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Last updated on Jun 11, 2020

Transamerica Life Insurance

Life insurance backed by a financial services company with high possible coverage amounts ​

Transamerica

  • High amounts of coverage available
  • Variety of life insurance plans
  • Index universal life insurance products
  • Lower-than-average customer satisfaction scores
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How We Reviewed Transamerica Life Insurance

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12 companies compared

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2 features evaluated

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5 ratings analyzed

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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+

Pros

  • Coverage amounts for a wide variety of needs
  • Index universal life insurance policies
  • Long-standing reputation and financial backing

Cons

  • Lower-than-average customer service ratings
  • Higher-than-average amount of customer complaints
  • No child life insurance policies

The Competition


AM Best Financial Strength RatingJ.D. Power 2019 U.S. Life Insurance Study ScoreNAIC Customer Complaints
Transamerica LifeA2/5More complaints than average
Northwestern MutualA++5/5Fewer complaints than average
State FarmA++5/5Fewer complaints than average
NationwideA+4/5Fewer complaints than average
New York LifeA++4/5Fewer complaints than average
Mutual of OmahaA+4/5Fewer complaints than average
PrincipalA+4/5Fewer 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

About the Authors

Nicki Escudero

Nicki Escudero Contributing Writer

Nicki Escudero is a freelance writer and journalist with more than 18 years of experience in the publishing industry, writing for international publications such as USA Today, Entrepreneur, Marketing Land, American Art Collector magazine and the Arizona Republic. She is passionate about helping readers discover helpful tips that lead to happier, healthier lives. A former Australian expat, Nicki has a passion for world travel and loves to learn about new cultures.