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Transamerica Life Insurance Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Founded in 1928 and headquartered in Cedar Rapids, Iowa, the Transamerica Corporation primarily offers different types of insurance and investment services. The company's insurance products include health, life, long term care, and Medicare supplement. Transamerica is one of the largest and highest rated providers of insurance in the United States.
 
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How is Transamerica rated?

Breakdown

4.5/5
Company Stability
3.5/5
Reputation
4.5/5
Policies & Coverage

Overall Rating: 4.3 / 5 (Excellent)

Transamerica offers a wide array of life insurance policies and options beyond the customary term offerings. Policy features are also plentiful as well allowing policyholders to maximally customize policies to their needs. However, the companies reputation for customer experience is so-so. Additionally, being a more traditional and longstanding institution, online and mobile access and tools could be improved.

Financial Strength

Key Details

Underwriter
Transamerica Life Insurance Company
Marketshare
1.89%
Premiums Written 2019
$2,417,880,893
Standard & Poor's Financial Rating
AA-
Moody's Financial Rating
A1
AM Best Financial Rating
A+

Company Stability - 4.5 / 5

Transamerica has a significant US marketshare and high to superior financial strength ratings from all the top rating agencies. The company has a long reputation for creditworthiness and claims paying ability. Customers who purchase life insurance policies with Transamerica can be assured they are dealing with one of the most stable of institutions. This could, however, translate into higher premiums and less flexibility in the realm of online and mobile experience.
*The above information reflects the market share, premiums, and financial strength of the issuer of the Transamerica life insurance policies: Transamerica Life Insurance Company.

Reputation & Customer Experience

National Association of Insurance Commissioners

NAIC Complaint Ratio 2017
0.57
NAIC Total Complaints 2017
88
*The NAIC complaint ratio (in this case 0.57) is a ratio of the number of complaints a company received for the total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Customer Ratings

BBB Rating
C
Number of BBB Positive Reviews
2
Number of BBB Neutral Reviews
1
Number of BBB Negative Reviews
15
Date Collected
2017-08-29

Reputation - 3.5 / 5

Transamerica had fewer than the median number of complaints with the NAIC at 88 for 2017. It carries a C grade with the BBB, mainly for not addressing customer complaints. All told, customer experience with Transamerica tends to run average with similar amounts of positive and negative reviews.

Transamerica Policies

Transamerica offers customers the following life insurance policies: Term, Whole Life, Universal Life, Variable Universal Life, Guaranteed Acceptance/ Final Expense.

Term Life Insurance

Maximum Death Benefit
$1,000,000
Available Terms
10 year
15 year
20 year
25 year
30 year

Key Term Policy Features

  • Term-Permanent Conversions
  • Guaranteed Level Premiums
  • Guaranteed Renewability
  • Waiver of Premium
  • Accelerated Death Benefit

Policies & Coverage - 4.5 / 5

As far as policy options goes, Transamerica provides for almost anything you could possibly need in the realm of life insurance. Term policies have coverage limits of up to $1,000,000. Features and term lengths are definitely on the more flexible side when compared with other companies. This is no doubt because Transamerica is a stalwart financial institution with a long history in providing life insurance and other financial services.

Flexibility and Available Riders

Available Term Life Riders

  • Child Protection Rider
  • Guaranteed Insurability Rider

Flexibility & Available Riders - 0 / 5

Additional Company Information

Homepage URL
https://www.transamerica.com/individual/products/insurance/life-insurance/
Company Phone
(800) 797-2643
Headquarters Address
4333 Edgewood Road, Cedar Rapids, IA, 52499
Year Founded
1920

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Customer Comments & Reviews

Loading Reviews ...
E
Edward b
8/1/2019
We had 2 life insurance policies with Transamerica since 9/30/08 through an agent. As we were approaching the end of the 10 year term period we had several discussions with the agent that we wanted to terminate policy at 9/30/18 as premium was due to increase 8-10 fold. Related: World Financial Group - Transamerica *KEEPS* Your FFIUL Money When You Die One policy was due to increase from $168 to $1,276 and the other from $38 to $460 per month. There would be no reason to pay those premiums unless you were terminally ill and uninsurable or lost your mind. I instructed him that upon expiration we would search for best alternatives. There was no rush as we had other coverage from other... Read More

Top Rated
Our Partner
  • The only 100% no medical exam term life insurance
  • Ages 18 to 60 are eligible to apply
  • Term life policies $50,000-$1.5 million in coverage
  • Company offers 10, 15, 20, 25, and 30-year terms
  • Monthly premiums as low as $10
  • Featured in WSJ, CNN, Forbes, TechCrunch & Money.com
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