2022 Transamerica Life insurance Company quotes Reviews, Pros and Cons
How is Transamerica Life Insurance company Reviews, Pros and Cons? How much is term and Permanent Policy quotes? What is Transamerica Life Insurance Policy types and Coverages?
Transamerica Life Insurance is an A+ rated company that has been around since 1905. Transamerica with all pros and cons, is at the forefront of digital innovation. In 2016, it won an award for its technical innovation in mapping the customer journey from InformationWeek, which sounds very promising reviews. If you’re looking for a life insurance provider that offers great term life insurance (regardless of whether or not you smoke, even!), Transamerica could be the company you’re looking for.
Life insurance policies from Transamerica have coverage up to $2 million for whole life and up to $10 million for term life insurance. Transamerica term life insurance is available to anyone between 18 and 80 years old. In addition to term and whole life insurance, Transamerica offers universal life and final expense insurance. The Transamerica company also has many rider options that consumers use to customize policies according to their needs. Customers can figure out the amount of coverage they need and get a quote on the Transamerica Life Insurance company’s website, then review pros and cons of each. Also check out other insurance companies like the aarp life insurance reviews
Transamerica Life insurance company riders
- Accelerated Death Benefit With Nursing Home Benefit: Available for final expense policies, subject to state availability, the accelerated death benefit with nursing home benefit rider would pay the face amount upon diagnosis of a qualifying event or confinement in a qualified nursing facility.
- Accidental Death Benefit: If you pass away due to an accidental bodily injury, the accidental death benefit rider would provide a death benefit for the face amount of your final expense policy.
- Children’s Benefit: Add a rider to your index universal policy to get fixed-rate term insurance for children up to 18 years of age.
- Chronic Illness Accelerated Death Benefit: If you are diagnosed with a qualifying chronic illness and have this rider on your policy, you can access a portion of your death benefits early to pay for your care.
- Disability Waiver of Premium: If you become disabled, this rider waives the monthly premiums for the duration of your disability by applying the rider benefit as the policy’s premium payment.
- Terminal Illness Accelerated Benefit: If you receive a terminal illness diagnosis, you can receive a portion of your death benefit while you’re alive.
How is Transamerica Life Insurance Policy types
- Whole life insurance: Offers level premiums and a guaranteed death benefit with guaranteed cash value
- Term life insurance: This runs a specific time period and has lower premiums
- Universal life insurance: Has both cash value and a death benefit, may be able to use cash value to pay premiums
- Index Universal life insurance: Can combine death benefit with ability to build cash value over time
- Final expense life insurance: As the name suggests, helps cover final expenses when a loved one passes away
Reviews, Pros And Cons Compilation
Transamerica Life Insurance Pros
- Up to $50,000 in coverage available without an exam
- Wide array of policies for all age ranges
- Easy web access to all forms necessary to file any claim
- Transamerica Life insurance Company accept some health conditions that other companies may not.
- Faster than average application approval
- You can get up to $10 million in coverage on just a term life plan, which his quite high for the industry
- Transamerica offers a wide range of insurance products beyond life policies, including dental, long-term care and annuities, not to mention and other financial services such as mutual funds and IRAs.
- Policies are issued and backed by a large and financially stable company.
- You can get quotes for term life insurance and buy the policy online.
- Wide range of products including term life insurance, whole life insurance, universal life insurance, guaranteed life insurance, and accidental death insurance.
- You can get side by side product comparisons on their website so you can see how Transamerica life insurance prices and product features compare to each other.
- Lenient underwriting for some types of mild health conditions. Always consult with the company or agent for the specific underwriting guidelines.
- Uses your actual birthday (age last birthday) to calculate your age instead of age nearest birthday (makes you a year older 6 months before your birthday). This can at certain times lead to a better price compared to other leading carriers.
- You can receive a quote for and purchase a term policy online.
- Transamerica offers a wider range of products than most companies, such as a standalone accidental death policy (this is typically found as a rider on other policies) and final expense life. The term and universal policy categories also include a wide range of products.
- Transamerica’s online resources make shopping easier for first-time buyers. For instance, it features a page that allows you to compare certain types of policies against others, so you can see the differences more clearly.
- Offers relatively high death benefit options.
- Low consumer complaints through the NAIC
- Flexible options involving living benefits and converting policies
- Good term life insurance for smokers
- A range of insurance types available
- Offers financial advice and guidance on the website
- Electronic application
- Living Benefits allows early access to your death benefit
- Additional riders available, depending on the policy (Child Protection Rider, Disability Waiver of Premium Rider, Accelerated Death Benefit Rider, and Accidental Death Benefit Rider)
- Transamerica Life insurance Company have a broad life insurance product lineup.
- Strong history and financial ratings.
- Customers can set-up unique website log-ins
- Policy-type search tool on the Transamerica website
- Many no-exam policies available
- Life insurance explorer to help users find the right policy
- Better-than-average rates for smokers or those in poor health
- Can borrow against cash value of some policies
- Most policies offer a level premiums
- One of the pros is that it has a mobile app.
- another pros is that Online quotes available for some policies: While many life insurance companies require you to speak to an agent to get any information on pricing, Transamerica does allow you to get online quotes on select policies.
- Interactive tool to help choose a life insurance plan: Transamerica’s Plan Explorer tool can help you identify the right life insurance plan for your family, health, and budget. If you’re not sure whether you want term, whole, universal, or a final expense plan, the tool can be useful during your decision-making process, and different policy reviews.
Transamerica Life Insurance Cons
- Customer service rankings are less than average (NAIC and J.D. Power)
- Live customer service is not available 24/7
- Transamerica Life insurance Company has more expensive rates than most companies.
- If you want to update your beneficiaries or change payment info – you’ll need to complete paper forms
- Transamerica has whole life, but it is essentially a final expense policy, with face amounts that only go up to $50,000.
- They have a long application process.
- A medical exam is required to be able to purchase a policy with Transamerica
- Received more complaints than expected for a company its size.
- Online quotes not available on all insurance options, While you can get an online quote with term life insurance, online quotes are not available for Transamerica’s other policies.
- Live agents tend to be centered around only the largest cities in some areas
- Fewer options for non-medical life insurance versus other leading carriers.
- Preferred Plus rates are not as competitive as other leading carriers.
- You can not manage your life insurance policy on the Transamerica mobile app. The Transamerica mobile app is free to anyone to download, but is geared only toward retirement planning and not the administration of your life insurance policy.
- Transamerica Life insurance Company’s online offerings aren’t terribly robust. For instance, although it is possible to file a claim online, the website provides no contact information or guidance on how to do so. Additionally, you can pay your bill online, but the service is offered through Western Union and involves you paying an extra fee.
- The Transamerica mobile app is only for life insurance sales agents, but not for life insurance policyholders.
- The company below average scores from J.D. Power for its customers’ experiences with billing, payment and interactions with the company.
- No way to get a quote online, but that’s common for life insurance
- Policy delivered by mail
- Many policy quotes require talking to an agent directly
- Universal and whole life cancellation policies are not publicly available
- AM Best rating recently downgraded: In 2019, AM Best, the credit rating agency focused on the insurance industry, after reviewing pros and cons of Transamerica, downgraded the Financial Strength Rating of Transamerica from A+ to A.2
- While an A rating is still strong, being downgraded is a significant change in the insurance industry, and reflects increased risk.
- No access to financial professionals: While other insurance companies allow you to consult with financial professionals to help you make decisions about your insurance policy and review your needs, Transamerica doesn’t have that option. If you need help, your only choices are to talk with Transamerica’s general customer support team or an insurance agent.
Transamerica Life Insurance Last User Reviews and Comments
Reviews that Recommends
- I have a an IUL with Transamerica and I am happy with the service I had. My agent was great and went above and beyond to help me. I also contacted customer service for Transamerica and the representative was very knowledgeable about the product. I am satisfied with the services I received.
- Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. Only hope is that we won’t ever be required to make a claim, but glad to know that it’s there in case of death.
- They have always been attentive, responsive, helpful and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.
- As far as services are concerned, Transamerica have a call back option where people do not have to wait on the phone. I used the call back option all the time. My agent and Transamerica have provided me with excellent services and have been responsive to my requests
- I’m satisfied at this point, my agents is okay however I would appreciate her mores if she’d reached out to me from time to time just to say hello order checking in to make sure you’re good. Make me feel secure or just new offers or better upgrade packets just saying. As a consumer this is an important part of our time.
- I have 7 different accounts with Transamerica and they have been great to work with over the years! My wife and I started our first account 11 years ago and have been impressed by their customer service and how their accounts perform. I had 250k term coverage with a different company and was able to double my coverage with the same premium. It hasn’t always been a perfect interaction, but they have been great to fix mistakes and take ownership for them which is great to see from a company you place your life savings with. One of the best companies out there in the financial industry, coming from a former wall street stock trader!
Reviews that does not recommend
- This might be the worst company ever. Their business practices are unethical and totally unacceptable. They will draft a payment right on time and then wait six to nine weeks to reimburse you your money all the while collecting interest on your money. Totally ridiculous, despicable, and unethical. Better Business Bureau should give them an F. NEVER USE THIS UNETHICAL COMPANY!
- I received the worst customer assistance [. . .] When I asked about withdraw funds two weeks ago they stated they would follow up with me. It’s two weeks later and they are now stating that my funds are on hold because they messed up my paperwork last week. I explained I needed money for hardship. They stated, ‘Oh well our process doesn’t allow that.’ How is it possible for them to hold my funds? Plus the attitude from the associate was horrible. I will never use them for retirement again
- My experience with this company has been an absolute nightmare. The level of incompetence within this company is unacceptable. It took two months for them to retrieve information from my job. A week later I called to check on the progress and I was informed that the representative forgot to submit my request for a disbursement. Almost two weeks later they finally mail the disbursement but to someone else’s address. I immediately requested a stop payment on the check.
- Their website is awful, their communication is worse. I got roped into a life insurance/retirement fund combo by a friend from college and it was the worst decision I’ve ever made financially. Put over 10 thousands dollars in it and saw my cash value go up maybe 3 grand, and when I went to close it there was a cash surrender charge of over 9 grand. One star is too many for this company honestly.
- If you call to buy a product, you get directly through. If you call regarding a claim, the wait is interminable. That translates to hours! “We apologize for the delay… your call is very important to us… Due to high call volume”. The most unprofessional site I’ve ever been on. If my call were so important… if you had more staff… if you truly wanted to address a claim… I would not have wasted 5 hours today without talking to anyone. You should be embarrassed even to have a “customer service” department. “Thank you for calling our “CUSTOMER AVOIDANCE” Dept.
- My mother passed away a couple of weeks ago. I am on my 3rd phone call to get assistance with filing a death claim. I have now been on hold for over 9 hours combined with all calls, and have yet to speak to a representative. According to their policy, it is up to the consumer to notify them in “a timely manner”, yet there is no one to answer the calls. I am aware that you can go to the website and download forms, but when there are multiple policies involved, questions need to be asked and answered
- DO NOT DO BUSINESS WITH THIS COMPANY! I have tried now for several days to cancel our policy, which we did not want to begin with. I have been placed on hold for endless wait times with no answer from a live representative. I have never known a company that could provide such lousy customer service and still be in business but I have found one in this company. Save yourself the time and heartache and find another insurance company.
- Rip off! These people can’t be trust. Please be aware of what you sign up for. 401k isn’t **! The penalties for withdrawal is outstanding. Come out better putting your pennies in a piggy bank. You’re gonna be old, mad and broke…
after reviewing Transamerica Life Insurance Pros And Cons, We recommend that you also review the following: