Follow us:
  1. Home
  2. Finance
  3. Life Insurance

Transamerica Life Insurance

Transamerica Life Insurance
Compare Offers 
Overall Satisfaction Rating 1.28/5
  • 5 stars
    2
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    1
  • 1 stars
    42
Based on 45 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

Why Trust ConsumerAffairs
How do I know I can trust these reviews about Transamerica?
  • 2,433,504 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.

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.

Read full review
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.

Read full review
Transamerica Life Insurance Compare Offers 

Get trending consumer news and recalls

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Unsubscribe at any time.
    Are you this business?

    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

    Sort: Recent
    Filter by: Any

    A link has directed you to this review. Its location on this page may change next time you visit.

    How do I know I can trust these reviews about Transamerica Life Insurance?
    How do I know I can trust these reviews about Transamerica?
    • 2,433,504 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
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 15, 2020

    This is definitely the worst experience I have ever had in my life. TransAmerica should be ashamed of themselves the way that they treat a client. In short & getting right to the point. I have paid my monthly (AUTO DEDUCTIONS) for many many years, never missed a beat. I asked to surrender the policy since I was never able to access my account online or any other way. I have called them over a dozen times and stayed on hold at times more than an hour with no one answering the phone at all. An average call usually is 45 minutes and above and still no answer.

    How can a company operate in this fashion? Lies after lies, two + months have passed since I asked for the surrender of the policy & no communication at all. They even went to the extent to tell me that my signature on file did not match theirs. I have proof even on their own form that the signature has not changed since 2006. They asked for my signature to be notarized, so I did that & sent all requested by registered Certified mail to no avail. Enough is enough, I have contacted my attorney who will handle the rest and ask for damages. Worst Company to deal with and worst customer service ever. DO NOT DO BUSINESS WITH TRANSAMERICA, THEY WILL ROB YOU BLIND.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Sept. 4, 2020

    I’m satisfied at this point, my agents is okay however I would appreciate her mores if she’d reached out to me from time to time just to say hello order checking in to make sure you’re good. Make me feel secure or just new offers or better upgrade packets just saying. As a consumer this is an important part of our time.

    Be the first one to find this review helpful

    Not sure how to choose?

    Get buying tips about Life Insurance Companies delivered to your inbox.

      Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

      Unsubscribe at any time.
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Sept. 4, 2020

      Several months ago I filled a claim with TransAmerica for my 70 year old mother who had passed after an accidental fall off of her porch at home. My mother has been insured with TransAmerica for over a decade. At the time of taking out the policy she thought that her family would be covered in the event of an accidental death on her part. Since her untimely death, I have been going back and forward with TransAmerica Insurance company for several months trying to get them to pay out the benefits which were due to the beneficiary under terms of the claim when an accidental death takes place. Unfortunately I have run into nothing but roadblock on every side from the insurance company. I have had to mail, fax and email the same documents back to the company multiple times, I was told that the company never received them.

      When the company finally acknowledge receipt of the death claim, I received a letter instructing me that because my mom had a preexisting health issue, as do most Americans, that the company would NOT pay the benefits due to its beneficiaries even though she had an accidental fall off her porch and passed away. Ten years of of my mother's small retirement check money taken from her. From my perspective this seems very unethical, immoral and illegal. I will be following up in the days to come with the National Association of Insurance Commissioners to try and get them to do what is Right and Ethical. It is sad that people have to go through such a nightmare on top of dealing with the loss of my 70 year old mother.

      If you are considering purchasing accidental death insurance with TransAmerica I would strongly recommend going with another company. Listen to and trust the reviews of other that are posted on this site. Do not trust this company. What saddens me the most is that my mother struggled to pay TransAmerica accidental death premiums out of her small retirement check for over a decade believing that here family would be taken care of in the event of her untimely death

      6 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Sept. 1, 2020

      I have called every day for the past nine days. Been on hold for hours, only to be told I need another department, and back from into the hold line. Every time either they can't help or I get disconnected. All local phone numbers no longer support Transamerica. I have given up and filed a complaint with State Office of Insurance Commissioner.

      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 20, 2020

      Called for a copy of my sister's insurance policy. They said I could send a request in writing, but they could not guarantee that I would get a copy. They act as if they are hiding something from their policyholders. Don't trust them or use their services. Customer service has no knowledge of anything. I had to threaten them to get a supervisor on the line. Looks like there are a LOT of dissatisfied customers out there.

      6 people found this review helpful
      Rated with 1 star
      profile pic of the author
      Verified Reviewer
      Original review: Aug. 4, 2020

      First off I agreed to a life plan that would be good through death. I was paying 70 a month for 14 years then just the other day they charged my account over 650 dollars. I contacted them and was told I had a term plan that is only good for 20 years? That doesn't even make any sense. THAT IS NOT WHAT I AGREED TO. They in fact lied to me and conned me out of 30,000 dollars because now they jacked up the price so high to keep it that most of us including myself can't afford to stay on it now. They are raising so high on purpose.

      All the money I have been paying was basically stolen and I get nothing in return. No insurance nothing. They have no problem taking your money but now that people are dying they don't want to pay what they owe us so they make it impossible to afford. Now hoping many of us drop the insurance. All the money they make they basically stole. They have no intention of giving back what they owe us. Customer service was rude on top of that and has showed me nothing but complete incompetence and greed!!!! DO NOT GIVE THEM ANOTHER PENNY!!! THEY ARE CRIMINAL!!!!

      9 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 16, 2020

      DO NOT purchase life insurance from this company. We made automatic payments to this company for 11 years without a problem. When we changed banks, somehow the autopayment didn't get changed. NO ONE—not the agent or the company let us know there was a problem!! When we were reconciling our accounts we realized there was a problem and contacted Transamerica...

      The agent we bought it through was no longer listed as our agent. The new agent had never heard of us. And the folks at Transamerica were somewhere completely unhelpful. They had us resubmit paperwork three times. The first time they lost it. The second time because I'd signed in the wrong place. They had us send in the missed payments. Then returned them when they found out that my husband had some health issues. They made my husband reapply and then denied him coverage. AFTER 11 YEARS OF TAKING OUR MONEY! FIND ANOTHER COMPANY!!! These guys are incompetent and not very ethical.

      16 people found this review helpful
      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.

      26 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.

      38 people found this review helpful
      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. :(

      26 people found this review helpful
      Loading more reviews...

      Transamerica Life Insurance Company Information

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