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Originating as the Bank of Italy in 1904 with the mission to make financial services available to everybody, Transamerica has grown to be one of the leading insurance and financial services providers in America.

As part of our review series of the nation’s most popular insurance companies, it is our intention to offer the information consumers need to make an educated and informed decision about insurance providers before signing on the proverbial dotted line.

In this article, we’ll take a look at the insurance behemoth Transamerica Life Insurance and offer a company review of their most popular life insurance products.

As part of Aegon N.V., Transamerica Life has expanded its footprint in considerable fashion beginning with its founding on the San Francisco waterfront. Since that time, the company has grown to service millions of customers and employs over 30,000 people around the world.

 

Transamerica Life Insurance Ratings

 

When consumers consider purchasing life insurance, it’s important to understand that life insurance is a promise to pay in exchange for a premium charged by the company. Life insurance is all about risk and therefore every company must be financially stable so that their promise to policyholders can be kept for the life of every policy issued. It really doesn’t matter how little you pay for life insurance if the company cannot honor their promise to pay when a claim is filed.

Fortunately for consumers looking to purchase life insurance protection, they can easily check with the national rating companies and learn whether or not the insurer they intend to do business with is considered financially sound. Here are the ratings for Transamerica:

Rating Service

Transamerica Rating

A. M. Best

A+
Standard & Poor’s

AA-

Moody’s

A1
Fitch

A+

Comdex Score

93

 

The Transamerica Corporation has several subsidiary companies that are used to offer various life insurance and annuity products:

Transamerica Life insurance company review

 

Transamerica Life Insurance Products

 

Like many national and global insurers, Transamerica provides a comprehensive selection of life insurance products. In fact, the company’s selection is designed in such a way that it accommodates all consumer life insurance needs and most investment product needs. Additionally, the company is well known for Employee Benefits and Exchange Traded Funds for wealth accumulation.

 

Individual Whole Life Insurance

 

By offering whole life insurance face amounts from $2,000 to $3 million, Transamerica can accommodate virtually any consumer need for permanent whole life insurance.

 

Group Whole Life Insurance

 

For employers who wish to offer voluntary group whole life insurance, Transamerica offers whole life insurance that requires employees to only answer a handful of health questions in order to purchase up to $25,000 in coverage.

 

Trendsetter Super Term Life Insurance

 

Transamerica’s Super Term product provides affordably priced term insurance with face amounts up to $10 million and above. The premiums for Trendsetter Super Term remain level for the term of the policy and the policy can be converted to permanent life insurance at renewal.

 

Trendsetter LB Term Life Insurance

 

The Trendsetter LB policy offers insurance coverage up to $2 million and provides living benefits if the insured is diagnosed with a chronic, critical, or terminal illness.

 Here is an example of Trendsetter Super Term rates for $500,000 in coverage with a 20-year term. These rates are for a healthy male and female non-smoker: 

 

Age of ApplicantMale Non-SmokerFemale Non-Smoker
25$25.37$19.78
30$26.23$21.93
35$36.12$30.10
40$55.04$40.42
45$73.10$61.92
50$110.08$82.99
55$148.35$129.86
60$308.74$233.92

 

Universal Life Insurance

 

For consumers who prefer permanent life insurance with a cash accumulation component, Transamerica offers traditional universal life insurance as well as indexed universal life insurance. Unlike whole life insurance, Universal life products are flexible so that the policyholder can change the premium and face amount to accommodate life changes during their lifetime.

 

Transamerica Final Expense Life Insurance

 

With the influx of baby boomers entering the senior product marketplace, Transamerica offers competitively priced final expense whole life insurance in three different policy types to accommodate healthy and not-so-healthy seniors. Here are the highlights for each policy type available:

 

 Immediate Solution10-Pay SolutionEasy-Pay Solution
Eligible Ages0 to 850 to 8518 to 80
Minimum Face Amount$1,000$1,000$1,000
Maximum Face Amount$50,000 age 0 to 55
$40,000 age 56 to 65
$30,000 age 66 to 75
$25,000 age 76 to 85
$50,000 age 0 to 55
$40,000 age 56 to 65
$30,000 age 66 to 75
$25,000 age 76 to 85
$25,000
Benefit PayoutFull death benefitFull death benefitModified first 2 years
Premium PaymentLife of insured10 yearsLife of insured
UnderwritingNo medical exam
Health questions on App
No medical exam
Health questions on App
No medical exam
Health questions on App

 

Immediate Solution

The Immediate Solution final expense policy is designed for seniors in good health and provides permanent whole life insurance for a lifetime. There are no waiting periods and this policy offers the lowest rates of the three.

10 Pay Solution

The 10 Pay Solution policy is for applicants who want to have paid-for life insurance coverage for a lifetime. The payments are higher than the immediate solution since the insurer will only collect premium payments for 10 years at the most.

Easy Pay Solution

Transamerica’s Easy Pay Solution product is for applicants who do not medically qualify for the Immediate or 10 Pay Solution products.

The death benefit for the first two years of coverage is 110% of all premiums paid if death is from natural causes. The death benefit for death from accidental causes is 100% from the first day of coverage.

 Here are sample Immediate Solution rates for $20,000 in coverage for a healthy male and female non-smoker: 

 

Age of ApplicantMale Non-SmokerFemale Non-Smoker
50$57.89$47.07
55$68.43$54.81
60$84.05$63.87
65$109.48$79.68
70$145.74$104.41
75$196.49$142.21
80$276.88$204.65
85$397.29$293.68

 

In Conclusion

 

We have found over the years that Transamerica is one of our best resources for insurance solutions and the company continually provides excellent claims service and customer service to customers and agents.

In many cases, Transamerica will likely be the best fit for your situation but until you contact us about your insurance needs, it’s impossible for us to recommend them for every situation. To be sure if Transamerica is the best solution for your circumstances and needs, contact the insurance professionals at BurialInsurance360.

Check out our reviews of other Life Insurance Companies

 

Sentinel Security Life

Americo Life Insurance Company

Mutual of Omaha

Lincoln Heritage Life

Colonial Penn

Globe Life

 

We're Here To Help
For more information about Transamerica Life Insurance and to get a free and confidential quote, call the insurance experts at BurialPolicy360 at (800) 712-8519 during normal business hours, or contact us through our website at your earliest convenience.

Doug Mitchell Ogletree FinancialDoug Mitchell, President of Ogletree Financial, holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, and home and auto insurance. For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life, he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents. Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of several insurance-related websites.