Transamerica Life Insurance Company
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UPDATED: Sep 22, 2020
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Transamerica Life Insurance 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.
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Average Transamerica Life Insurance Rates by Age
The chart below lists the average premium rates for Transamerica Life Insurance for both men and women smokers.
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As you can see by the table, Transamerica Life Insurance offers affordable rates. Rates are typically higher for males with all companies and the price of your policy also depends on your medical exam when applying.
Transamerica Life Insurance Policies
Transamerica life insurance offers policies to fit any lifestyle. They offer term, whole, and universal life.
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 $25,000 – $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 The cash value grows tax-deferred until funds are withdrawn.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 Ryders
As with many other life insurance companies, Transamerica has riders that can be added to life insurance policies.
Accidental Death Benefit Rider: Available for an additional cost. The Accidental Death Benefit Rider 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 $6.00 for each unit (e.g. $10,000 of coverage would cost $60.00 annually). Coverage on each child expires on the child’s 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.
4333 Edgewood Road
Cedar Rapids, IA 52499
Year Founded: 1906
AM Best Rating: A+ (as of 2016)
S&P Rating: AA- (as of 2016)
Included Term Life Features
- Accelerated death benefit: 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% 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. The new policy will be issued at the same class of risk as the in-force policy, if available. If such a class is not available at the time of conversion, the new policy will be issued at the class of risk that is most similar to the class of risk of the in-force policy. The cost will be based on the Primary Insured’s age at conversion and the current premiums for the chosen plan.This option must be exercised no later than the earlier of the end of the initial level premium period or the insured’s 70th birthday (75th birthday for Preferred Plus class). The conversion option for the Trendsetter Super YRT must be exercised no later than the insured’s 70th birthday (75th birthday for Preferred Plus class).
A two-year contestable and suicide provision applies.
Trendsetter® Super 10, 15, 20, 25 and 30 are level death benefit term life insurance policies guaranteed renewable to age 105. Premiums increase annually until age 105 once the original level premium period ends.
Policies are issued by transamerica life insurance company, Cedar Rapids IA 52499. Policy Forms ICC16 TL22, TL22, 1-322 11-107, 1-306 11-107, 1-305 11-107, 1-304 11-107, 1-303 11-107, and 1-334 11-107.
Trendsetter Super policies are renewable and convertible term life insurance which provides a level death benefit.
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.