Transamerica Life Insurance Review

For people who don’t have excellent health but still need a lot of money to meet their final expenses, Transamerica Life Insurance is a good option.

The last expense policy or universal life insurance are just two of Transamerica’s unique life insurance options. As a result of a whole or term life insurance policy, you can get death benefits that are well over the average range of $250,000 to $500,000.

Pros and Cons of Transamerica

Transamerica Life Insurance Review - Transamerica Life Insurance Logo

Pros

  • Constraints imposed by the policy are rather onerous.
  • Examinations can’t be taken because of rules.
  • A quick and easy way to get money
  • The equivalent of a large sum of money

Cons

  • There’s no way to submit a claim online.
  • There are several grievances from clients.

Factors that affect your rates

Transamerica’s preferred rate class has the same requirements as other life insurance companies:

  • No violations or suspensions in driving history, such as DUIs.
  • Good health may be demonstrated by having a normal blood pressure and body mass index (BMI).
  • It is advisable to engage in activities that do not put your life at risk.
  • In the past, tobacco use was not a problem.
  • The use of alcohol or drugs is strictly prohibited.
  • In terms of sickness, there is no personal or family history.

How to get a quote from Transamerica life insurance

In order to apply through a local agent: 

  1. Transamerica can be reached at 800-797-2643 if you prefer.
  2. Transamerica’s home website has an Insurance option under the What We Offer menu.
  3. Decide on the type of life insurance coverage you require.
  4. At the bottom of the page, after you’ve entered your ZIP code, click Find An Agent.
  5. Next, let them know where you are and how to get in touch with you.
  6. In order to find an insurance agent near you, simply type in your zip code in the search bar.

Transamerica offers term and permanent life insurance

According to a company like Transamerica, you may change your term life insurance policy into permanent coverage. You have a variety of alternatives to choose from, including:

  • Index universal. Individual requirements and objectives will guide the development of the plan. In the end, the cost. Immediately available upon approval, it covers the costs linked with death, such as funeral expenses.
  • Term. Transamerica offers two term life insurance products: Trendsetter super and Trendsetter lb. Living benefits for riders are provided by one and can be transformed into a lifelong commitment by the other. There are plans ranging from $25,000 to $10 million in coverage for a period of 10 to 30 years. Fixed, falling, or rising death benefits can also be selected during that time span.
  • Universal. The premiums may be adjusted, and the death benefit grows in value over time, making this plan ideal for long-term protection. S&P 500 or other index universal insurance or variable universal coverage may be the best option for maximizing your investment profits.
  • Whole. A fixed premium, a rising cash value, and lifelong coverage are all included in this policy. An individual policy can cover up to $3,000 in medical expenses, but a group policy can cover up to $25,000 in medical expenses.

Transamerica life insurance riders

Depending on your demands, you may choose from a selection of add-ons that can be added to your policy:

  • Accelerated death benefit. Prepaying a portion of your death benefit may be possible if you have been diagnosed with a terminal illness.
  • The father and his son are both riding their bikes. Allows for the addition of a spouse and children without having to get additional insurance.
  • Shorter and shorter terms. In order to save money on your insurance premiums, you might lower your coverage.
  • The safeguarding of the property. Your death benefit’s estate taxes are covered.
  • This policy ensures that you are covered. An insurance that protects you for life and needs no medical checks until when you have children is the best option.
  • You’ve received a refund for your membership fee. Your premiums will be refunded if you live until the policy’s end date, regardless of how long you live. Only insurance with a term of 20 or 30 years is eligible for this benefit.
  • Premiums have been abolished. Insurance premiums are eliminated if you are unable to work for more than six months.

Transamerica life insurance reviews are mixed

However, despite this, Transamerica still has an A- customer service rating, which indicates that there is room for development. The BBB has received 339 complaints against an insurance company in the past three years, which is a lot. It’s important to be aware of invoicing issues and extended claim payout time frames as a beneficiary.

On TrustPilot, customers complain about how the firm communicates with them and their whole experience. Based on a tiny number of client evaluations, they give the insurance company a rating of 1.6 out of 5. Transamerica’s financial health is rated A- by AM Best.

For another insurance review, visit our review of Sagicor Life Insurance Review.