This is why comparing rates or speaking with us about your life insurance needs makes the most sense.<\/p>\n
Now that I\u2019ve gotten that out of the way, let\u2019s discuss why Transamerica could be a solid choice for you and your family.<\/p>\n
Transamerica Financial Strength<\/h2>\n
Transamerica has over $1 Trillion of life insurance policies in force.<\/p>\n
Transamerica has been doing business for more than a century, too, and has maintained it’s financial strength ratings. Here are just a few:<\/p>\n
- \n
- an A+ from A.M Best<\/li>\n
- an AA- from Standard and Poor\u2019s<\/li>\n<\/ul>\n
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.<\/p>\n
Policy Types and Amounts<\/h2>\n
The company offers competitive pricing when it comes to term life insurance.<\/p>\n
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<\/a>.<\/p>\n
If you only need a small policy of $25,000 or $50,000, Transamerica makes an excellent choice.<\/p>\n
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<\/a>.<\/p>\n
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.<\/p>\n
No Medical Exam Required<\/h2>\n
![\"transamerica](\"https:\/\/www.bestlifequote.com\/wp-content\/uploads\/2018\/06\/transamerica.png\")
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<\/a>.<\/p>\nSeniors up to age 70 can get life insurance<\/a> 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.<\/p>\n
Same with burial insurance policies from Transamerica that have even more lenient underwriting. \u00a0These plans are great for anyone that has any pre-existing condition or are getting older. If you\u2019ve ever been denied life insurance coverage, these plans can help you get the insurance protection that you and your loved ones deserve.<\/p>\n
Transamerica Trendsetter Express Series Term<\/h2>\n
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.<\/p>\n
With these term life insurance plans, a policyholder can obtain coverage with death benefits\u00a0as low as $25,000<\/a>\u00a0and a maximum face amount of $999,999 \u2013 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.<\/p>\n
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.<\/p>\n
There is also a Conversion endorsement included on all Express term policies that allow policy owners to change their term life insurance plan<\/a> 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.<\/p>\n
Another endorsement \u2013 the Income Protection Option (IPO) \u2013 will allow the policy owner to choose a specific form of payout for the policy\u2019s death benefit, including either a lump sum at various times or monthly payments to the beneficiary, at the time of policy issue.<\/p>\n
There are also various riders that may be chosen on the Transamerica Express term life insurance policies.<\/p>\n
These include:<\/p>\n
- \n
- Waiver of Premium Rider (WP)<\/strong> \u2013 Should the insured become totally disabled \u2013 and after the disability has continued for at least six months \u2013 the policy premiums will be waived retroactively from the beginning of the disability.<\/li>\n
- Monthly Disability Rider (MDI)<\/strong> \u2013 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.<\/li>\n
- Accident Indemnity Rider (AI)<\/strong> \u2013 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.<\/li>\n
- Children\u2019s Insurance Rider (CIR)<\/strong> \u2013 There is also a Children\u2019s Insurance Rider available. This rider provides insurance on all children of the insured. Coverage on each child will expire on the child\u2019s 25th birthday.<\/li>\n<\/ul>\n
Transamerica Trendsetter Super Series Term<\/h2>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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\u2019s Insurance Riders.<\/p>\n
Transamerica Trendsetter LB Series Term<\/h2>\n
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).<\/p>\n
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.<\/p>\n
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\u2019s 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.<\/p>\n
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\u2019s face amount.<\/p>\n
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\u2019s Insurance Riders.<\/p>\n
High Risk Options<\/h2>\n
If you have a pre-existing health condition Transamerica may approve you while others won\u2019t.<\/p>\n
- Monthly Disability Rider (MDI)<\/strong> \u2013 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.<\/li>\n
- Waiver of Premium Rider (WP)<\/strong> \u2013 Should the insured become totally disabled \u2013 and after the disability has continued for at least six months \u2013 the policy premiums will be waived retroactively from the beginning of the disability.<\/li>\n