American National vs. Transamerica: Best Life Insurance Company in 2021

When looking at American National vs. Transamerica life insurance rates, you’ll notice that American National is cheaper. The companies offer similar term and whole life policies, but American National has traditional and indexed universal life, and Transamerica only has indexed universal life insurance. Additionally, Transamerica offers final expense insurance. Comparing American National vs. Transamerica will help you find the best fit.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Oct 12, 2021

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Quick Facts

  • American National has lower rates than Transamerica
  • American National and Transamerica offer term life, whole life, and universal life coverage
  • American National and Transamerica have been rated the same by A.M. Best

American National and Transamerica offer term life and permanent life insurance. American National has lower rates, but the companies provide similar policies. Comparing American National vs. Transamerica will help you make the best decision.

Before starting this American National vs. Transamerica comparison, enter your ZIP code to find free life insurance quotes in your area.

American National vs. Transamerica: What are their monthly rates?

Comparing affordable American National vs. Transamerica life insurance rates will help you find the cheapest option.

The following charts show the average monthly American National and Transamerica rates for a 20-year term at $250,000 based on age and gender:

American National vs. Transamerica: 20-Year Term $250,000 Policy Monthly Rates by Age for Males
AgeAmerican National Average Monthly RatesTransamerica Average Monthly Rates
25$13.61$17.37
35$15.12$22.19
45$29.16$45.92
55$66.10$113.86
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The following chart shows the same information for women.

American National vs. Transamerica: 20-Year Term $250,000 Policy Monthly Rates by Age for Females
AgeAmerican National Average Monthly RatesTransamerica Average Monthly Rates
25$12.31$15.14
35$14.04$17.97
45$23.98$37.07
55$52.92$90.39
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As you can see, American National has lower rates than Transamerica. Additionally, rates are lower for women but increase for both genders as customers age.

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American National vs. Transamerica: What policies are available?

The need for life insurance depends on your financial situation and if you support dependents. If you determine that you need coverage, comparing American National vs. Transamerica life insurance company policies will help you find the best option.

American National and Transamerica provide term life, whole life, and indexed universal life insurance to customers. Additionally, American National offers traditional universal life insurance, and Transamerica provides final expense coverage.

American National offers term life insurance in 10, 15, 20, and 30-year terms. The minimum coverage is $50,000, lower than the minimum for most competitors. Customers under 65 can get express term coverage for up to $250,000.

The company also offers three types of permanent life insurance. Whole life insurance features fixed rates, and traditional universal life coverage has flexible rates. Indexed universal life insurance rates depend on popular stock indexes.

Transamerica provides two types of term life insurance in 10, 15, 20, 25, and 30-year terms. The Trendsetter Super Series offers coverage up to $10 million. The Trendsetter LB plan provides coverage up to $2 million.

Both of Transamerica’s term life policies offer simplified issue options. Trendsetter Super allows customers to avoid an exam if coverage is below $100,000, and Trendsetter LB policyholders can avoid an exam if the death benefit is below $250,000.

Transamerica offers three types of permanent life insurance. Whole life and indexed universal life plans are available for up to $2 million. The company’s final expense plan pays for funeral and burial costs and ranges from $25,000 to $50,000.

American National vs. Transamerica: What riders are available?

American National and Transamerica offer options that you can add to an existing policy. These options are known as riders and allow you to customize your policy to meet your specific needs.

The accelerated death benefit rider allows customers to access a portion of their death benefit before death if they suffer from a chronic, critical, or terminal illness. Both companies include this rider free of charge with their permanent policies.

In addition to the accelerated death benefit rider, the companies both offer optional riders that customers can add for an additional fee.

Optional riders provided by American National include:

  • Disability waivers
  • Extending coverage
  • Children’s insurance

Optional riders offered by Transamerica include:

  • Decreasing coverage
  • Additional insured
  • Child rider
  • Estate protection
  • Whole life guaranteed insurability
  • Return of a premium
  • Waiver of a premium

Adding optional riders to your policy will increase your American National or Transamerica life insurance quotes.

American National vs. Transamerica: What are their financial ratings?

Credit rating agencies regularly review the financial strength of life insurance companies. These ratings determine the likelihood that the company will provide a payout when you file a claim.

At the time of this comparison, American National Life Insurance has been rated an A by A.M. Best and S&P. These solid ratings determine that the company is financially capable of providing a payout when you file a claim.

The Transamerica Life Insurance Company has been rated an A by A.M. Best, an A+ by S&P, and an A1 by Moody’s. These ratings are solid, and the ratings provided by S&P and Moody’s are among the best in the industry.

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American National vs. Transamerica: Do they have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) examine life insurance company complaints. The organizations have reviewed complaints made about American National and Transamerica.

The BBB has received 17 complaints about American National over the past three years. According to the NAIC, American National has a complaint index ratio of 1.10, indicating slightly more complaints than a similarly-sized company.

The BBB has received 335 complaints about Transamerica during the last three years. Transamerica’s NAIC complaint index ratio is 1.30, indicating more complaints than similarly-sized competitors.

While Transamerica has more complaints and a higher complaint index ratio, it’s a much larger company than American National. Looking at individual complaints will help you determine if they should be a concern.

American National vs. Transamerica: The Bottom Line

Whether you should buy American National or Transamerica life insurance depends on what’s most important to you. While the companies have similar policies, American National has lower rates and Transamerica has better financial ratings.

Hopefully you’ve learned  what you need to know about American National vs. Transamerica. Enter your ZIP code to get free life insurance rates in your area.

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