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Transamerica Life Insurance Review


Rating: 8.4 / 10 (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.

How is Transamerica rated?

Breakdown

9/10
Financial Strength
7/10
Customer Experience
9/10
Policies
8/10
Flexibility

Overall Rating: 8.4 / 10 (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 2016
1.99%
Premiums Written 2016
$2,380,429,359
Standard & Poor's Financial Rating
AA-
Moody's Financial Rating
A1
AM Best Financial Rating
A+

Financial Strength - 9 / 10

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 financial strength of the underwriter of the Transamerica life insurance policies: Transamerica Life Insurance Company.

Reputation & Customer Experience

National Association of Insurance Commissioners

NAICS Complaint Ratio 2016
0.62
NAICS Total Complaints 2016
101
*The NAICS complaint ratio (in this case 0.62) is a ratio of the number of complaints a company received to the its 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.

J.D. Power 2016 Life Insurance Study

JD Power Overall Customer Satisfaction Score
2 out of 5 (The Rest)
Annual Statement & Billing
2 out of 5 (The Rest)
Price
2 out of 5 (The Rest)
Policy Offerings
2 out of 5 (The Rest)
Interaction
2 out of 5 (The Rest)

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

Customer Experience - 7 / 10

Transamerica had fewer than the median number of complaints with the NAICS at 101 for 2016. The company did, however, score lower than average in the JD Power Life Insurance survey. 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. Because we feel that Term Life insurance is a superior choice for most customers, we've focused our review on the Transamerica Term Life policy.

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 - 9 / 10

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 & Available Riders

Available Riders

  • Guaranteed Insurability Rider
  • Child Protection Rider

Flexibility - 8 / 10

Transamerica offers less plan riders than one would think given the size of the company. Also, being a more traditional institution, customers will have to communicate directly with agents. Although you can get a ballpark quote online, you will not be able to apply or get pre approved.

Additional Company Information

Homepage URL
Company Phone
(800) 797-2643
Headquarters Address
4333 Edgewood Road, Cedar Rapids, IA, 52499
Year Founded
1920

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