Transamerica Life Insurance Review
At a Glance:
Transamerica offers competitive rates on a variety of products, including term, whole, and universal life insurance. In addition to a robust collection of investment products, the company offers quick online rate quotes for term life insurance and potentially affordable rates.
With over 100 years of experience, Transamerica Corporation has become a recognized name in the life insurance market, but that’s not the only thing it specializes in. It also provides retirement solutions, mutual funds, and Medicare supplement insurance.
However, consumers specifically looking for life insurance through Transamerica will find numerous options, including whole life, term life, universal life, index universal life, and final life expense life insurance products.
As with most life insurance companies, Transamerica rates are highly dependent on the applicant as well as the specific product, and for that reason, anyone looking for specific rate quotes should check the site or contact a local agent.
Those interested in term policies have the opportunity to receive an instant rate quote using the company’s online tool. However, other insurance policy products are managed by Transamerica agents, who can be identified and reached through Transamerica’s Find an Insurance Agent tool.
Most Popular Policy
Though Transamerica offers a robust collection of life insurance products, one of the most popular policies is their term life insurance option, the Trendsetter Super policy.
The Trendsetter Super policy is one of the most popular products offered by Transamerica. This policy offers simple, basic coverage between $25,000 to $1,000,000 and is available for 15-, 20-, 25-, and 30-year terms.
The Trendsetter Super policy offers a variety of basic riders, including a terminal illness rider, which is included in all policies, as well as the option to add on an accidental death or disability premium waiver rider.
Rates for this policy, as for most life insurance policies, are highly personalized and vary based on an individual’s health and age, as well as a number of other factors, including their driving record, tobacco or nicotine use, etc.
Applicants interested in the Trendsetter Super policy can obtain a free quote online using the Transamerica rate quote tool. While using the tool, potential applicants will be asked a variety of basic health questions, including their age, weight, health status (good, average, etc.), etc.
The tool is easy to use and provides the opportunity for users to review a variety of coverage circumstances. For example, an average, healthy, non-smoking 35-year-old female would pay approximately $34.83 per month for a $500,000, 20-year policy. If that same applicant became a smoker, the monthly premium would increase to $59.77.
Customers who have questions about their online quote or would prefer to obtain a quote from a representative can do so by calling 1.800.797.2643.
Requirements to Get Insured
Policy requirements vary based on the specific product as well as other factors, including an applicant’s age and desired coverage amount.
The Trendsetter Super product discussed above offers term life insurance to anyone up to the age of 80, which is a benefit of this particular provider.
While many companies do require a medical exam, those applying for the Trendsetter Super policy do not need to have a medical exam if they are under the age of 60 and are looking for a policy of $100,000 or less. Anyone who does not meet those requirements will be required to undergo a medical exam before finalizing coverage.
Transamerica life insurance policies are available in all 50 states, though some products may not be available in New York state.
In a recent customer service survey conducted by J.D. Power, Transamerica placed 15th out of 23 candidates. Overall, the company had average scores—a sentiment that is echoed in their “B” score from the Better Business Bureau (BBB).
Those with questions regarding life insurance policies through Transamerica can contact their customer service team at (800) 797-2643 Monday through Thursday between 8 a.m. and 6:30 p.m. ET. and Fridays from 8 a.m. to 5:30 p.m. ET. Customers can also contact them by email at [email protected] At this time, the provider does not offer an online chat option.
For many applicants, Transamerica offers competitive rates on a variety of products, including term, whole, and universal life insurance. In addition to life insurance, Transamerica also has a host of financial and investment products, making them a worthy option for anyone looking for a comprehensive approach to their future financial needs.
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