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Costs and Benefits of Transamerica Long Term Care Insurance


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
44 Customer Comments & Reviews - see all comments
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Transamerica Corporation is the holding company for several investment firms and life insurance companies operating under the Transamerica brand since 1928. The corporation's insurance companies have received high ratings from all major U.S. credit rating services, including an A+ (Superior) financial strength rating with A.M. Best.
 
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How is Transamerica rated?

Breakdown

4.5/5
Benefit Limits
4.5/5
Policies & Coverage
4.5/5
Customer Service

Overall Rating: 4.5 / 5 (Excellent)

Transamerica insurance companies are financially stable U.S.-based enterprises operating under the management of multinational life insurer AEGON N.V. Their products, which include everything from life and long term care insurance policies to annuities and retirement solutions, are backed by extensive industry experience as well as unbeatable financial strength and creditworthiness. Among their most flexible insurance options is the TransCare III LTCI policy, which can be customized through a comprehensive list of plan riders and several benefit options. The policy is simple and straightforward, featuring every existing care alternative as well as a pool of money approach for lifelong benefits. Anyone looking for a dependable long-term care insurance policy from a trusted provider may want to look into Transamerica's customizable LTCI options.

Policies & Coverage

Policies & Coverage - 4.5 / 5

Transamerica Life Insurance offers an individual long-term care insurance plan clients can customize through several benefit options and elimination periods. Although they do not market state partnership or group policies, Transamerica's TransCare III LTC insurance covers all available care options from in-home services to services rendered in qualified facilities such as adult daycares and nursing homes. TransCare also features an excellent selection of plan riders, with several inflation protection alternatives, as well as waiver of premium, return of premium, alternate care, shared care, full restoration of benefits, joint waiver of premium, and elimination period credit options.
Policy Types
Individual / Standard
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Medical Help Systems
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Shared Care
Return of Premium
Waiver of Premium
Alternate Care
Available Discounts
Partner / Household
Preferred Health

Inflation Protection

*Compound Benefit Increase Option: Provides for an annual 3% or 5% increase of the benefit amount minus paid claims *Tailored Benefit Increase Option: - A 5% compound benefit increase for individuals under 61 years of age - A 3% compound benefit increase available for those between the ages 61 and 75 - No more benefit increases after the policyholder's 76th birthday *Step-Rated Compound Benefit Increase Option: Premiums increase by 3% or 5% of the current premium as the benefit increases by 3% or 5% of the current benefit amount minus paid claims.

Claims & Benefits

Benefit Limits - 4.5 / 5

Daily benefit amounts offered through Transamerica Insurance Company can range from $50 to $500, with maximum policy amounts ranging from $18,250 to $1,095,000. There are also several elimination period options, from zero waiting periods to 365 days. To qualify for coverage, the policyholder must require substantial assistance to perform at least two of the six daily living activity requirements, or need constant supervision due to severe cognitive impairment. Since the company also extends a pool of benefits approach that allows customers to keep using available benefits past the policy's intended term, there is no limit to the benefit period, and policyholders may continue to receive payments for as long as there are funds available in the plan.
Maximum Daily Benefit Limit
$500 per day
Unlimited Lifetime Benefit Period?
Yes
Elimination Period
0, 30, 60, 90, 180 or 365
Eligibility Requirements
Activities of Daily Living Limitations
Alzheimer's or Cognitive Impairment

Financial Strength & Ratings

Financial Strength - 4.5 / 5

Transamerica's life insurance companies have been awarded stable long-term financial strength ratings from all major U.S. credit rating services and are deemed to have a superior ability to meet their ongoing financial obligations. Having been in operation for over a century, these businesses also offer vast industry experience which, paired with the unbeatable creditworthiness of its parent company AEGON International, ensures their life insurance products are of the highest quality.
Underwriter
Transamerica Life Insurance Company
Moody's Financial Rating
A1
AM Best Financial Rating
A+
Standard & Poor's Financial Rating
AA-
*The above information reflects the financial strength of the underwriter of the Transamerica long term care insurance policies: Transamerica Life Insurance Company.

Transamerica Reputation

Customer Service - 4.5 / 5

Transamerica Corporation is not accredited by the Better Business Bureau, and holds a C- rating with the organization based on 26, mostly negative, customer reviews. Although they have received a small number of complaints for an enterprise of their size, they remain well bellow the national median complain ratio for individual life insurance products as reported by the NAIC in 2016.
BBB Rating
C-
Number of BBB Positive Reviews
4
Number of BBB Neutral Reviews
1
Number of BBB Negative Reviews
26
Date Collected
2017-12-29

Contact & Additional Information

Company Type
Underwriter
Year Founded
1928
Homepage URL
https://www.transamerica.com/
Company Phone
(800) 797-2643
Headquarters Address
4333 Edgewood Road NE, Cedar Rapids, IA, 52499
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Customer Comments

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D
Deb
2/1/2022
Your company is not worthy of even 1 star rating. Denying claims based on a person's eligibility to receive veterans benefits through our state's VA community nursing home programs is illegal as well as unethical. I have been assisting/advocating for our SNFs residents and families, only to find that your company is one of the worst to work with. Not sure how you remain in business. Maybe due to the fact you target our most vulnerable population? I would not recommend anyone purchase any of your products. Your organization should be investigated by the government and have an outside vendor provide strong oversight of your practices.
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M
Michael G
1/22/2022
I have had no LTC claims experience as yet, thank goodness. BUT they have raised my premium at least twice and by a significant amount!
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G
gengrant16
11/27/2023
Transamerica long term care insurance deserves a negative 1000 for their horrendous customer service, literally hours on hold to talk to 'customer service' to be given the same old excuse documentation was not received when we know they received all the paperwork needed to pay my 94+ old mothers approved claim. I've read through all of the current complaints on this site and we are experiencing the same frustrating situation where you cannot talk to a supervisor, cannot talk to the person who is working on the claim and cannot not talk to a department manager to get the problem solved. We have filed a complaint with the Illinois Dept of Insurance and are contacting an attorney.... Read More
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N
Norma U
6/12/2023
My husband has been in a long-term care facility since mid-January of this year. It is now mid-June and we have received only one month's benefit payment. The customer service dept is not knowledgeable, trained well or adept or willing to do research. They are neither caring nor accurate. During the past 5 months I have called at least twice weekly and usually have to wait an hour or more to speak anyone. I have requested a supervisor call back. I was told 48 hours was the timeframe. I never received the call back. They do not even leave a message. It takes the company at least 20 business days to make any decisions and then another at least 20 days to receive a letter of decision.... Read More
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