A Review of Transamerica Life Insurance

There are hundreds and hundreds of different life insurance companies on the market, trying to choose between them can be a long and difficult process, but we are here to help. Because life insurance is such an important investment, it’s vital that you find the perfect company and policy for you.

Transamerica Life Insurance Review

Life insurance is one of the most important purchases that you’ll ever make. Without a proper insurance policy, your family would be left with all of your debt and final expenses. This could be a serious financial strain on your family. Having a life insurance policy is the best way to ensure that they have the money they need to pay off those expenses and not put any pressure on their budget.

Transamerica is one of the oldest providers of life insurance  in the U.S. The company dates back to 1904 and has over 19 million customers. The company was purchased by Aegon, a Dutch life insurance company, in 1999. Transamerica even operated in the United Kingdom for awhile during the 1990’s. But aside from their long standing history there are several reasons why I like this company when it comes to life insurance, which I will detail in this article.

As an independent agent, I have relationships with over 30 life insurance companies and Transamerica is one of best life insurance companies within the U.S. that I recommend. While they are an excellent company, they may not be right for you based on your age, health, and type of life insurance coverage needed. This is why comparing rates or speaking with us about your life insurance needs makes the most sense. Now that I’ve gotten that out of the way, let’s discuss why Transamerica could be a solid choice for you and your family.

Financial Strength

Transamerica has over $1 Trillion of life insurance policies in force. In business for over 100 years, they have excellent financial strength ratings from all the major industry watchdogs, like an A+ from A.M Best, and an AA- from Standard and Poor’s. All this tells you that you can expect them to be in business for many more years, which is obviously important if you plan to have a life insurance policy with them.

Policy Types and Amount

The company offers competitive pricing when it comes to term life insurance. Why they may not always have the cheapest price, they are usually among the top companies when it comes to rates. While many life insurance companies offer policies starting at $100,000 or more, Transamerica has a minimum policy amount of just $25,000. If you only need a small policy of $25,000 or $50,000, Transamerica makes an excellent choice.

Like other term life companies, Transamerica has various term length options. While most companies offer 10,15,20 and 30 year term, Transamerica offers all those options, as well as a 25 year term option. There are only a handful of companies that offer this option, and if that is the right term length for you, I would consider Transamerica. In addition Transamerica is the only company that would allow someone up to age 58 to buy a 30 year term life policy.

No Medical Exam Required

Unlike most of its competitors, Transamerica offers both term life policies that require an exam, as well as policies that do not require a physical exam. Seniors up to age 70 can get life insurance up to $50,000 without an exam, and those younger than 60 can get up to $250,000 of life insurance without the hassle of having an exam done.

Same with burial insurance policies from Transamerica that have even more lenient underwriting.  These plans are great for anyone that has any pre-existing condition, or are getting older. If you’ve ever been denied life insurance coverage, these plans can help you get the insurance protection that you and your loved ones deserve. Note, that if you are in excellent health you will likely get a better rate with an exam, and you have that option as well with Transamerica.

Transamerica Trendsetter Express Series Term

The Express Series term life insurance products that are offered by Transamerica provide a number of different options in terms of benefit durations. These include 10-, 15-, 20-, 25-, and 30-years. All of these policies offer guaranteed level premiums, with an annual increase only after the initial level premium period has elapsed.

With these term life insurance plans, a policy holder can obtain coverage with death benefits as low as $25,000 and a maximum face amount of $999,999 – and there is also the option to obtain a policy without the need for a medical exam for policies of up to $249,999. The Express Series term policies offer five different Standard classes of underwriting, along with four Preferred.

These plans also come with a great deal of flexibility due to their endorsements and optional riders. For example, all of the Trendsetter Express policies automatically come with a Terminal Illness Accelerated Death Benefit (TIADB) endorsement that offers the policy owner the option to access a portion of the death benefit if he or she has been diagnosed with a terminal illness and has a life expectancy of one year or less.

There is also a Conversion endorsement included on all Express term policies that allows policy owners to change their term life insurance plan to a level face amount permanent life insurance policy through Transamerica with no underwriting required, provided that the death benefit is the same or lower.

Another endorsement – the Income Protection Option (IPO) – will allow the policy owner to choose a specific form of payout for the policy’s death benefit, including either a lump sum at various times or monthly payments to the beneficiary, at the time of policy issue.

There are also various riders that may be chosen on the Transamerica Express term life insurance policies. These include:

  • Waiver of Premium Rider (WP) – Should the insured become totally disabled – and after the disability has continued for at least six months – the policy premiums will be waived retroactively from the beginning of the disability.
  • Monthly Disability Rider (MDI) – This rider provides a monthly income to the insured for up to two years if the insured is to become totally disabled with a qualifying injury or illness.
  • Accident Indemnity Rider (AI) – With the AI rider, the policy beneficiary will receive an additional amount of death benefit if the insured dies as a result of an accidental bodily injury. There are certain circumstances that must apply.
  • Children’s Insurance Rider (CIR) – There is also a Children’s Insurance Rider available. This rider provides insurance on all children of the insured. Coverage on each child will expire on the child’s 25th birthday.

Transamerica Trendsetter Super Series Term

The Super Series term life products also offer several policy durations to choose from, including a 10-, 15-, 20-, 25-, and 30- year plan. Here, too, coverage can be issued with face amounts between $25,000 and $999,999.

Applicants who are between age 18 and 60 may obtain coverage without the need for a medical exam for face amounts of $25,000 to $99,000 and those who are age 61 to 70 may do so for face amounts of between $25,000 and $50,000.

These policies offer guaranteed level premiums on all policy durations, and the premiums will increase annually thereafter. Within the Super Series, there are three Preferred classes of underwriting, as well as three Standard classes. In addition, there is also one underwriting class for unisex / unismokers.

As with the Express Series, the Super Series term life policies from Transamerica also offer the Income Protection endorsement, as well as the Waiver of Premium, the Accident Indemnity, and the Children’s Insurance Riders.

Transamerica Trendsetter LB Series Term

The LB Series term life insurance also offers policy durations of 10, 15, 20, 25, and 30 years. These policies provide face amounts that range between $25,000 on the low end to a high of $999,000 with the possibility for non-medical underwriting up to $249,999 (with age and risk class limitations).

Guaranteed level premiums are available for all policy durations, with premium increases annually after the initial level premium period. As with the Express Series, the LB Series policies offer five different Standard underwriting classifications, and four Preferred.

In addition to the Terminal Illness Accelerated Death Benefit (TIADB) endorsement, the LB policy series plans also offer a Chronic Illness Accelerated Death Benefit (CHADB) whereby if the insured is chronically ill, a portion of the policy’s face amount can be accessed for use in advance of death. A licensed health care practitioner must certify that the insured is unable to perform, without substantial assistance, at least two of six activities of daily living.

There is also a Critical Illness Accelerated Death Benefit (CRADB) endorsement. Here, if the insured is diagnosed by a physician with a critical health condition such as a heart attack, stroke, or cancer, he or she may access a portion of the policy’s face amount.

The LB policy series also offers an Income Protection Option endorsement, as well as the Waiver of Premium, the Monthly Disability Income, the Accident Indemnity, and the Children’s Insurance Riders.

Transamerica for High Risk

If you have a pre-existing health condition Transamerica may approve you while others won’t. For example, I often choose Transamerica for those that have Hepatitis C. Transamerica tends to be more aggressive in approving life insurance in these situations and make an excellent choice if you have Hepatitis C.

There are a lot of companies that will deny you coverage if you have Hepatitis C, or your rates are going to be much less affordable. Transamerica is one of the best companies for insuring anyone that has Hepatitis C, the pre-existing condition should prevent you from getting the insurance coverage that your family wants.

Reviewing Your Situation is Key

If you are in average to excellent health, the best way to find out which life insurance company you should select is by comparing quotes among highly rated companies (with ratings of A or A+).

One of the most important things to do when choosing an insurance company, is to make sure that the company is financially sound. You want to ensure that whichever company you pick is stable enough and won’t go bankrupt before your family can get the payout from the policy.

Comparing insurance companies and the different plans is the best way to ensure that you get the most affordable life insurance possible. Working with an independent agent is the best and quickest way that you can do that. Unlike a traditional agent, independent agents, like ourselves, work with dozens of different insurance companies across the United States. Instead of having to call all of the agents yourself, we can bring all of the lowest rates directly to you. You would be calling different companies and answer the same questions over and over, but your time is valuable don’t waste it trying to get quotes from companies.

Additionally, if you want to save money, you’ll need to quit smoking. Being listed as a smoker is going to cause your insurance rates to double or triple, regardless the state of the rest of your health. The best way to save money is by kicking your bad habits like smoking or using chewing tobacco.

If you want to get the lowest insurance rates possible, you’ll also need to focus on your health and get in the best shape possible. Unless you choose a no medical exam policy, the results from your health exam are going to play a huge role in how much your insurance premiums are every month. If you want to save money, it’s time that you started a healthy diet and get regular exercise. Both of these can help you lose weight, lower your blood pressure, lower your cholesterol, and help you get much better results from the insurance company.

If you have any questions about Transamerica Life insurance, or any other life insurance company like AllstateColonial Penn Life or Globe Life Insurance, please contact us today. We would be happy to answer those questions and clear up any confusion. We are dedicated to helping our clients get the best possible coverage at an affordable rate. If you want to get the insurance protection your family needs, let’s start the process today!

You can do that using our quote tool right on this page, or by calling us.  If you have a specific health condition, it’s best to speak with us so that we can recommend the right strategy based on your situation. You can call us at 1-888-552-6159. We look forward to speaking with you regarding your life insurance needs.

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Doug Mitchell

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