TIAA no longer sells new life insurance policies as of January 1, 2020. Existing policyholders can still manage their coverage, file claims, and update beneficiaries. TIAA holds top-tier financial strength ratings from all four major rating agencies, so current policies remain secure. If you need new life insurance, you’ll want to compare quotes from other top-rated carriers.
If you’re researching TIAA life insurance, there’s one thing you need to know right away. TIAA stopped accepting new life insurance applications on January 1, 2020. The company still services existing policies, but you can’t buy a new one.
That’s a big deal if you landed here looking for coverage. The good news is that if you already have a TIAA policy, your coverage is backed by one of the strongest financial companies in the country. And if you’re shopping for new life insurance, there are plenty of excellent options available.
This review covers TIAA’s financial strength, the policies they still service, why they left the life insurance market, and what alternatives make sense if you need coverage today.
Is TIAA a Good Insurance Company?
TIAA is one of the most financially stable insurance organizations in the United States. When it comes to paying claims and meeting obligations, very few companies can match their track record.
TIAA is one of only three insurance groups in the country to hold top-tier financial strength ratings from all four major rating agencies, including the highest possible marks from A.M. Best and Fitch.
| Rating Agency | Rating | Meaning | Affirmed |
|---|---|---|---|
| A.M. Best | A++ (Superior) | Highest possible | July 2025 |
| Fitch Ratings | AAA | Highest possible | August 2025 |
| S&P Global | AA+ | Second highest | August 2025 |
| Moody’s | Aa1 | Second highest | May 2025 |
These ratings mean TIAA has an exceptional ability to meet its financial obligations. If you hold an existing TIAA life insurance policy, you can feel confident the company will be there to pay your claim.
TIAA manages approximately $1.6 trillion in assets and serves over 5 million individuals at more than 15,000 institutions. The company has been in business since 1918, giving it over a century of experience in financial services.
TIAA Life Insurance Products (Existing Policies Only)
While TIAA no longer issues new policies, the company continues to service its existing life insurance book. Here’s a quick look at the products TIAA policyholders may currently hold.
Term Life Insurance
TIAA’s term life policies offered guaranteed level premiums for 10 to 30 years with death benefits starting at $100,000. These policies were renewable and could be converted to permanent coverage. If you have an existing TIAA term policy, your conversion options are still governed by your original contract.
Universal Life Insurance
TIAA’s universal life policies provide permanent coverage with flexible premiums. The cash value grows tax-deferred, and policyholders can adjust their premiums within policy guidelines. TIAA marketed these under the Intelligent Life product line.
Variable Universal Life Insurance
This option works like standard universal life but gives policyholders access to investment options for the cash value component. That means more growth potential, but also more risk. The cash value performance depends on the underlying investments you choose.
Survivorship Universal Life Insurance
TIAA’s survivorship policies cover two people under one policy. The death benefit pays out after the second insured person passes away. This was a popular option for estate planning because it typically costs less than two separate policies.
What Can Existing Policyholders Do?
If you currently hold a TIAA life insurance policy, you can still:
- File life insurance claims by contacting TIAA directly at 800-223-1200
- Update your beneficiary information through your online TIAA account
- Make premium payments on your existing policy
- Access cash value through loans or withdrawals on permanent policies
- Review policy performance reports online through tiaa.org
Why Did TIAA Stop Selling Life Insurance?
TIAA made a strategic decision to exit the individual life insurance market at the end of 2019. The company wanted to focus on its core strengths: retirement planning, asset management, and annuities.
This wasn’t a sign of financial trouble. TIAA’s ratings actually improved after the change, and the company continued to grow its retirement and investment business. With $1.6 trillion in assets under management, TIAA remains a dominant player in the retirement space, particularly for educators, healthcare workers, and nonprofit professionals.
For existing policyholders, the life insurance division operates in what the industry calls “run-off” mode. That simply means TIAA honors all existing contracts and pays all claims. They just don’t write new business.
A Brief History of TIAA
The Carnegie Foundation created Teachers Insurance and Annuity Association of America in 1918. The original mission was simple: help teachers retire with dignity by providing guaranteed retirement income and life insurance.
In 1952, TIAA introduced the first variable annuity through the College Retirement Equities Fund (CREF). This was a groundbreaking product that allowed retirement savings to be invested in stocks for the first time. The company became widely known as TIAA-CREF, though it officially shortened back to just “TIAA” in 2016.
Over the decades, TIAA expanded well beyond education. The company now serves medical, governmental, cultural, and research institutions across the country. In 2014, TIAA acquired Nuveen Investments to strengthen its asset management capabilities.
TIAA previously owned a banking division, but sold it in 2023. That bank now operates independently as EverBank and is no longer part of the TIAA organization.
Today, TIAA remains a not-for-profit organization focused on helping people in the academic and nonprofit sectors plan for a secure retirement.
Alternatives to TIAA Life Insurance
Since TIAA isn’t accepting new applications, you’ll need to look elsewhere if you need life insurance. The good news is there are dozens of highly rated carriers that offer excellent coverage.
The type of policy you need depends on your situation. If you’re looking for affordable protection for a specific period, term life insurance is usually the best fit. It covers you for 10, 15, 20, or 30 years at a locked-in rate. If you’re a senior looking for coverage to handle funeral and burial costs, final expense insurance is designed specifically for that purpose.
The best way to find the right policy at the right price is to compare quotes from multiple carriers. As an independent agency, we work with over 30 top-rated insurance companies. That means we can shop the market for you and find coverage that fits your needs and budget, with no pressure and no obligation.
Frequently Asked Questions
Does TIAA still sell life insurance?
No. TIAA stopped accepting new life insurance applications on January 1, 2020. The company continues to service and honor all existing policies but does not issue new coverage. If you need life insurance, you’ll need to apply with a different carrier.
What happens to my existing TIAA life insurance policy?
Your policy remains fully in effect. TIAA continues to pay claims, process premium payments, and service all existing life insurance contracts. The company’s top-tier financial ratings confirm it has the resources to meet all policyholder obligations.
Can I still convert my TIAA term life policy to permanent coverage?
Conversion options depend on your specific policy contract. TIAA’s term policies historically included conversion provisions that allowed policyholders to switch to permanent coverage. Contact TIAA directly at 800-223-1200 to confirm what options are available under your contract.
Is TIAA financially stable enough to pay my life insurance claim?
Yes. TIAA holds the highest possible financial strength rating from A.M. Best (A++) and Fitch (AAA), along with top-tier ratings from S&P (AA+) and Moody’s (Aa1). With $1.6 trillion in assets under management, TIAA is one of the strongest financial institutions in the country.
What are the best alternatives to TIAA for life insurance?
There are many excellent carriers to consider. The best option depends on your age, health, coverage needs, and budget. An independent agent can compare quotes from multiple top-rated companies to find the right fit. We work with over 30 carriers and can help you find affordable term life or final expense coverage.
Key Takeaways
- TIAA no longer sells new life insurance policies as of January 1, 2020, but continues to service all existing coverage.
- The company holds top-tier financial strength ratings from all four major rating agencies, including the highest possible marks from A.M. Best (A++) and Fitch (AAA).
- Existing policyholders can still file claims, update beneficiaries, make payments, and access cash value.
- TIAA shifted its focus to retirement planning and asset management, its core business since 1918.
- If you need new life insurance, comparing quotes from multiple carriers through an independent agent is the best way to find affordable coverage.
Looking for life insurance? We work with 30+ top-rated carriers to find coverage that fits your needs and budget. Get a free quote today or call us at 800-712-8519 to speak with a licensed agent.
