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Transamerica Life Insurance Review

happy family protected by transamerica life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

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 a while during the 1990’s.

As an independent agent, I have relationships with over 30 life insurance companies and Transamerica is one of the best life insurance companies within the U.S. that I recommend.

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.

Transamerica Financial Strength

Transamerica has over $1 Trillion of life insurance policies in force.

Transamerica has been doing business for more than a century, too, and has maintained it’s financial strength ratings. Here are just a few:

  • an A+ from A.M Best
  • 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 Amounts

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

transamerica life insurance companyUnlike 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.

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 policyholder 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) rider which, essentially, grants the insured an opportunity to access some cash should a terminal illness occur.

There is also a Conversion endorsement included on all Express term policies that allow 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 requirements to take 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.

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 (CIADB) 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.

High Risk Options

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+).

A benefit of doing your research is choosing the right insurer who will provide you with the best benefits. 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 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.

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 of 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.

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 1-800-712-8519. We look forward to speaking with you regarding your life insurance needs.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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