Transamerica Life Insurance

Transamerica Life Insurance

 3.6/5 (217 ratings)
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About Transamerica Life Insurance

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.

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    Overall Satisfaction Rating

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    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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    Rated with 5 stars
    Verified

    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...

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    Rated with 5 stars
    Verified

    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...

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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.

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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?
    • 3,827,741 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 15, 2022

    By far the worst customer service experience I've dealt with of any company. Any other online service allows you to download a copy of your policy. Need a copy? 20 min of automated menus, request from customer representative and hope you are clear enough in your instructions, 3-5 day servicing time (it will be 5 days), no email copy available, must be physically mailed. Another example, sending in a form for approval, don't expect a phone call or email if there is any issues, you'll just receive a rejection letter weeks later. Don't expect customer service to tell you what's going on, they either don't know or won't tell you. Avoid at all costs.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 17, 2022

    Brother passed away March 2022, called to report death. Was told I am the beneficiary & can pay the claim without death certificate if funeral home information provided. After several calls, form submission, etc. now they decide I am not the beneficiary & said they have a beneficiary designation page & policy holder signature page but received on different dates so they wont pay the claim. First, all insurance & financial svcs companies cannot have blank forms on file. This would be caught in an audit & company can be cited, fined, etc. How nobody in several years never had this fixed is beyond belief. It wasn't an issue until they had to pay a measly $25k, not a million dollar policy. They want that money for premiums real quick & will sweet talk you into a policy. Reported them to Texas Dept of Insurance, next stop lawyer, social media, news, etc. Pay the beneficiary listed & quit playing games!

    Be the first one to find this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: April 18, 2022

      I've been with Transamerica for almost 10 years. I always paid a monthly premium for my universal/index life. All of a sudden a few month ago, they auto deduct literally 3 times the amount agreed, then a week later reimburse my account, but not paying the overdraft fee. Then the following month, 2 times the amount, again charging me an overdraft fee. This time, they didn't reimburse any of my money. Now I have been disputing the funds, only requesting my money returned. During the dispute, my bank closed this specific account, rolling the negative amount to my primary account. And guess what? I haven't received a return call or email to settle the dispute. I have submitted a dozen calls and emails. I am now taking a legal approach. A huge and ridiculous inconvenience and hardship on me and my family. Avoid the frustrations and choose a different business.

      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 30, 2022

      A decade ago, I had no problem getting through to a human representative. Now, having tried for the last 4 days to get through, I finally got a callback (which is not always offered!!!). A consumer should not have to wait an hour and a half and 2 hours to reach a person. Their customer service doesn't even earn 1 star in my estimation. All I wanted was the address to mail to to get a request in pertaining to an existing policy I have had for over 20 years. They have many departments with at least a half dozen addresses. If I could change insurance companies with this policy, I would do so in a heartbeat. Avoid this very poorly organized so-called business.

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      Rated with 1 star
      Verified Reviewer
      Original review: March 5, 2022

      I was suggested by a TransAmerica representative to buy an index life policy. This is the worst decision. I was not informed that for the first three years Transamerica takes the monthly payment for paperwork process. Secondly In order to claim all the money invested I needed to reach the age of 100 years old. And the beneficiary will never receive the invested money just the face amount. When I learned this information I wanted to recover at least something of the money invested. Transamerica takes a haft of the amount of money invested. This is the worst feeling I went through. How is that most representatives hide some much information just to get a commission? Never buy an index policy. Especially if you plan to retire before the age of 65 year old. Thinking that I was doing the best decision of my life I motivated most of my family members and closed friends to do the same. Imagine how I felt to share with them this fraud? I think this is an expensive and useless policy. Sadly most of these companies their only purpose is to take your money.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: March 3, 2022

      No stars would be more appropriate. (Before I start, as a comparison, I received a check from another life insurance policy within 2 weeks of the death being reported, so I know that Transamerica treats its customers badly.) My mother died in late October. It took over 4 months to receive a check from Transamerica Life Insurance Company and that was only after I threatened legal action. First of all, when you call the claims department, if you get to speak with a human sooner than 45 minutes, consider yourself very lucky. Then, when I asked what paperwork was needed to process the claim on the first call, they said they just needed a death certificate, which I promptly sent. 2 weeks went by and they kept adding more forms to be sent, which I faxed right away.

      This same "game" on their part went on every 2 weeks for 4 months. Them adding more things for me to send, claiming they did not receive forms or the forms were not "readable" which was blatantly false. I sincerely believe that they thought I would give up on this claim if they made it difficult enough for me. It is bad enough having a loved one die, but having to deal with companies like this only compounds the grief. I don’t know if they are incompetent or fraudulent, but either way, I hope to never have to deal with this company again. My father died in 2016 and neither myself NOR the funeral home could get them to send a check for many months as well. So this is a continuing issue for this company.

      5 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 14, 2022

      Okay, enough is enough. I'm ready to hire an Attorney. Tired of the lies & run around with this company, week after week with no solution to any problems at hand. I was reading and yes they can be sued for not paying out claims, I'M GOING FOR IT!!!

      8 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 21, 2021

      This is the worst insurance company ever, they comes up with all kinds of excuses to keep from paying out, I'm dropping my policy as soon as possible, I'm pregnant, been off for 3 months and they have gave me nothing but a circle of run around over and over again, everyday I'm being told something different by different representatives....don't do business with this company.

      7 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 12, 2021

      This Insurance Company doesn't even deserve 1 star. At a time when a family should be grieving, we are having to deal with the stall tactics of this company. My Aunt was killed in an auto accident when another driver ran a stop sign. She was pronounced dead on the scene. Her final death certificate (with cause of death) was pending at the Medical Examiners Office because of the backlog of Co-Vid cases in FL. 6 months-1 year. When I filed my initial claim, Transamerica told me that since she died in an auto accident that should suffice as to the cause of death.

      They have a standard 25 BUSINESS day response time policy. At the end of this time, I received a letter in the mail stating they needed the Final Death Certificate with the cause of death. I called them again and they told me to submit the police report because it stated she died at the scene. This started the 25 BUSINESS Day clock all over again. I just got off the phone with them again. They are now stating the Claims Adjuster may or may not accept this Police Report. During this 2 1/2 month period, I have spoken to many different people (including a Supervisor) who all give different excuses and/or answers to the questions. She paid on this policy for 29 years and now they are trying every way possible to delay in paying her claim.

      15 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 1, 2021

      I began a claim process for my father at the end of August 2021. He could no longer transfer himself and had to have 24/7 care. He’s in a wonderful facility that gives him that 24/7 care but it’s not on TransAmerica’s approved list. Although we could have been told that at the initiation of our claim they waited until my father was in the facility for almost 3 months before they let us know that the facility would not be approved. Only then did they “kindly” inform us that they could send us a list of approved facilities so that we could move him and restart the claim process. I see it as a Machiavellian delay tactic. I would never personally buy a product from this company.

      10 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