Transamerica is a financially stable life insurance company with 120+ years of history and an A (Excellent) AM Best rating. They offer competitive term life rates and flexible final expense options, though customer satisfaction scores rank below average. Best for healthy applicants seeking affordable term coverage or seniors needing burial insurance.
Transamerica has been selling life insurance since 1904. That’s more than 120 years of paying claims through the Great Depression, multiple recessions, and every market downturn in between.
As an independent agency with 30 years of experience, we work with over 30 life insurance companies. Transamerica is one of the carriers we regularly recommend, especially for term life insurance and final expense coverage. They’re not perfect for everyone, but they excel in specific situations.
This review covers what Transamerica does well, where they fall short, and who should consider them for coverage.
Transamerica Financial Strength and Ratings
Before trusting any company with your family’s financial protection, you want to know they’ll be around to pay claims. Here’s where Transamerica stands:
AM Best Rating: A (Excellent)
This rating means Transamerica has an excellent ability to meet their ongoing insurance obligations. In plain terms, they have the money to pay your claim when it matters.
Transamerica is owned by Aegon N.V., one of the world’s largest insurance and financial services companies. They currently have about 12.5 million policies in force across the United States.
Where They Fall Short: Customer Satisfaction
Here’s where we need to be honest. Transamerica’s customer service reputation isn’t great.
In J.D. Power’s 2025 U.S. Individual Life Insurance Study, Transamerica ranked 18th out of 22 companies for customer satisfaction. Their NAIC complaint index is nearly four times higher than the expected baseline.
What does this mean for you? The company is financially rock-solid and will pay claims. But if you need to call customer service or make changes to your policy, you might experience slower response times than with other carriers.
Term Life Insurance Options
Transamerica’s term life insurance is where they really compete. Their Trendsetter series consistently ranks among the most affordable options for healthy applicants.
Available Term Lengths:
- 10-year term
- 15-year term
- 20-year term
- 25-year term (not many companies offer this)
- 30-year term (with extended age limits compared to most competitors)
Coverage Amounts:
- Minimum: $25,000 (lower than most competitors)
- Maximum: $999,999 (higher amounts available for qualified applicants)
The $25,000 minimum is worth noting. Many companies require at least $100,000 in coverage. If you only need a smaller policy, Transamerica is one of the few options.
Trendsetter Super Series
This is their most affordable term product for healthy applicants. You get straightforward death benefit protection with level premiums for your entire term. No complicated features, just solid coverage at competitive rates.
Trendsetter LB Series
The LB series includes living benefits at no extra cost. This means you can access a portion of your death benefit early if you’re diagnosed with a terminal, chronic, or critical illness. The underwriting is stricter than the Super Series, but the added protection can be valuable.
No Medical Exam Options
Not everyone wants to deal with a medical exam. Transamerica offers several ways to get coverage without one.
For applicants under 60:
- Up to $250,000 in coverage without an exam
- Based on health questions and database checks
For applicants 60-70:
- Up to $50,000 in coverage without an exam
The no-exam option costs a bit more than fully underwritten coverage. But for people who value convenience or have scheduling challenges, it’s a solid choice.
Final Expense Insurance for Seniors
This is one of Transamerica’s strengths that aligns directly with what we specialize in at Best Life Quote. Final expense insurance covers burial costs and end-of-life expenses without requiring a medical exam.
Transamerica offers three final expense products:
Immediate Solution
Full death benefit from day one. No waiting period. Includes accelerated death benefits for terminal illness and nursing home confinement. Coverage amounts typically range from $5,000 to $25,000.
10-Pay Solution
Same benefits as the Immediate Solution, but you pay premiums for only 10 years. After that, your coverage continues for life with no more payments.
Easy Solution
This is a graded benefit policy for people who can’t qualify for the other options due to health issues. During the first two years, beneficiaries receive a return of premiums plus interest if death occurs from natural causes. After two years, the full death benefit applies.
All three options skip the medical exam. You’ll answer health questions on the application, but there’s no blood work or doctor visits required.
Who Should Consider Transamerica?
Based on our experience placing policies with them over the years, Transamerica works best for:
Good candidates:
- Healthy applicants looking for competitive term life rates
- People who want a 25-year term (limited options elsewhere)
- Seniors shopping for final expense insurance
- Anyone who prefers skipping the medical exam
- People with certain health conditions like Hepatitis C (Transamerica tends to be more favorable)
May not be the best fit:
- People who prioritize top-tier customer service
- Those who prefer managing everything online
- Applicants looking primarily for cash value or investment-focused products
How Transamerica Compares
When we quote term life insurance for healthy clients, Transamerica often lands in the top five most competitive carriers. They’re rarely the absolute cheapest, but they’re consistently competitive.
For final expense insurance, their Immediate Solution product compares favorably with similar offerings from other carriers we work with.
The main trade-off is customer service. If you value a smooth experience when making policy changes or filing claims, other carriers with higher J.D. Power scores might be worth the slightly higher premium.
Frequently Asked Questions
Is Transamerica a legitimate life insurance company?
Yes. Transamerica has been in business since 1904 and holds an A (Excellent) rating from AM Best. They’re owned by Aegon N.V., one of the largest insurance companies in the world. They have the financial strength to pay claims and have done so for over 120 years.
What is Transamerica’s AM Best rating?
Transamerica currently holds an A (Excellent) rating from AM Best. This indicates strong financial stability and an excellent ability to meet their obligations to policyholders.
Does Transamerica require a medical exam?
Not always. Transamerica offers no-exam term life insurance up to $250,000 for applicants under 60, and up to $50,000 for ages 60-70. Their final expense policies also skip the medical exam entirely.
Is Transamerica good for seniors?
Yes, especially for final expense insurance. Transamerica offers burial insurance policies for seniors with coverage starting as low as $5,000. They have options for people with health issues and don’t require medical exams.
Why does Transamerica have so many complaints?
Transamerica’s NAIC complaint index is higher than average, primarily related to customer service response times and policy administration. Their financial strength and claims-paying ability remain strong. The complaints generally involve service issues, not claim denials.
What term lengths does Transamerica offer?
Transamerica offers 10, 15, 20, 25, and 30-year term options. They’re one of the few companies offering a 25-year term, and they offer extended age limits for 30-year terms compared to most competitors.
Key Takeaways
- Transamerica holds an A (Excellent) AM Best rating with 120+ years of claims-paying history
- Their term life rates are consistently competitive, especially for healthy applicants
- Customer satisfaction scores are below average, so expect potential service delays
- Final expense options are strong for seniors, with no exam required
- The 25-year term and extended age limits for 30-year terms set them apart
- Best suited for people who prioritize price and financial strength over customer service experience
Ready to see if Transamerica is right for your situation? Use our quote tool on this page to compare rates. We’ll help you find the best coverage for your needs with no pressure and no obligation.
