Transamerica Life Insurance Company Review

The Transamerica Life Insurance Company (review below) has been offering coverage since 1904 and has consistently received positive ratings from agencies like the BBB, A.M. Best, S&P, and more. Transamerica life insurance coverage starts at less than $20/mo for 25-year-olds and rates incrementally increase as you age. Reading Transamerica Life Insurance reviews is a great way to find out what you need to know about low-cost life insurance and company financial ratings.

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Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states. Born in Haiti. Reared in Brockton, MA. Matured in Philadelphia. Schimri is a proud graduate of Arcadia University, having earned both a Masters in Special Education and an MFA in Creative Writing from the castle-riddled campus in Glenside, PA. By personality and by profession, Schimri is an educator...

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UPDATED: Nov 16, 2020

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Company Details
Address: 4333 Edgewood Rd, NE
City: Cedar Rapids
State: Iowa
ZIP Code: 52499
Phone Number: 1-800-797-2643
Website: https://www.transamerica.com/individual/
Year Founded: 1904
AM Best Rating: A+
Company Rating 0 (0 reviews)

Quick Facts

  • Transamerica offers affordable rates for men and women
  • Transamerica offers several riders for its term life policies
  • Transamerica offers whole, universal, and term life policies for people of all ages

Planning to pay high rates on life insurance is a bit unrealistic. That rate is an expense you’re stuck with for the rest of your life. When shopping for life insurance, there’s a lot to think about—different types of term life insurance is just one of many factors to consider. Price is another.

If you want affordable life insurance rates, Transamerica life insurance company may be a good option. Read this Transamerica life insurance company review for quotes, the best way to get rates, and more.

Before you get started on our Transamerica life insurance review, take a minute to enter your ZIP code into our free quote tool and start comparing rates today.

Table of Contents

Average Transamerica Life Insurance Rates by Age

Several factors affect life insurance rates, including age, health, lifestyle choices like smoking, where you live, and more. To give you an example of Transamerica rates, we pulled average rates for smokers (both men and women) between 25 and 65. Take a look.

TransAmerica Average Monthly Life Insurance Rates for Smokers by Age and Gender (2020)
AgeAverage Monthly Rates for MalesAverage Monthly Rates for Females
25$17.37$15.14
30$18.06$15.65
35$22.19$17.97
40$32.16$25.20
45$45.92$37.07
50$73.01$58.14
55$113.86$90.39
60$175.78$140.44
65$275.72$224.03
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As you can see by the data in the table, Transamerica life insurance offers affordable rates (even for smokers, who are typically considered higher risk than non-smokers).

Another data point to consider is that males usually pay more for life insurance than females, and as we noted, health can have a significant effect on your rates.

Many insurance companies require a health exam before selling you a policy, which will provide the necessary information for rates adjusted based on health.

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Transamerica Life Insurance Company Ratings

One way to help you decide if Transamerica is the right life insurance company for you is to find out what the company’s customer satisfaction and complaint ratings look like. We know this may sound daunting, but not to worry. We did the work for you.

Transamerica has been around for over 100 years, and the company still has strong ratings for financial strength and customer service. We’ve collected Transamerica rating information from the Better Business Bureau (BBB), A.M. Best, S&P, and Fitch, which are as follows:

  • A.M. Best Rating:  A+
  • S&P Rating:  AA+
  • BBB: A-
  • Fitch: A+
  • Moodys: A1

In addition to financial and customer service ratings, we also looked at the complaint index for Transamerica. Take a look at this table to see what we found from the National Association of Insurance Commissioners (NAIC).

Transamerica Life Insurance Complaint Data
 201720182019
Total Number of Complaints1374
Annual Premiums$610,507,501$599,674,674$654,367,735
Share of Premiums U.S. Market0.04%0.038%0.039%
Share of Complaints in the U.S. Market0.021%0.011%0.007%
Complaint Index0.520.290.18
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The NAIC calculates the complaint index, and an average number of complaints is represented by the number one. As you can see by the data in the table, Transamerica’s complaint index is consistently well below average.

The total number of complaints has steadily decreased over the past couple of years, which is a good sign for potential insureds.

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Transamerica Life Insurance Policies and Coverages Offered

Transamerica offers policies to fit any lifestyle, including term, whole, and universal life. If you’re already an insured, you can log on to your Transamerica life insurance provider portal to learn more. But we’ve also provided an overview of the policy types offered by Transamerica in the following sections. Keep reading.

Term Life Insurance

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 between $25,000 and $99,999. A paramedical exam is required to apply for any policy of $100,000 or more.

Whole Life Insurance

Whole life insurance provides permanent protection for life as long as premiums are paid. In addition to a guaranteed cash value you can access through a loan, your loved ones are guaranteed to receive a death benefit. Transamerica does not provide online quotes for whole life insurance.

Universal Life Insurance

Universal life insurance provides an additional level of flexibility. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.

When the insured dies, a death benefit is left to the named beneficiaries. In addition to the death benefit, universal life insurance also contains a cash value. The cash value grows tax-deferred until funds are withdrawn.

Transamerica Life Insurance Riders

As with many other life insurance companies, Transamerica has riders that can be added to life insurance policies. These include:

  • Accidental Death Benefit Rider – Available for an additional cost. Pays an additional death benefit if the Primary Insured dies as a result of an accidental bodily injury. Double the additional amount is payable if the accidental bodily injury occurs while the insured is a fare-paying passenger on a common carrier.
  • Children’s Insurance Rider – Available for an additional cost. Provides insurance for all children of the insured. Each unit is equal to $1,000 of level term insurance, with a minimum coverage amount of $1,000 and a maximum of $20,000. The annual cost is $6 for each unit (e.g., $10,000 of coverage would cost $60 annually). Coverage on each child expires on their 25th birthday.
  • Disability Waiver of Premium Rider – Available for an additional cost. In the event of total disability, before the policy anniversary nearest the insured’s age 60, and after the total disability has continued uninterrupted for a waiting period of no less than six months, premiums will be waived retroactively from the beginning of the disability. Premiums will continue to be waived for the duration of the total disability.

As we noted earlier, if you have a unique Transamerica login, you can learn more or view the Transamerica life insurance company beneficiary change form.

Other Transamerica Life Insurance Products

Transamerica also offers what is called Trendsetter Super policies. These trendsetter Super policies are renewable and convertible term life insurance that provides a level death benefit, including:

  • Trendsetter Super 10 – Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.
  • Trendsetter Super 15 – Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.
  • Trendsetter Super 20 – Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.
  • Trendsetter Super 25 – Term life insurance with level premiums during the initial 25-year period. Premiums increase annually in years 26 and later.
  • Trendsetter Super 30 – Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.

Transamerica also offers some features you can benefit from; read on to find out more.

Transamerica Life Insurance Features

Is Transamerica the life insurance company for you? Potential benefits include living benefits life insurance. Take a look at some of the features of Transamerica’s term life insurance:

  • Accelerated death benefit (ADB) – Included at no extra cost. The ADB endorsement is automatically included on Trendsetter Super products, with face amounts of $50,000 and above. This benefit provides up to 75 percent of the current death benefit to a maximum of $250,000 per life, with a minimum payment of $10,000. The execution of this option may be requested after the insured has been diagnosed and certified as having 12 months or fewer to live from the date of the physician’s statement. A physician must have made the diagnosis after the date the policy was issued.
  • Conversion Option – Included at no extra cost. This option allows the policy owner to change the policy to a level face amount permanent life insurance plan that is made available by Transamerica Life Insurance Company at the time of the exchange. No underwriting will be required if the exchange is to a permanent policy with the same or lower face amount.

Keep reading for information on how to contact Transamerica, company history, and more.

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Contacting Transamerica Life Insurance Company

Transamerica’s headquarters address is 4333 Edgewood Road, Cedar Rapids, IA 52499. However, the company offers coverage across the country and has offices nationwide, including in Plano, Texas.

Transamerica’s customer service phone number is 1-800-797-2643.  To fax important information, you can send it to the company’s fax number, which is 1-866-834-0437.

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History of the Transamerica Life Insurance Company

Founded in 1904, the Transamerica life insurance company is part 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.

Does Transamerica offer health insurance? Transamerica offers supplemental health insurance products to its employees, but the company does not offer health insurance products to insureds.

Canceling Your Transamerica Life Insurance Policy

At some point, people may struggle financially, which companies like Transamerica know. As a result, the company makes it easy to cancel your life insurance policy. All you have to do is call Transamerica to get the cancellation process started.

How to Make a Transamerica Life Insurance Claim

Making a claim with Transamerica Life Insurance is an easy process. To file a claim, all you have to do is contact the Transamerica Life Insurance Company customer service department at 1-888-763-7474.

When you call, be prepared with relevant information like your policy number, exact details of your claim, etc., so you’re prepared when the insurance agent requests it.

You can also print the forms needed to file a claim and mail them to the Transamerica life insurance company claims address at 4333 Edgewood Rd NE, Cedar Rapids, IA 52499.

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Pros and Cons of Transamerica Life Insurance

Wondering if Transamerica is a good company? Or the right company for you? In addition to everything we’ve discussed so far, we’ve outlined some of the pros and cons to help you decide. Take a look.

Transamerica Life Insurance Policy Pros and Cons
ProsCons
Policy-type search tool on the Transamerica websiteLive customer service is not available 24/7
Easy web access to all forms necessary to file any claimNot all Transamerica policies can be purchased online
Customers can set-up unique website log-insA medical exam is required to be able to purchase a policy with Transamerica
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If Transamerica sounds like the option for you, it doesn’t have to be difficult to find affordable Transamerica life insurance coverage.

Transamerica Life Insurance Company Review: The Bottom Line

Transamerica has been around for decades and is still a thriving company. It offers several affordable policy types and riders for both men and women and can be purchased across the U.S.

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 Frequently Asked Questions: Transamerica Life Insurance Company Review

Still have questions about Transamerica life insurance? Read the following frequently asked questions for more on the company, its coverage, etc.

#1 – Does Transamerica offer health insurance?

Transamerica only offers health insurance to employees.

#2 – What is Transamerica Premier Life Insurance?

Transamerica Premiere life insurance company (formerly Monumental Life Insurance) offers life insurance, annuities, accident and health, long-term care, and structured settlements, among other products.

#3 – Is Transamerica Life Insurance available in Plano, Texas?

Yes, Transamerica Life Insurance has an office in Plano, Texas; which is located at W Plano Pkwy, Plano, TX 75075

Are you ready to buy Transamerica Life insurance? Use your ZIP code in our free quote tool to start comparing Transamerica Life insurance quotes from companies in your area today.

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