Transamerica Life Insurance: Comprehensive Plans, Quotes, and Review

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Transamerica Life Insurance Quotes

Use our Transamerica premium calculator to compare quotes, then apply for coverage in under ten minutes.

Note: We are an independent licensed insurance agency representing Transamerica Life Insurance (among 25 other life insurance companies) and provide a non-biased review of the products.

About Transamerica Life Insurance Company

Transamerica companies have been helping people achieve financial safety since 1906 and are one of the first insurance companies worldwide to recognize the link between wealth and health. They offer various retirement plans, life insurance, employee benefits, investments, mutual funds, and annuities. The financial strength ratings are some of the highest in the insurance industry:

How much does life insurance from Transamerica cost?

Transamerica is like all life insurers. It focuses on the risk and cost of life insurance. This includes your age, where you live, your medical history, the kind of coverage you have, and how much coverage you have. Term coverage has no permanence or cash value, so term insurance costs are cheaper than a whole or universal term policy. For example, a 3-year-old male non-smoker bought a 20-year term life policy with a $ 1 million coverage cost of $30.96.

Types of life insurance policies offered

Transamerica offers three types of life insurance: term, whole, and universal life. Term life insurance is for a set period and pays out if you die. Their whole life policy is permanent life insurance that lasts your entire lifetime and is designed to pay for funeral costs and other final expenses. Finally, indexed universal life insurance combines the features of both term and whole life insurance policies, providing financial security with flexible coverage options.

Term Life Insurance Options From Transamerica

Transamerica offers two life insurance policies: Trendsetter Super and Trendsetter LB. Their term life policies have different periods, between 10 and 30 years. They also have different amounts of money you can be protected for, anywhere from $25,000 to 10 million dollars. In addition, a medical exam may be required.

  • Between 18 and 45, you can get nonmedical underwriting for up to a $2 million life insurance policy.
  • If you are between the ages of 46 and 55, you can get nonmedical underwriting for up to a $1 million dollar life insurance policy.

Trendsetter Super

Trendsetter Super provides up to $10 million in coverage. The amount of coverage you choose is guaranteed to stay the same for the entire time you have the policy. If you want to, you can change your coverage to a different life insurance policy during the conversion period without going through more tests.

Trendsetter LB

The Trendsetter LB policy offers up to $2 million in death benefit protection. In addition, if you have a qualifying chronic, critical, or terminal illness, you may be able to use some of the death benefits while you are still alive.

Universal Life Insurance Options From Transamerica

Transamerica’s index universal life insurance can help protect your family in the event of the death of a loved one. This policy also offers the option to change how much money your loved ones receive if you die and options for changing your premium payments. However, there are some limitations to these options.

People should always be prepared for the future. If they die, their loved ones will have money to help replace lost income, pay off debt, or cover living expenses. Additionally, their life insurance policies could accumulate cash value, which can be used in retirement to meet their needs. That’s where the Transamerica Financial Foundation IUL comes in.

The Transamerica Financial Foundation IUL (FFIUL)

Transamerica’s FFIUL is an excellent life insurance option because the permanent coverage offers both a death benefit and the potential for your policy to grow in value.

  • The financial security offers a federal income-tax-free death benefit.
  • Policy value cash accumulation potential with vital interest and index account options can be used as a retirement plan.
  • A guaranteed minimum interest rate, or “floor,” brings safety by guaranteeing you will not earn less than a particular interest on your investment.
  • Tax benefits include tax-free loans and withdrawals, tax deferral on any earnings, and tax-free transfers between account options.
  • The accelerated death benefit covers several living benefits that will pay for medical expenses.
  • A medical exam is required in the application process.

Whole Life Insurance Options From Transamerica

If you want a life insurance plan with a guaranteed death benefit that offers level premiums and protection for life, whole life from Transamerica may be the answer. Their final expense policies offer level premiums that never increase, cash value accumulation, and death benefit protection that never decreases.

Transamerica’s Final Expense Solutions Portfolio provides level premiums with face amounts from $1,000 to $50,000. This means the amount you pay for your policy each month will stay the same, and you will be guaranteed a death benefit.

Transamerica ratings, reviews, customer satisfaction, and complaints

Transamerica has ratings based on its financial strength and customer reviews for its life insurance products and services. The firm’s A (Excellent) rating from AM Best shows it historically provided sufficient liquidity to cover the costs of death benefits. However, when you see customer reviews, the whole story is different. Transamerica scored 747 points in its 2021 Individual Living Insurance Study of the J.D. Power Group. This is above the average score of 747 points.

Reasons why Transamerica is a good option

Transamerica offers several life insurance policies that could be an excellent alternative to other companies. Their policies are flexible, with terms that can be changed if needed. Transamerica life insurance policies might also be a good choice for first-time insurers. For example, the IUL policy offers several accelerated death benefits (living benefit) options that cover chronic illness, terminal illness, an accidental death benefit rider, overloan protection, children’s benefit rider, disability waiver, and critical illness.

Reasons why Transamerica is not a good option

Transamerica’s whole life (final expense insurance) is limited and only designed for burial insurance purposes. They don’t offer a return of premium option with their term insurance. In addition, no traditional universal life policies are offered. As a result, the final expense policy doesn’t build cash value like a traditional whole-life policy.

Additionally, their customer service is pretty poor, and customers have complained they are difficult to deal with.

How do I buy life insurance from Transamerica?

Transamerica does not sell life insurance products online. Instead, you have to contact a licensed representative to buy a policy. The Annuity Expert is a licensed Transamerica life insurance agent.

Life insurance buying guide

Select the life insurance that is best for you. Consider a long-term or full-lifetime policy. Make a list of the benefits that the insurance company will offer you. Calculate how extended life insurance coverage will last. Check to see if any insurance company offers your desired coverage. Ensure your rates compare for similar coverage for the same period. Compare Transamerica life insurance rates with other insurance companies. Ensure that the medical criteria in the insurance plan correspond to your needs.

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Frequently Asked Questions

How much does life insurance from Transamerica cost for smokers?

Smoking is a significant factor in life insurance rates. Smokers often have to pay more than non-smokers. For example, a 30-year-old male smoker will pay $125.56 monthly for a 20-year term insurance policy for 1 million dollars, whereas a 30-year-old male non-smoker will only pay $30.96. You can contact us to learn more if you want to get life insurance without giving you any personal information.

How much does Transamerica life insurance cost for seniors?

As you get older, the cost of life insurance usually goes up. However, Transamerica’s Senior Rates were a good value and affordable. In addition, Transamerica’s rate is lower than the average compared with other providers, making them a much less expensive option and a good investment choice.

What happened to Transamerica Life Insurance?

Transamerica Insurance became part of Aegon Group, which provides life insurance and investment services to its investors worldwide. Aegon has over 22,000 people working for it, serving nearly 30 million consumers.

How do I contact Transamerica?

If you want to learn more about Transamerica, contact us (we’re a Transamerica agent) or visit their website. You can also call their customer service number, 1-800-797-2632, from Monday to Friday, 9 a.m. to 6 p.m. EST.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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