.16 per month as of May 2020, with no medical exam required.
No, Transamerica doesn’t pay out dividends to policyholders.
It depends. According to Transamerica, you may be able to get a whole life insurance policy or term life insurance policy without a medical exam, depending on your age and the amount of coverage you want. Typically, a medical exam is required to obtain a universal life insurance policy from Transamerica.