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Transamerica Life Insurance

Transamerica Life Insurance
Overall Satisfaction Rating 1.15/5
  • 5 stars
    1
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    1
  • 1 stars
    44
Based on 46 ratings submitted in the last year

This company is not yet accredited. See reviews below to learn more or submit your own review.

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.

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.

PROS

  • Many riders
  • High coverage limits
  • Multiple policy options

CONS

  • Required medical exams

Top Transamerica Life Insurance Reviews We Found

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Rated with 5 stars
profile pic of the author
Verified Reviewer Verified Buyer

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 roughest time of my life and I recommend them to everyone...I truly thank them from the bottom of my heart.

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Rated with 5 stars
Verified Reviewer

I 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 with a different company and was able to double my coverage with the same premium...One of the best companies out there.

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    About 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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    How do I know I can trust these reviews about Transamerica Life Insurance?
    How do I know I can trust these reviews about Transamerica?
    • 2,347,099 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: June 25, 2020

    I had a 20-year life insurance policy with Transamerica that ended in December 2019. At the end of the contract, they continued to take funds out of my checking account at a grossly inflated rate (from $117/mo to $1,663/mo!). They said they sent me a letter to an old address letting me know they were going to do this unless they heard from me. Once I figured it out, I cancelled the process and asked for reimbursement of the money they took without authorization. They reimbursed less than 25% of $8,300. They claimed they were within their rights to access my checking account, even after the contract had ended, and maybe that is legally correct (they certainly can afford attorneys) but they didn't 'do the right thing' and take care of a long-standing customer. I would NOT RECOMMEND a multi-billion dollar company that values $6,000 more than doing right by their customer.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 10, 2020

    My mother died about 8 years ago and she had several policies with Transamerica and other companies. This is the only company that would not pay out the money that she paid religiously in an event of her demise. Whatever paperwork I produced it wasn't enough. I am her only heir, only son! It was hard losing my mother and this trash company made it worse. I am going to make it my mission to expose these corporate crooks until either I am paid what's owed or a class action suit. A person would have to be brain dead or ignorant to do business with this shady company.

    14 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: May 23, 2020

      My mother passed away in March 2020 at 86 yrs old. My dad (also 86 yrs old) was her beneficiary of her small whole life policy that she had been paying all of her life, AND after all this time and several people in my immediate family trying to get his benefits released, all that we have gotten was a huge run-around. So Very Sad. I wouldn't recommend them to my worst enemy!! (If I had one.) Do yourself a favor and use a company that has good reviews and reputable. :(

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 29, 2020

      Poor customer service. Getting the run around on surrendering my mother's life policy. Going on month 3 now. Very disappointed. They lose documents that have been sent by fax with a confirmation of receipt. I have been given varying instructions from different personnel, they make up processes and procedures as they go, depending on how they feel that day. Give them all they ask for and they will find another reason to put you through the run-around.

      I had submitted a request for a cash surrender of the life policy, as instructed, to the fax number given by that representative, no response. Had to call again, this time speaking to different individual, had to re-fax the 28 pages of information again. No response. Called again to inquire on the status, no good explanation, first it was a date on fax, then, with that argued and accepted, a supervisor said the term "cash surrender" was incorrect, it must be "surrender" without the word "cash", which is what a prior representative said to write in the request for surrender. Give me break!! I validated their records as to correct e-mail, phone and physical address, yet still waiting for a response...no communication!! Worst company ever, no customer service to take care of the client. BEWARE!!!

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 23, 2020

      I have the worst short term disability insurance. Terrible customer service, no supervisor available, never available. Losing my personal info like social security number on the forms. Very frustrated.

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 30, 2020

      Poor customer service. Getting the run around on surrendering my policy. On month 2 now. Very disapointed. They have nothing to say but they are working diligently. I don't think so. Hope someone helps me fight this. I can't believe that an email has to be rerouted. It's a click of a button.

      20 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 17, 2020

      I have made complete on time payments for over 13 years, Jan 2020 I faxed in surrender papers, to surrender my policy. Policy was canceled on Jan 23. Now it's March 17 2020. After several calls with excuses every time, to days was a confirmation letter was mailed last Friday 13 and the check still not mailed. Told it would be mailed within 5 business days. This tells me I stopped making money on 1/23. And they are making money From then to the day the check get to me and cashed. This should be my Money. Unethical. Unfair, will never use again.

      20 people found this review helpful
      Rated with 2 stars
      profile pic of the author
      Verified Reviewer
      Original review: March 16, 2020

      This company does not send any representative out to you. It's all on the phone after you fill out lengthy stuff online. Then you will have a person to take blood and hand you a large stack of paperwork. The nurse can not explain anything to you {it's not her job). It is up to you to figure it all out.. Now I used to sell life insurance years ago and even with that I was confused. But I managed> now imagine for anyone who has not seen the paperwork before?

      I called customer service when I received a robocall to check on my status. They didn't have a clue about the call number one. Secondly when I asked why a customer had to fill out the forms with no help at all and that it was confusing. Rude as rude can be! I asked if they did a survey with the customers after all is said and done, the rude person told me NO. Well, of course they wouldn't~ I am still waiting to see if I could be approved, snail mail stuff. I would not recommend this company unless you are ok with next to no help whatsoever, and bad attitudes. The Lady that took the blood did an excellent job. And the original call after you fill out everything online and they call you for a few questions were well managed. That's why I gave 2 stars.

      12 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 10, 2020

      Nothing about this claims process has gone well. Call-in hold times of 5 to 10 minutes. Sent forms in but then told I needed to send the same forms. Received a letter telling me to fill out sheets 3 thru 9 but the letter only had 3 pieces of paper enclosed! The instructions sheet was illegible because the water mark blanked out the text! I kid you not! The eventual claimant package that I received in the mail was so complicated that I had to call an attorney to get help filling it out. I would never use Transamerica for anything and would never recommend them to anyone! Stay away!

      11 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 9, 2020

      I can tell you how Transamerica about to make a 95 year old lady homeless. This fine lady's Medicare benefits are about to run out and she needs to be switched to Medicaid. She has to do what is called a "Spend-down" of what little assets she has to qualify. Her family and I have been back and forth with Transamerica for at least 10 days trying to get this accomplished. When you call them ask for HEATHER... Seems to be the kindest most compassionate person working there and in the entire corporate insurance world for that matter. (Heather, They don't pay you enough and the need 10 more people just like you).

      The people who initially take your phone call will not transfer you to the right department if they let you through at all. We have faxed reams of papers back and forth to no avail. This company stinks from the bottom to the top. Never buy anything from Transamerica. I could go on and on about multiple faxes which are repetitive. Then we call to make sure they have gotten everything and the person who initially answers the phone will not transfer you to the correct department. STAY AWAY FROM TRANSAMERICA!!!! March 9, 2020

      15 people found this review helpful
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      Transamerica Life Insurance Company Information

      Company Name:
      Transamerica
      Year Founded:
      1984
      Country:
      United States
      Website:
      www.transamerica.com