Transamerica Life Insurance Review (2021)

Transamerica Life Insurance Company 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 rates start at less than $20/mo for 25-year-olds and increase as you age. Transamerica life insurance reviews are generally positive and rates low on average, but it's important to get a personal Transamerica life insurance quote to see if it's affordable for you.

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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: Jul 19, 2021

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


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 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.

What are Transamerica’s average 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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What are Transamerica life insurance’s 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 third-party 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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What policies and coverages does the Transamerica life insurance company offer?

Transamerica offers policies to fit any lifestyle, including term, whole, and universal life. If you’re already 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.

Does Transamerica offer term life insurance?

A Transamerica term life policy can be offered 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.

When you’re ready to find out what Transamerica term life insurance rates by be for you, 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.

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Does Transamerica offer 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. You won’t be able to obtain Transamerica life insurance quotes online for whole life insurance, as the company doesn’t offer them online.

Does Transamerica offer 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.

Does Transamerica offer 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.

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What other life insurance products that Transamerica offer?

Wondering what a Transamerica trendsetter super 20 is? Transamerica also offers several of these 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.

What life insurance features does Transamerica offer?

Is Transamerica the life insurance company for you? Potential benefits include living benefits life insurance. Think you’re ready for a Transamerica term life insurance quote? 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 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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How do you contact Transamerica life insurance?

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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What is Transamerica’s company history?

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 it does not offer health insurance products to insureds.

How do you cancel 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 do you 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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What are the pros and cons of Transamerica life insurance?

Wondering if Transamerica is a good company? Concerned about your financial security? 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 Review: What’s 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.

If you’re considering whether and how to buy Transamerica life insurance, you’ll likely need to reach out to the company directly. When you’re ready to shop, you’ll receive an initial Transamerica term life policy quote (or other forms of coverage) that will give you an idea of what you’ll pay.

If you decide that Transamerica coverage is right for you, your final rates will be referred to as a Transamerica final expense quote.

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Frequently Asked Questions: Transamerica Life Insurance Review

Do you 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

#4 – Does Transamerica have competition?

Yes. Transamerica’s competition includes other companies that sell life insurance, like Prudential, Aflac, Metlife, and others.

Now that you’ve read our Transamerica life insurance review, why not start shopping for coverage today? Use your ZIP code in our free quote tool to start comparing life insurance quotes from companies in your area today.

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