Transamerica Life Insurance Review

Do you want to learn more about Transamerica? Read our Transamerica Life Insurance Review to have a deeper understanding of the firm.

Transamerica Life Insurance is an excellent option for persons who do not enjoy great health yet want a substantial volume of money to fulfill their last expenses. Transamerica offers two distinct life insurance products: ultimate expenditure insurance and universal life insurance. You can earn far larger death benefits than the standard range of $250,000 to $500,000.

Pros and Cons of Transamerica

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Pros

  • The policy’s constraints are somewhat onerous.
  • Examinations are not permitted due to restrictions.
  • A quick and simple method of obtaining funds
  • The monetary equivalent of a substantial quantity of money

Cons

  • There is no online form for submitting a claim.
  • Numerous consumers have expressed their dissatisfaction.

Factors that affect your rates

Transamerica’s preferred rate class is identical to those of other life insurance companies:

  • No prior traffic offenses or suspensions, such as DUIs.
  • A normal blood pressure and body mass index are indicators of good health (BMI).
  • It is prudent to engage in activities that do not endanger your life.
  • Tobacco usage was not a concern in the past.
  • Alcohol and drug use are absolutely forbidden.
  • There is no personal or family history of illness.

How to get a quote from Transamerica life insurance

To apply through a local agency, follow these steps: 

  1. If you prefer, you can call Transamerica at 800-797-2643.
  2. On Transamerica’s home page, under the What We Offer menu, there is an Insurance option.
  3. Choose the sort of life insurance coverage that is necessary for you.
  4. After entering your ZIP code, scroll to the bottom of the page and select Find An Agent.
  5. Following that, inform them of your location and contact information.
  6. To locate an insurance agent in your area, simply enter your zip code in the search field.

Transamerica offers term and permanent life insurance

You may convert your term life insurance policy to permanent coverage, according to a business such as Transamerica. You have a number of options, including the following:

  • Index universal. The plan’s creation will be guided by the client’s needs and objectives. Finally, the expense. It is immediately accessible upon approval and covers death-related costs, such as funeral fees.
  • Term. Transamerica provides two different types of term life insurance: Trendsetter super and Trendsetter lb. One provides living advantages to riders, whereas the other may translate into a lifetime commitment. There are plans available with coverage ranging from $25,000 to $10 million over a ten- to thirty-year term. During that time period, you can also choose between fixed, declining, or increasing death benefits.
  • Universal. Premiums are adjustable, and the death benefit improves in value with time, making this an excellent option for long-term protection. Index universal insurance or variable universal insurance based on the S&P 500 or another index may be the best alternative for optimizing your investment gains.
  • Whole. This policy has a fixed premium, a growing cash value, and everlasting coverage. Individual policies cover up to $3,000 in medical expenditures, whereas group policies cover up to $25,000.

Transamerica life insurance riders

Depending on your requirements, you may choose from the following add-ons for your policy:

  • Accelerated death benefit. If you have been diagnosed with a terminal disease, you may be able to prepay a portion of your death benefit.
  • Both the father and son. Allows for the addition of a spouse and children to the policy without the need to purchase extra insurance.
  • Term lengths are becoming shorter and shorter. You may choose to reduce your coverage in order to save money on your insurance rates.
  • The protection of the property. Estate taxes on your death benefit are waived.
  • This insurance assures your protection. The best choice is to get insurance that covers you for life and does not need medical examinations until you have children.
  • Your membership money has been refunded. If you survive until the policy’s expiration date, regardless of how long you live, your premiums will be repaid. This benefit is available only on policies with a duration of 20 or 30 years.
  • Premiums have been phased out. If you are unable to work for more than six months, your insurance premiums are waived.

Transamerica life insurance reviews are mixed

Despite this, Transamerica maintains an A- grade for customer service, indicating that there is opportunity for improvement. The Better Business Bureau received 339 complaints against insurance companies in the last three years, which is a significant number. As a beneficiary, it is critical to be aware of invoicing concerns and prolonged claim payout time frames.

On TrustPilot, customers express their dissatisfaction with the way the business interacts with them and their overall experience. They offer the insurance firm a 1.6 out of 5 rating based on a small number of client assessments. AM Best rates Transamerica’s financial health as A-.

Check out TIAA Life Insurance Review to see what other providers has to offer.

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