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Transamerica Life Insurance

Transamerica Life Insurance
Overall Satisfaction Rating 1.47/5
  • 5 stars
    3
  • 4 stars
    0
  • 3 stars
    0
  • 2 stars
    1
  • 1 stars
    32
Based on 36 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?
    • 2,545,722 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 5 stars
    Verified Reviewer
    Original review: Nov. 10, 2020

    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

    Be the first one to find 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.

    2 people found this review helpful

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      Rated with 5 stars
      Verified Reviewer
      Original review: Jan. 11, 2020

      I have never had a bad experience with this company. I left a company that I had been with for almost 10 years and had a 401k with. I fell into a hardship and needed funds. Although I wasn't able to get the amount back that I thought I would (due to my company somehow signing me up for the wrong type of retirement plan) Janae helped explain everything to me, letting me down easy and also helped by calculating what I could expect to get if I did the early withdrawal. She spent almost an hour with me answering all my questions. And when working in a call center, that takes patience and can be scary if the call center is hounding for quick calls for their "good stats". I spoke with her supervisor after and expressed my gratitude for Janae's patience and kindness as well as her genuine care for my situation as well as her walking me through the website to get things handled.

      Her supervisor, Kristin, was also amazing. Working as a customer service representative can be so challenging. Most companies I call have reps that are already on the defensive because they have someone monitoring their time but they know that the customer needs that time to get a real resolution. Janae's supervisor Kristin let me know that (luckily) their employees are not judged on the time of a call because TransAmerica customers each have situations that may take time and they honor that and want to help in any way they can. This company rocks! TransAmerica all the way!!!

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 12, 2020

      Avoid at all costs! My father passed in June. We filled out all paperwork in a timely manner. When the application was filled out, it took them 30 days to tell us they needed one more bit of information. This is apparently within their 20 business day turnaround on requests. I sent them what they had asked for and was told it would be another 20 days before they can review the paperwork and then another 20 days before they can cut a check. It will be the end of November before the widow is paid. Two other insurance companies paid within a month. Every inquiry is stretched to their maximum TAT. Get your policies from NY Life or Genworth. They paid promptly.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 4, 2020

      DO NOT DO BUSINESS WITH THIS COMPANY! I have tried now for several days to cancel our policy, which we did not want to begin with. I have been placed on hold for endless wait times with no answer from a live representative. I have never known a company that could provide such lousy customer service and still be in business but I have found one in this company. Save yourself the time and heartache and find another insurance company.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 13, 2020

      If I could give zero stars I would. I was eligible to take my retirement benefits July 1st of 2020. First they needed a document signed and sent in which I promptly did. After at least a dozen or more phone calls for 3 months now nobody knows nothing and I still don't have my money. Everytime I call they say it's processing and call back in a week, well it's going on on 4 months and still nothing. It's looking like I'm going to have to get a lawyer. What a horrible experience with this incompetent company.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Sept. 25, 2020

      Transamerica Premier in the most INCOMPETENT bunch of idiots have have ever dealt with!! Transamerica needs to be put out of business immediately.. There is no Senior Management within this company that has a clue. I surrendered our policies and without any communication from Transamerica I asked my agent to handle this issue immediately. My agent called them and he found out that my wife and I signatures on file did not match theirs. I have proof even on their own form that the signature has not changed since 2010. They asked for my signature to be notarized, so I did that and gave the documents to our agent. It has been two weeks since we issued the surrender documentation and our money has not been transferred to our account as of yet. Transamerica is the Worst Company to deal with and worst customer service ever. DO NOT DO BUSINESS WITH TRANSAMERICA, THEY ARE TOTALLY INCOMPETENT!!

      8 people found this review helpful
      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.

      17 people found this review helpful
      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

      14 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.

      21 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