Transamerica Life Insurance
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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.
Pros & Cons
- Many riders
- High coverage limits
- Multiple policy options
- Required medical exams
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
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 review
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...Read full review
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.
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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We have been with Transamerica Life for decades. Now, the customer comes Last! Outsourced! Incompetent, don't do what they say they will do, do not comprehend our culture because they are nor from here, and I struggle to understand their English. What a terrible feeling to experience this with such an important matter! We are surrendering our policy with Transamerica immediately and getting out of dodge! While we can! Our nation's corporations have sold us down the river for the love of money. They are treasonists! We advise all people to be your own bank. Best wishes to fellow patriots!
been trying to get my inheritance for over two years now with company. Sent them everything they have ask for many times. Still won't give me my money. Worst company to try do business with. Don't waste your money with them.
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I recently had to handle the affairs of my deceased mother. One of her accounts was a deferred annuity with Transamerica and she had told me that I was one of the beneficiaries on each of her accounts. Each time I called Transamerica I spent many hours waiting for a connection to someone who could help me. Finally I was advised to send in death certificate via Fax. Who does that anymore? After three weeks passed I called to find out the next steps. Again, I waited for about 10 mins to speak to someone. The woman who finally answered said that she could not help me because I was not a beneficiary. She was very rude to me and would not help me in any way. She initially asked me for so much information that it would be impossible to falsify who I was.
I simply wanted to be able to let the person who was the beneficiary know so that they could make a claim. I asked if it was specific people in the family. She wouldn't budge. Maybe she was just doing her job but the way she approached it was rude. So, I informed the other possible beneficiaries in the family to make a phone call and they were met with the same rudeness. Finally, one of my siblings was able to determine that he was the beneficiary and then the same woman lectured him on checking his mail. There was no empathy whatsoever. Never mind the fact that he had been out of town for his mother's service.
I am not angry because I was not a beneficiary but rather that we were met with such rudeness from the beneficiary employee on the phone. These people should be the most compassionate people in the company. I cannot recommend Transamerica for this reason. One person can destroy the reputation of a company. The only consolation is that the calls on May 2, 2023 were on a recorded line. Hopefully someone who cares will listen and provide this saucy employee with some constructive criticism.
Transamerica is supposed to be providing customer service for an annuity I had at Vanguard. I have had nothing but problems with inaccurate tax information and forms with errors. No two representatives giving me the same answers to my issues. It would almost be funny but these are such important issues. I have absolutely no trust in this company. My tax adviser tells me he has had several clients who have had similar experiences. If I can figure a way to get away from this company I will.
My Dad passed 10/2022. Transamerica sent notice to my Mom (beneficiary) 1/20/23 needing beneficiary information. I contacted CSR on 1/24/23. Spoke with Alice. She took my Mom's information down and was told my Mom would be expecting some paperwork. Transamerica mailed out on 2/17/23 the exact same notice of 1/20/23. I phone CSR on 2/21/23 and spoke with Paul. As we were speaking our call was "disconnected". On 2/22/23 my brother called CSR and spoke with Takya and my Mom gave her permission for CSR to speak to my brother. He was told my Mom would receive "packet" in mail in 7-10 business days. Three weeks later (3/14/23) I call CSR and speak to Patricia and go over the same information as the other three phone calls. She put me on hold to speak with a "supervisor". She gets back on the phone to say that when Tayka spoke to my brother on 2/22/23, it was marked that my Mom was no longer living???
I actually started giggling to CSR and said "this is a joke, right?" She said that the information was corrected on 3/10/23 that my Mom was living. I asked her how/what made them even look into it as we have not received anything. She couldn't really answer that question. I asked her if this is where we are to wait again 7-10 days for something in the mail. She replied, I believe so and I don't know how long it will take for you to receive anything. I told her to put on the account that the next phone call on 4/10/23 will be the Indiana Attorney General's Office, Indiana Department of Insurance and our attorney. This is beyond deceitful and neglectful. I also informed Patricia that the reviews I've read on Transamerica are spot on.
I paid my yearly life insurance premium on November 1, 2022, of $397. The company sent me another notice shortly later asking for another payment of $397. After numerous phone calls to the company and my bank, my case was put on investigation to find the initial transaction. In order to avoid losing my life insurance, I made a second payment of $397 on December 5, 2022. Several phone calls and emails later, showing multiple evidence and proof of payment from my bank, I received letters from the company asking for further evidence that I made the initial payment. Further letters have now been mailed directly from my bank with further proof of payment. The company continues to stall the return of my overpayment of $397.
A life insurance policy came to term. Without calling, writing, or emailing, Transamerica decided to extend the policy and charged $5,719 and then $5,000 for a month's extension. I found out right away from my bank because I have alerts set up. I immediately filed a claim and issued a stop payment. Thankfully, I was in time and they never received this outrageous payment. I never authorized this sum of money for withdrawal. Additionally, I continued to receive conflicting information from this company as I also immediately surrendered the policy. Had I known about all of the complaints, I never would have done business with them in the first place. Save yourself anguish. Carefully vet the company you are going to work with. If I wasn't fast enough, I would probably still be trying to get the unauthorized payments returned. Stay away.
My mother is currently in the spend down process for nursing home care through Medicaid. I've talked to 6 different people. Been told 6 different things. Jumped through all their hoops. No response. Now I have to cancel the policy as POA and she loses all her money that she paid. I will also not have the money for her final expenses. It's that or she is evicted from the nursing home in two weeks. Just shameful. Transamerica are crooks.
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.
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!
Transamerica Life Insurance Company Information
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