Transamerica Life Insurance: Comprehensive Plans, Quotes, and Review

Shawn Plummer

CEO, The Annuity Expert

When it comes to life insurance, there are a lot of different options to choose from. Transamerica is one of the top providers in the United States, and they offer a variety of policies to choose from. So, is Transamerica the right provider for you? This Transamerica life insurance review will take a look at the pros and cons of Transamerica’s life insurance policies.

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

Transamerica Life Insurance Quotes

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About Transamerica Life Insurance Company

Transamerica companies have been helping people achieve financial safety since 1906 and are one of the first insurance companies in the world 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:

  • A.M. Best: A
  • Moody’s: A1
  • S&P Global Ratings: A+

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 things like 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 values, so the cost of term insurance is cheaper than a whole or universal term policy. For example, a 3-year-old male non-smoker who bought a 20-year term life policy with 1 million coverage cost $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 of time and pays out if you die during that time. 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. 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 different types of 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. A medical exam may be required required.

  • If you are between the ages of 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 $1 million.

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 having to go through any more tests.

Trendsetter LB

The Trendsetter LB policy offers up to $2 million in death benefit protection. 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 you the option to change how much money your loved ones receive if you die, as well as options for changing your premium payments. However, there are some limitations to these options.

People should always be prepared for the future. This means that 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 a great 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 basic interest account and index account options that can be used as a retirement plan.
  • A guaranteed minimum interest rate, or “floor,” brings safety by guaranteeing that you will not earn less than a certain amount of 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 are looking for 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, as well as 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 that the amount of money 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. But 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 a number of life insurance policies that could be a good alternative to other life insurance 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. The IUL policy offers several accelerated death benefit (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. No traditional universal life policies are offered. The final expense policy doesn’t build cash value like a traditional whole life policy.

How do I buy life insurance from Transamerica?

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

Life insurance buying guide

Transamerica Life Insurance

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 long life insurance coverage will last. Check to see if any insurance company offers your desired coverage. Make sure your rates compare for a similar amount of coverage for the same period of time. 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 big 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 each month for a 20-year term insurance policy for $1 million dollars, whereas a 30-year-old male non-smoker will only pay $30.96. If you want to get life insurance without giving any personal information, you can contact us to learn more.

How much does Transamerica life insurance cost for seniors?

As you get older, the cost of life insurance usually goes up. But we found that Transamerica’s Senior Rates were a good value and affordable. Transamerica’s rate is now lower than the average when 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 around the world. Aegon has over 22,000 people working for it, and they serve nearly 30 million consumers.

How do I contact Transamerica?

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

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

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

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