About Transamerica Life Insurance
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Transamerica sells term and permanent life insurance, including whole and universal policies. Coverage for its term life insurance is up to $10 million, and permanent life insurance coverage is up to $2 million. Transamerica accepts applications from anyone between 18 and 80, with term coverage extending up to 90 years old. Consumers can add multiple riders to their policies, including accidental death or disability coverage.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
Pros
- Many riders
- High coverage limits
- Multiple policy options
Cons
- Required medical exams
Bottom Line
Transamerica offers term, whole and universal life insurance with coverage up to $10 million. Riders complete the coverage. Customers get quotes online but may be required to complete a medical exam.
Top Transamerica Life Insurance Reviews
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Tamika of Redlands, CA
My mom passed Sept 19. I submitted a death claim Oct 24. Both customer service and claims were very helpful and... my experience was amazing. They really came through at my roughe...
Read full reviewI have 7 different accounts with Transamerica... My wife and I started our first account 11 years ago and have been impressed by their customer service... I had 250k term coverage...
Read full reviewAbout Transamerica life insurance
Life insurance policies from Transamerica have coverage up to $2 million for whole life and up to $10 million for term life insurance. Transamerica term life insurance is available to anyone between 18 and 80 years old. In addition to term and whole life insurance, Transamerica offers universal life and final expense insurance. The company also has many rider options that consumers use to customize policies according to their needs. Customers can figure out the amount of coverage they need and get a quote on the company’s website.
Transamerica life insurance application
Transamerica doesn’t offer an online life insurance application through its website. To apply for life insurance, you must either call a Transamerica agent or meet with one in person if there’s an office in your city.
Before speaking with an agent, use Transamerica’s Insurance Plan Explorer to help you find a plan by answering a few questions about your family, finances, health and budget. The questionnaire takes about three minutes. You can also use the Transamerica life insurance calculator to estimate how much coverage you need and get a life insurance quote. To be eligible for Transamerica life insurance, you may need a medical exam.
Transamerica life insurance policies and coverage
Transamerica offers whole life, term life, universal life, index universal, group universal and final expense life insurance. The coverage limit for Transamerica's whole life insurance is $2 million. Transamerica term life insurance has a $10 million coverage limit.
Term life insurance policies from Transamerica last for 10, 15, 20, 25 or 30 years. Anyone under 58 is eligible for any of these term lengths. Those older than 58 have more limited term lengths. Transamerica term life insurance is available to consumers up to 80 years old, but 80-year-old customers have a maximum term of just 10 years and pay high premiums.
Transamerica offers optional coverage on its life insurance policies:
- Disability waiver of premium rider: If a policyholder becomes seriously ill or disabled, they do not have to pay their premium for the duration of the total disability. This rider is only available when you buy a policy.
- Income protection option: This option provides a guaranteed monthly income to the policyholder’s beneficiaries.
- Children’s benefit rider: This rider provides insurance for the policyholder’s children until they turn 18.
- Accidental death benefit rider: If a policyholder dies because of an injury or an accident, this rider pays an additional death benefit.
Transamerica life insurance rates
The monthly cost for Transamerica term life insurance typically falls between $31 and $177. Whole life insurance typically ranges between $180 and $2,000 monthly. Transamerica life insurance quotes vary greatly because many factors go into determining the cost of your policy, including:
- Your age
- Where you live
- Your gender
- Your health
- The amount of coverage
- Term length
People with a poor health history, who are older or who smoke tend to pay the most for life insurance.
Transamerica FAQ
- Can I borrow money from my Transamerica life insurance?
- It depends on the policy you have:
- If you have whole life insurance and your cash value is available, then yes. However, your cash value isn’t always on hand, and Transamerica charges you interest if you do borrow from your insurance policy.
- If you have a term life insurance policy, you cannot borrow money from it.
- Do I need to complete a medical exam with Transamerica life insurance?
- Yes, most policies require you to complete a medical exam. You may be exempt if you’re under a certain age and coverage amount, depending on your health.
- What is Transamerica’s final expense life insurance plan?
- Final expense life insurance from Transamerica helps people cover the costs associated with saying goodbye to a loved one, such as the funeral service, casket and headstone, embalming and cremation.
- What is the maximum coverage for Transamerica term life insurance?
- The maximum coverage for Transamerica term life insurance is $10 million.
Is Transamerica a good company?
Transamerica offers a wide selection of life insurance policies with many riders, so it’s easy to find a policy that fits your needs. Transamerica also provides term life insurance with more than $5 million in coverage. However, our site reviews are critical of Transamerica’s customer service, so if you are looking for life insurance, make sure to gather quotes from other companies as well.
Transamerica Life Insurance Reviews
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I have a an IUL with Transamerica and I am happy with the service I had. My agent was great and went above and beyond to help me. I also contacted customer service for Transamerica and the representative was very knowledgeable about the product. I am satisfied with the services I received. Daniel of Washington, DC
Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. Only hope is that we won't ever be required to make a claim, but glad to know that it's there in case of death.
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They have always been attentive, responsive, helpful and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.
I have five policies with Transamerica which include two 30-year term life insurances and three Indexed Universal life policies. Life insurance with living benefits is a great product you can find with Transamerica. I had other companies offering me term policies with no living benefits and that is why I chose Transamerica. Indexed universal life is also a very good long term investment. Both life insurance with living benefits and IULs are great products that I recommend for every one to have. As far as services are concerned, Transamerica have a call back option where people do not have to wait on the phone. I used the call back option all the time. My agent and Transamerica have provided me with excellent services and have been responsive to my requests. ~John
My mom passed away in March of 2021. We called to file the claim. They said they were going to mail the forms that we needed to fill out. The forms never arrived and we had to call them back and if the guy hadn't of emailed me the forms I still wouldn't have them. But they said that they were gonna mail them during that call as well. So I printed the forms out and filled them out and sent them in. Now we are 4 months into this and we are still getting nothing but excuses and the run around. Now we have gone from not being able to read the death certificate to wanting medical records from 2 yrs ago til now. I think we have gone through enough already and this should have been taken care of months ago.
So I went online to withdraw my 401k retirement money from my account. Filled out the data and submitted my return. Waited more than the given time to see the return. No phone call to me about any issues found. Called the company. They say the funds were appropriated. Not to my account, I told them. They then found that it had been sent out but the account number was one digit off. Told me to call bank and ask them to transfer the money to my account.
Call bank and they ask for 15 digit transfer number to have it transferred to the right account. Then called Transamerica back again. Not to mention that every phone call is about an average of an hour and a half. Have bank stay on the phone with me to talk to another associate from Transamerica. They speak and bank tells me that they would handle it after speaking to VP and hanging up with Transamerica. Come to find out the transfer number they gave the bank was phony and incorrect.
Lose time with bank and have to call Transamerica back the next day. Day three into trying to get my funds I call Transamerica back to get the transfer number at which point the associate tells me that they will have to just wait for the check to kick back since the number didn’t work. At this point I’m at lost for words about how much of a run around I have been doing. I ask for a supervisor and am told that I will have to wait for 24 hours to get a response.
Next day I go to my bank and ask face to face about issue. Bank finds the funds that were sent to an account that was completely not my account numbers. Like someone had made some numbers up. Of course bank wouldn’t give me individuals information. So bank has funds resent back to Transamerica. I get phone call from supervisor at 2 in the evening. Supervisor tells me there is only three options. Two of which involves me to go to the bank again. Get canceled check or notary about account and email it to them or wait for a physical check to appear in the mail (not the option I had signed for). So basically do what they tell me or I don’t get my money. Basically holding my money from me. They have my info on file when I completed the paperwork. They told me what my account number was over the phone, which is a breach of PII if I were the wrong person.
The whole business is unprofessional taking calls with babies crying in the background and losing signals. People asking around the office to find who’s at fault and when finding fault not helping you do to a policy that no one evidently knows how to bypass. A customer should never be force to do more than what they were in the beginning to get the services that are afforded to them. I am traumatized and humiliated for ever believing in other people to handle my money. I will never trust another establishment with my money due to this situation. I hope this gets to who it needs to get to and I hope that I can finally get my money that I as a customer deserve to receive.
The customer service is absolutely the worst I have ever experienced with an company at any level. This company has policies to prevent policy holders from getting information and will not assign an individual to help you so you have go over everything from start to finish again and again.
I called them last June to change my bank account for payment and have the call log and from my mobile phone company and written notes to prove it. This spring they debited my old account, triggering a $25 overdraft fee. I complained. Transamerica wrote that they have no record of the call. Therefore they can't help me. So they lost the record of the call, and that makes it my problem.
My experience with this company has been an absolute nightmare. The level of incompetence within this company is unacceptable. It took two months for them to retrieve information from my job. A week later I called to check on the progress and I was informed that the representative forgot to submit my request for a disbursement. Almost two weeks later they finally mail the disbursement but to someone else’s address. I immediately requested a stop payment on the check.
I called a few days later to check the status of the request and a representative told me the check was on hold. I immediately informed him the check should not be on hold. It should be canceled, he sassily said, “That’s just a term. The stop payment has been performed.” Two days later Jesse ** calls me to have me agree to a statement, so she can perform a stop payment. I called them the next day to find that the stop payment wasn’t processed on that day. Allowing this company the opportunity to handle funds is a great mistake.
Their website is awful, their communication is worse. I got roped into a life insurance/retirement fund combo by a friend from college and it was the worst decision I've ever made financially. Put over 10 thousands dollars in it and saw my cash value go up maybe 3 grand, and when I went to close it there was a cash surrender charge of over 9 grand. One star is too many for this company honestly.
Transamerica Life Insurance Company Information
- Company Name:
- Transamerica
- Year Founded:
- 1984
- Country:
- United States
- Website:
- www.transamerica.com
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