Review of Transamerica Life Insurance Company

by Jeff Rose on April 4, 2012 · 0 comments

Transamerica Life Insurance Company ReviewWith consistently high ratings and impressive financial strength it’s no wonder how Transamerica is one of the top life insurance companies in the world.

Bringing innovative and unique services and products to clients can be difficult, a challenge that Transamerica has stepped up to and passed.

With dependable policies at affordable rates, finding the right policy for you is completely possible.

Taking the time to look and browse through the impressive selection of policies and features is well worth the time. It is also worth your time to obtain quotes from several different companies, such as Americo Insurance Company, Banner Insurance Company or Fidelity Life Association Insurance Company, before you make your final decision, to make sure you get what is best for you and your needs.

Transamerica Life Insurance History and Financial Strength

One large insurance and financial company that has a good reputation in the industry is Transamerica. This company began back in 1904 as the Bank of Italy. Its founder, Amadeo Giannini, formed the firm in a converted saloon in San Francisco, California, with the ultimate mission of making financial services available to all people, not just the wealthy. Soon afterwards, following the 1906 San Francisco earthquake, the firm was able to follow up on its promise by making funds available to many residents for helping them to rebuild.

Two decades later, in 1928, the firm merged with Bank of America, and soon after that, it acquired Occidental Life Insurance Company via Transamerica Corporation. In 1956, the company took on the name Transamerica, and in 1972, it took on its famous Transamerica pyramid building.

Throughout the next few decades, Transamerica grew and acquired many more companies – and in 1999, it became a part of a leading financial entity, Aegon N.V. Today, Transamerica offers a wide variety of insurance, financial, and retirement plans and helps millions of clients to build strong financial futures.

The company is considered to be strong and stable financially, and because of that, it has received high marks from the insurer rating agencies. These include the following:

  • A+ from A.M. Best – A+ is the second highest out of 16 possible ratings from A.M. Best.
  • A1 from Moody’s – A1 is the fifth highest of 21 possible ratings from Moody’s.
  • AA- from Fitch – AA- is the fourth highest out of 19 possible ratings from Fitch.
  • AA- from Standard & Poor’s – AA- is the fourth highest out of 21 possible ratings from Standard & Poor’s.

Transamerica is also an accredited company with the Better Business Bureau (BBB). It has been given a rating of A+ by the BBB (out of a rating scale of A+ through F). The company has received a total of 249 complaints over the past three years, of which 93 have been closed in the past 12 months.

Products Offered Through Transamerica

Transamerica offers a wide variety of insurance, annuities, and financial products. The life insurance plans that are offered by Transamerica can serve a multitude of needs. These include term, universal, variable, and whole life plans, as well as accidental death and final expense coverage. You can receive a quote from Transamerica to see how much is life insurance per month for you and your specific needs at the time to help you make a final decision on which company is best for you.

Term Life Insurance

A TransTerm life policy is available for all potential clients up to age 85, already beating out the age limits from most other companies. If your needs change during your term period, even with an increase in premiums you’ll be able to extend the term without reapplying.

Having the convenience of not needing to apply for an extension helps many clients who run into unexpected problems and need to extend their policies, and with optional benefits for most needs, it’s easy to see why TransTerm policies can compete with other company’s offers.

The first $1,000,000 term life policy that I bought was through Transamerica and their rates are very competitive.

Whole Life Insurance Products

There are several different whole life insurance products that are offered by Transamerica. These include individual and group policies. There is also a guaranteed whole life insurance product that those who may have adverse health issues could consider, as it does not require a medical exam as a part of the underwriting process.

Individual whole life plans range in face amount from $2,000 up to $50,000. Oftentimes, these particular policies are purchased for the purpose of paying for final expenses. These policies will also include a cash value component with tax-advantaged savings that can be either borrowed or withdrawn by the policyholder for any type of need that he or she sees fit.

The group whole life insurance that is offered by Transamerica provides policyholders access to whole life insurance coverage via participating employers. All that is required to participate in these plans is the answering of just a few health related questions. Face amounts on these plans go up to $25,000 in guaranteed coverage.

Universal Life Products

Universal life is a type of permanent life insurance coverage. This means that coverage is in force for the entire life of the insured – provided that the premium continues to be paid. These plans are considered to be more flexible than whole life insurance because the timing and the placement of the premium can be dictated – within certain guidelines – by the policyholder.

A universal life insurance policy will also allow tax-deferred growth on the cash value component of the plan. Transamerica offers both individual and employer-sponsored universal life insurance plans.

Variable Universal Life Insurance Products

Another type of permanent life insurance – variable universal life – is offered through Transamerica. These policies offer a death benefit as well as a cash value component. However, the funds that are in the cash-value component of the policy are allowed to be invested into professionally managed accounts. This can allow for additional growth potential (as well as additional risk, so it is important to also be aware of this factor).

As with a regular universal life insurance plan, the policyholder of a variable universal life insurance policy can make adjustments to the premium payments and / or the death benefit as needed in order to meet their ongoing changing needs.

Accidental Death Insurance

With accidental death insurance, an individual will have death benefit coverage – which is a guaranteed amount of funds that is paid out to his or her beneficiary (or beneficiaries) should the insured die as the result of a covered accident. This accidental death benefit amount of coverage will be paid out in addition to other life insurance coverage. In addition, accidental death insurance will also provide financial support to an insured if he or she is involved in an accident that leaves them without a vision and / or a limb.

In order to purchase an accidental death insurance policy from Transamerica, there is no medical exam required as a part of the underwriting process. This type of policy may be purchased either on its own as a stand-alone policy, or in conjunction with another type of insurance plan.

Final Expense Life Insurance

Another type of life insurance coverage that is offered by Transamerica is final expense. Today, the cost of the average funeral in the United States can be in excess of $10,000. This is especially the case when you factor in the price of one’s burial plot, headstone, transportation, and the memorial service itself. Therefore, having final expense life insurance can help to ease the financial strain on a person’s loved ones at an already difficult time.

These policies typically have coverage amounts of $5,000 to $25,000, are no medical exam policies, and oftentimes, they are purchased by those who are between the ages of 50 and 80. A final expense insurance policy can save loved ones from having to dip into savings in order to pay for the final needs of a loved one. Transamerica offers options for this type of coverage to its customers.

Transamerica is a Top Life Insurance Provider

Transamerica brings affordable policies to over 13 million clients, and as a top insurance company it’s easy to see why. With unique and customizable term life policies to choose from, solid universal life, quality variable universal life, and excellent whole life insurance, it’s not wonder why Transamerica has risen as one of the top financial companies. Don’t leave your loved ones in trouble when you’re gone, a policy from Transamerica can be just what you need to provide peace of mind during those stressful times.

How and Where to Obtain the Best Life Insurance Quotes

If you are seeking the best quotes for Transamerica Life Insurance policies – or for any life insurance coverage – typically the best way of going about it is to work either with a company or with an agency that has access to more than just one insurance carrier. This is because by doing so, you will be able to more directly compare, in an unbiased manner, the policies, the benefits, and the premium quotes, of multiple insurers – and to then make a determination regarding which one will work the best for your needs, as well as for your budget.

When you are ready to begin comparing life insurance coverage options, we can help. We work with many of the top life insurance companies that are in the marketplace today – and we can assist you in obtaining all of the details that you will need in order to make a more informed purchase decision. We can do so quickly and easily – all from your computer – and without having to meet with an insurance agent in person. When you are ready to move forward, all you need to do is fill out the form on this page.

If you should find that you have any additional questions as you go through the process, our experts are here to assist you. We can be reached directly via phone, toll-free, by dialing 888-836-7071.

We can walk you through how to obtain a life insurance policy quote, as well as how you can determine the amount of coverage that you need in order to ensure that your survivors and loved ones won’t have to face financial hardship. So, when you are ready to move forward with obtaining the life insurance protection that you need, contact us – we’re here to help.

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