Transamerica Life Insurance Reviews
- Transamerica is a large life insurance conglomerate specializing in term, group, universal and final expense insurance policies. Learn more about what this company does and how they can help you.
Despite no longer being headquartered in San Francisco, Transamerica still shows an affinity for "The Golden City" by displaying the Transamerica Pyramid in its logo. Now situated in Cedar Rapids, Iowa, Transamerica offers a wide array of insurance solutions and investment products. The company has been around for more than 100 years, which is one of the reasons that it has such a breadth of product diversity under its purview.
What Products and Services Does Transamerica Life Insurance Provide?
Transamerica offers several life insurance policies, ranging from shorter term options that are more affordable to lengthy policies for those looking for a more significant end of life benefit.
Term Life Insurance
Transamerica offers a few different term life policies, ranging from 10 to 30 years with five-year increments between the different policy options. The medical exam requirement depends on age and coverage amounts, which can range up to $10 million. There are two specific term policies provided by Transamerica.
Trendsetter Super: This is the term policy that offers up to $10 million in coverage. This policy may be converted to a permanent option at the end of its term and sometimes without additional medical examinations, depending on the answers to health questions upon sign-up.
Trendsetter LB: The Trendsetter LB policy offers living and death benefits up to $2 million. The living benefits offer the option of receiving death benefits in the event of a chronic or terminal illness diagnosis.
Whole Life Insurance
Transamerica offers individual and group whole life insurance. Individual whole life ranges from $25,000 in coverage to $2 million. It has a cash value component and offers assistance with final expenses. The group version of this policy is employer-based and requires a few health-related questions to gain access to a $25,000 guaranteed whole life policy.
Universal Life Insurance
Transamerica also provides index universal life insurance as well as a group universal policy. Index universal life delivers flexible monthly premiums, value accumulation that may be accessed in retirement and the potential to generate interest when premiums are allocated to basic interest or index accounts. The group policy is an employer-sponsored benefit.
Final Expense Insurance
Final expense insurance breaks down into three options: immediate, 10-Pay and easy. These policies offer steady premiums, no waiting periods and no age or health limits on coverage approval. This policy is specifically allocated for final expenses to ensure that family members aren't tasked with figuring out how to deal with these costs.
The Pros and Cons of Transamerica Life Insurance
- Policy variety: One of the benefits of Transamerica Life Insurance is the variety of options that consumers have when choosing between policies. For instance, there is the option to purchase a final expenses policy specifically for these costs while also maintaining a whole life policy to leave behind a financial allocation for loved ones.
- Group policy options: Many companies either specialize in individual insurance or employer policies; Transamerica happens to do both. The company offers a few different options for group coverage so that consumers can utilize employer-sponsored coverage to reap the benefits of insurance with this company.
- High death benefits: As industry standards go, Transamerica offers a fairly high death benefit in comparison to other insurance companies similar in size and scope.
- Online quotes not widely available: While the company has an extensive website with plenty of information about its products, it does not offer widespread quoting for most of its policies.
- Lack of access to financial advisors: The company offers a bevy of investment options but no expertise for consumers from a financial advising standpoint.
What People Are Saying About Transamerica Life Insurance
Reviews of Transamerica Life Insurance emphasize the number of policy options that consumers can take advantage of to cater to their various needs. Additionally, consumers point out the helpful customer service on account management and the professionalism of agents in answering questions about the nuances of different policies.
Some reviews note that the online quoting detracts from the convenience consumers have come to expect from life insurance companies.
Who Would Transamerica Life Insurance Be Good For?
Transamerica Life Insurance is ideal for those looking for affordable term policies, such as families with young children who want to ensure coverage now and in the future. It is also ideal for businesses of all sizes that want to work with a reputable insurer to provide coverage for employees.
Individuals with a high net worth who want insurance that goes beyond what some of the smaller companies offer might also find it beneficial to take advantage of one of Transamerica's policies. Since some of these policies range as high as $2 million, this might be attractive to those who need a more robust policy.