Company Spotlight: Transamerica Life Insurance Company
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UPDATED: Aug 14, 2020
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Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast term life insurance application processing and underwriting (see guidelines here and excellent customer service. Today, we’ll take a closer look at one such company: Transamerica Life Insurance Company.
Transamerica is a member of the AEGON Group, a multinational insurance organization headquartered in The Hague, The Netherlands. AEGON is one of the world’s leading life insurance and financial services organizations.
In 1904, a young entrepreneur named Amadeo Giannini created the Bank of Italy in a converted San Francisco saloon. His goal was to make financial services available to everyone — not just the wealthy few. And so he did; after the 1906 quake and fire, Giannini set up a makeshift bank on the San Francisco docks, giving residents loans to rebuild, secured with only a handshake .
In 1928, Giannini merged with Bank of America, and in 1930 acquired Occidental Life Insurance Company through Transamerica Corporation. The banking and life insurance businesses separated in 1956, with the latter taking the Transamerica name. And in 1972, the now iconic Transamerica pyramid claimed its place in the San Francisco skyline.
Transamerica Life has an A+ rating from AM Best rating service, and an AA- rating from Standard & Poor’s rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Accelerated Death Benefit Rider
Transamerica includes an accelerated death benefit (ADB) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 12 months or less. The policy owner can request payment of up to 75 percent of the eligible death benefit, with a maximum of $250,000.
2. Conversion Endorsement
A Conversion Endorsement is included with no extra premium. You may convert the policy to select permanent life insurance policies issued by Transamerica. You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or when you reach age 70 (age 75 for policies with the Preferred Plus rating class).
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Waiver of Premium Rider
A Waiver of Premium (WP) rider is available with extra premium. If you experience a total disability, and after a waiting period of six months, your premiums will be waived retroactively from the beginning of the disability. The premiums will continue to be waived for the duration of your total disability. It will expire on the policy anniversary nearest your 60th birthday. You can buy this rider if you are between the ages of 18-55.
2. Accident Indemnity Rider
An Accident Indemnity (AI) rider is available with extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $300,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, Transamerica will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.
You can buy this rider if you are between the ages of 18-65. It will expire on the policy anniversary nearest your 70th birthday.
3. Children’s Insurance Rider
The Children’s Term (CT) rider is also available with an extra premium when buying life insurance for children. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost. The minimum amount of coverage available is $1,000 and the maximum is $99,000.
You can buy this Rider if you are between the ages of 18-55 and your children are between the ages of 15 days to 18 years. It expires when you reach age 65 , or when your youngest child reaches age 25, whichever happens first.
Transamerica term life policies are available in term lengths of 10, 15, 20, 25, and 30 years, during which your rates are guaranteed to remain the same. The minimum coverage amount is $25,000. A paramedical exam is not required to apply for a policy of $25,000 – $99,999. A paramedical exam is required to apply for any policy of $100,000 or more.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free term life insurance quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.