Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
Transamerica was founded as a financial services company in 1906 and has grown by leaps and bounds since its early days. The company was acquired by the Aegon Group, an asset management company with global aspirations, in 1999. As a result, Transamerica has increased its market share, especially in the life insurance space.
In addition to offering life insurance marketed under the Transamerica name, the company provides various retirement benefits, annuities, and other investment products. As a life insurance provider, Transamerica underwrites its policies and boasts an A rating for financial strength from AM Best, an A1 rating from Moody's, and an A+ rating from S&P Global.
If you're in the market for a life insurance policy, you should also know Transamerica offers term, index universal, whole life, and final expense life insurance. Read on to learn about this company's life insurance offerings and other product details.
Life insurance plans from Transamerica
Transamerica offers both term life insurance and permanent life insurance coverage. This is more than buyers expect from companies like Ethos. But it doesn't provide the diversity of products you might expect with companies like New York Life or Northwestern Mutual. The company also makes it possible to get an online quote for its term coverage, although you'll need to speak with an agent to get an estimate on pricing for its permanent policies.
The primary coverage options from Transamerica include the following:
Types of life insurance | Coverage Length | Builds Cash Value |
Term life insurance | 10-30 years | No |
Index universal life insurance | Lifetime | Yes |
Whole life insurance | Lifetime | Yes |
Final Expense life insurance | Lifetime | Yes |
Read on for an overview of each type of life insurance offered through Transamerica, along with policy details specific to the company.
Transamerica term life insurance
Term life insurance is a life insurance product purchased for a specific time. Generally, it's purchased to protect the family if the policyholder passes during prime working years. Consumers pay premiums for the duration of the policy, and the death benefit applies for a limited term. As a result, the death benefit is frequently higher than similarly priced permanent life insurance products. When a term life insurance policy expires the policyholder is no longer insured and is no longer required to pay premiums. Some policies can be converted to permanent life insurance policies. But rates will most likely rise, and coverage inevitably drops. Conversion is also not guaranteed. Policies are underwritten based on the applicant's age and health at the conversion point.
With Transamerica, term life insurance policies last from 10 to 30 years. These policies offer limits of $25,000 to $10 million for qualified buyers. In addition, Transamerica is among the life insurers offering conversions to permanent life insurance during a policy's "conversion period."
Term life insurance through Transamerica is available to individuals ages 18 to 80. In addition, it may be available to applicants with no medical exam for policy limits of up to $2 million. Transamerica also makes it possible to get term life insurance quotes online.
Transamerica index universal life insurance
Index universal life (IUL) insurance is a type of permanent coverage that builds cash value with the potential to grow in value through investment with added downside protection. This type of coverage also offers flexible premiums, and you can customize your plan with riders to tailor coverage to your needs. In addition, unlike whole or term policies, buyers don't get one set death benefit. Instead, the longer you pay into the policy, the more the death benefit is when a claim is made.
Index universal life insurance from Transamerica is available in two different options:
- An FCIUL policy covers high earners who want to maximize cash value accumulation and receive tax-advantaged income distributions. The minimum policy limit for the FCIUL policy starts at $250,000.
- An FFIUL policy covers individuals seeking adequate death benefit coverage, flexible riders, and traditional IUL benefits. The minimum policy limit for the FFIUL policy is $25,000.
Transamerica whole life insurance
Whole life insurance from Transamerica offers guaranteed death benefits, cash value accumulation, and a level premium. This permanent life insurance coverage lasts a lifetime, although policyholders can spread premiums over multiple pay durations.
Whole life insurance limits available through Transamerica vary. Therefore, we recommend speaking to a licensed insurance agent to determine your eligibility.
Transamerica final expense life insurance
Final expense life insurance is a type of permanent coverage meant to cover the insured's final expenses, including funeral costs, estate expenses, and more. Policy limits range from $1,000 to $50,000, and the death benefit is guaranteed.
This type of policy does not require a medical exam, and automated underwriting makes life insurance easy. Transamerica allows customers to get a quote for final expense life insurance online without speaking with an agent.
Additional coverage options from Transamerica
Customers can customize some Transamerica life insurance policies with riders and add-ons. The following coverage options may apply depending on the type of life insurance you purchase, your age, and other factors:
- Accelerated death benefit rider: This rider can help the insured get an accelerated death benefit when diagnosed with a terminal illness.
- Children's benefit rider: Children's benefit riders help the insured add on life insurance benefits for their dependents.
- Chronic illness rider: Policyholders with a chronic illness may be able to access some of their death benefits during their lifetime. The insurer lays out the exact terms to qualify.
- Disability waiver of premium rider: This rider will waive your premium while maintaining your policy benefits if you become permanently disabled during the policy's term.
- Income protection option: This rider will begin paying your family a regular benefit to replace your income upon death.
How much do Transamerica life insurance policies cost?
The cost of life insurance from Transamerica can vary widely based on factors like the type of policy purchased, the insured's age, the death benefit, and more. Fortunately, the company makes it possible to get an online quote for some of the coverage options it offers.
We got a quote for a 30-year, $500,000 term life insurance policy for a 43-year-old woman and found estimated monthly premiums started at $73.53. Conversely, a 30-year term life insurance policy worth $100,000 for a 23-year-old man came with monthly premiums starting at just $13.52 per month.
Generally speaking, permanent life insurance coverage costs more than term policies. However, permanent life insurance policies offer a death benefit that lasts a lifetime. Some permanent coverage options also pay dividends. The policyholder can borrow against the earned value. To get a quote for permanent life insurance through Transamerica, you'll need to call the company or fill out one of its contact forms. Then you can speak with one of its agents.
How do I file claims with Transamerica?
Transamerica offers several different ways to file a life insurance claim. First, however, you'll need to start the process by gathering the following information:
- Insured's name
- Certificate number
- Social Security number
- Life insurance claim forms (which can be downloaded at tebcs.com)
Once you have the required information handy, you can file a life insurance claim with Transamerica using the following strategies:
- File a claim over the phone by calling 855-244-8318
- Submit a claim online at tebcs.com
To file a claim online with Transamerica, you'll need to visit the Transamerica website and create a login and password.
Compare Transamerica vs. State Farm
If you compare life insurance companies, State Farm is another highly-rated company that could work well for your insurance needs. This company earned the top spot in JD Power's latest US Individual Life Insurance Study with 839 out of 1,000 possible points last year. State Farm also offers various types of life insurance to suit your needs, including term life, whole life, and universal life insurance.
Alternatively, Transamerica scored below the industry average at 740. While both companies offer a range of competitive life insurance products, customer satisfaction indicates State Farm may make the process easier. The choice of agents may also be a factor. State Farm hires captive agents trained to quote and sell State Farm products exclusively. Transamerica had a history of "group interviews" designed to hire people with no experience in insurance or sales to be licensed later on. As such, State Farm agents are much more knowledgeable, leading to a better customer experience.
Compare Transamerica vs. Colonial Penn
Colonial Penn is another life insurance company to consider if you're looking for guaranteed acceptance life insurance with no medical exams. The coverage you can purchase from Colonial Penn is similar to Transamerica's final expense life insurance, and this company has an A rating for financial strength from AM Best. So financially speaking, the companies are similar. At this time, Colonial Penn is not rated by JD Power. Alternatively, TrustPilot's Colonial Penn reviews are often quite harsh.
Colonial Penn claims its premiums start at just $9.95 per month, and it offers flexible payment options and a guaranteed death benefit. However, sources indicate life insurance policies are purchased in "units." On its face, the company may advertise an easy $9.95 payment for a $25,000 funeral policy. In reality, seniors qualify for only a fraction of the advertised number, and the price of all units combined is much higher. While Transamerica has limited options, its products are advertised in a way that makes sense to the average consumer.
Compare Transamerica vs. Northwestern Mutual
Northwestern Mutual is another highly-rated life insurance company you can consider, particularly if you want to invest in permanent coverage with an agent for a personalized experience. The company scored above the industry average, scoring 794 out of 1,000. It offers diverse insurance products, and Northwestern Mutual agents are extensively trained and knowledgeable to answer all your questions.
Northwestern Mutual outperforms Transamerica from agents to available life insurance policies in many ways. Many policies are pricier than Transamerica, but those policies also have higher payouts, more rider options, and more flexibility for buyers looking for an investment vehicle or retirement option.
Methodology
To create this review, we compared Transamerica life insurance policies and coverage options with a wide range of insurers. We rank companies based only on the facts we gather and do not change our opinions based on company preferences.
You can shop with a licensed insurance agent to find the ideal life insurance coverage. While Business Insider offers a comprehensive overview of the life insurance options offered by different companies, a life insurance professional can help guide you toward the right coverage for your needs and budget.
Transamerican Frequently Asked Questions
Transamerica offers some term life insurance policies to eligible individuals with no medical exam required. However, this only applies to term policies worth up to $2 million. Further, applicants must answer questions about their lifestyle decisions and medical history as part of the application process.
Transamerica offers final expense life insurance coverage with automated underwriting and no medical exams.
Transamerica is a highly-rated insurance company with solid financial strength ratings. The company boasts an A rating for financial strength from AM Best, an A1 rating from Moody's, and an A+ rating from S&P Global.
Transamerica offers term life insurance, whole life, index universal life, and final expense life insurance coverage.
Transamerica life insurance policies can be purchased from as little as $1,000 for final expense coverage to up to $10 million for some types of term coverage.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.