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Transamerica Life Insurance

Transamerica Life Insurance
Overall Satisfaction Rating 1.82/5
  • 5 stars
    4
  • 4 stars
    0
  • 3 stars
    2
  • 2 stars
    1
  • 1 stars
    26
Based on 33 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?
    • 2,776,179 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: Jan. 9, 2021

    Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. Only hope is that we won't ever be required to make a claim, but glad to know that it's there in case of death.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 25, 2020

    They have always been attentive, responsive, helpful and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.

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      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

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      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.

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

      Try to find information on transactions and they give it to a department and tell you they will get back to you. Terrible customer service. They don’t have enough qualified people to help. Should have researched. Relied on advice from Vanguard on transferring funds. Big mistake.

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      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 15, 2021

      My mother passed away a couple of weeks ago. I am on my 3rd phone call to get assistance with filing a death claim. I have now been on hold for over 9 hours combined with all calls, and have yet to speak to a representative. According to their policy, it is up to the consumer to notify them in "a timely manner", yet there is no one to answer the calls. I am aware that you can go to the website and download forms, but when there are multiple policies involved, questions need to be asked and answered.

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

      Vanguard turnover the annuities accounts to this terrible. On hold for close to 2 hrs for customer service. Never got thru. They could care less about customer. I will be reporting them to Vanguard who entrusted my account to them .. Stay away from garbage comp. Better places to put your money. .

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      Rated with 3 stars
      Verified Reviewer
      Original review: Dec. 27, 2020

      This company holds nothing special in my mind. They do not stand out as remarkable but they haven’t done anything that I totally disapprove of or that disgust me. I have not filed a claim against a policy so cannot have an opinion in that area. I have received a loan against the policy. My request for a loan was expedited in professional manner. My premiums have remained unchanged as promised.

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      Rated with 3 stars
      Verified Reviewer
      Original review: Dec. 26, 2020

      The cost and flexibility with signing-up with Transamerica was easy and seemed like the right decision. However, when using the service for one of my parents, things got quite a bit sticky. It was difficult to get them to cover the costs allotted, it was not paid in a timely manner, and friendliness of their folks diminished over the span of making and paying-out the claim.

      2 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 17, 2020

      These are the worst people to deal with. You can never get through to their customer service. If I could give them a negative five stars I would. Stay away from them and spare yourself a lot of grief.

      9 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