Transamerica life insurance reviews

Transamerica life insurance reviews

Transamerica life insurance reviews

Transamerica is a financial services company that offers a variety of insurance products, including life insurance. The company offers term life insurance, whole life insurance, and universal life insurance policies, as well as group life insurance for businesses. Transamerica’s life insurance policies are designed to provide financial protection for your loved ones in the event of your death. The company offers a range of coverage options to suit different needs and budgets, and you can work with an agent to choose the policy that’s right for you.

Is Transamerica trustworthy?

Transamerica is a well-established financial services company that has been in business for over 100 years. The company is a member of the AEGON group of companies, which is one of the largest life insurance and pension companies in the world. Transamerica is regulated by state insurance commissions and is required to follow state and federal laws that are designed to protect consumers. In general, Transamerica is considered to be a reputable and trustworthy company. However, it is always a good idea to research a company and its products before making a financial decision.

What type of insurance is Transamerica?

Transamerica is a financial services company that offers a variety of insurance products, including life insurance, health insurance, and annuities. The company also offers investment products such as mutual funds and 401(k) retirement plans. Transamerica’s life insurance policies include term life insurance, whole life insurance, and universal life insurance. The company’s health insurance products include individual and family health insurance plans, as well as group health insurance for businesses. Transamerica’s annuities are designed to provide a steady stream of income in retirement.

What is Transamerica called now?

As far as I know, Transamerica is still called Transamerica. The company is a financial services firm that offers a variety of insurance products and investment products. It is headquartered in Cedar Rapids, Iowa, and has operations in the United States and internationally. Transamerica is a member of the AEGON group of companies, which is one of the largest life insurance and pension companies in the world.

How do I get out of Transamerica Life Insurance?

If you want to cancel your Transamerica life insurance policy, you will need to contact the company and request to cancel the policy. You will need to provide your policy number and other identifying information to cancel the policy. It is important to note that canceling a life insurance policy may have financial consequences, such as the loss of any premiums you have paid and the loss of coverage. It is generally a good idea to consider the implications of canceling a life insurance policy before making a decision to do so. You may want to consult with a financial advisor or an insurance agent to understand the potential impact of canceling your policy.

There are several potential advantages to choosing Transamerica life insurance:

  1. Variety of coverage options: Transamerica offers a range of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. This means that you can choose the type of coverage that best fits your needs and budget.
  2. Strong financial ratings: Transamerica has strong financial ratings from independent ratings agencies, which can provide reassurance that the company will be able to meet its financial obligations to policyholders.
  3. Customizable coverage: Some of Transamerica’s life insurance policies offer the ability to customize coverage by adding riders or endorsements. This allows you to tailor your policy to fit your specific needs.
  4. Worldwide coverage: Transamerica’s life insurance policies may provide coverage for policyholders who travel internationally, which can be a useful benefit for frequent travelers.
  5. Online tools and resources: Transamerica offers a variety of online tools and resources to help policyholders understand their coverage options and make informed decisions about their insurance.
  6. Transamerica’s high maximum ages for renewing or converting its term life insurance makes it worth a look for term life insurance purchasers.
  7. For its cash value insurance, Transamerica has often produced highly trustworthy policy drawings. As a result, you are less likely to be shocked by fewer cash value increases than you anticipated.
  8. Early on, Transamerica’s cash value policies tend to develop cash value pretty successfully. This allows you more freedom to withdraw or borrow money from your insurance coverage early.

Cons Of Transamerica life insurance

  1. Like any insurance company, Transamerica has its own set of strengths and weaknesses, and its life insurance policies may not be the best fit for everyone. Some potential drawbacks of Transamerica life insurance include:
  2. Limited policy options: Transamerica does not offer as many policy options as some other life insurance companies, which may make it difficult to find a policy that fits your specific needs.
  3. Complex policies: Some of Transamerica’s life insurance policies, such as universal life insurance, can be complex and may be difficult to understand.
  4. High premiums: Transamerica’s life insurance premiums may be higher than those of some other companies, which can make the coverage more expensive.
  5. Limited online application process: While Transamerica does offer online tools and resources, the company’s application process is not fully online, and you may need to speak with an agent to complete the application process.
  6. Mixed customer reviews: Transamerica has received mixed reviews from customers, with some praising the company’s customer service and others expressing dissatisfaction with their experiences.
  7. Investments made by the corporation haven’t always done well, especially when compared to leading rivals. If you have a cash-value life insurance policy, this may have an impact on the premiums you eventually have to pay.
  8. In comparison to other of Transamerica’s leading rivals, the policy costs passed on to clients have been greater for Transamerica customers. Make careful to verify your policy illustration for the anticipated internal expenses and compare it to other firms if you’re purchasing cash value life insurance.

Life Insurance Products Offered by Transamerica

Life insurance term from Transamerica

For those who want consistent prices for a certain length of time, term life insurance is a wise choice. For instance, a 20-year term policy would be a possibility if you wanted life insurance to pay off your mortgage in the event that you passed away with 20 years remaining to go. After the level term finishes, you can renew, but be prepared for a large premium hike.

Term life insurance does not accrue cash value, making it frequently the least expensive type of life insurance to buy.

Transamerica provides two types of term life insurance:

A minimum of $25,000 in coverage is provided by Transamerica’s Trendsetter Super Series insurance for durations of 10, 15, 20, 25 or 30 years. If you qualify, you can receive coverage of up to $2 million without undergoing a medical exam.

An automatic endorsement for an accelerated death benefit due to a terminal disease is included in the Trendsetter Super Series policy. You may also add one of the four available riders to this coverage to further personalize it:

  1. Disability premium waiver clause
  2. Option for income protection
  3. Rider for children’s benefits
  4. Rider for accidental death benefits

In our Forbes Advisor evaluation of the top term life insurance policies, Transamerica’s Trendsetter LB policy received the “Best Overall” designation. With periods of 10, 15, 20, 25 or 30 years, the insurance gives $25,000 to $2 million in coverage. If they are purchasing $2 million or less in coverage, qualified candidates could be allowed to avoid a medical test, similar to the Super Series term insurance.

Three health-based riders are automatically included with the Trendsetter policy, making a portion of the death benefit available in the event that the insured develops a terminal, chronic, or life-threatening illness. Customers of Trendsetter LB have access to the same optional riders offered by the Super Series insurance, plus a monthly disability income rider.

In our Forbes Advisor evaluation of the top term life insurance policies, Transamerica’s Trendsetter LB policy received the “Best Overall” designation. With periods of 10, 15, 20, 25 or 30 years, the insurance gives $25,000 to $2 million in coverage. If they are purchasing $2 million or less in coverage, qualified candidates could be allowed to avoid a medical test, similar to the Super Series term insurance.

Rates for Term Life Insurance in Transamerica

In our Forbes Advisor evaluation of the top term life insurance policies, Transamerica’s Trendsetter LB policy received the “Best Overall” designation. With periods of 10, 15, 20, 25 or 30 years, the insurance gives $25,000 to $2 million in coverage. If they are purchasing $2 million or less in coverage, qualified candidates could be allowed to avoid a medical test, similar to the Super Series term insurance.

Transamerica life insurance reviews

Here is an example of term life insurance pricing from Transamerica compared to leading rivals.

Company

Term life insurance policy name

Cost per year: Female buyer age 30, $500,000 for 20 years

Cost per year: Male buyer at 30, $500,000, 20 years

Haven Life

Haven Term

$174.26

$218.95
Banner/Legal & General

OPTerm

$188.40

$223.19

Protective

Classic Choice

$188.41

$223.20
Pacific Life

PL Promise Term

$189.26

$224.26

Symetra

Symetra SwiftTerm

$189.56

$224.56
Lincoln Financial

TermAccel Level Term

$189.70

$284.93

American General

Select-a-Term

$189.75

$224.75
Transamerica

Trendsetter Super

$190.00

$225.00

Principal

Term

$190.01

$225.01
Penn Mutual

Non-Convertible Term

$191.55

$226.15