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Transamerica Life Insurance Review 2020



  transamerica company logo

Transamerica Life Insurance Company is one of the more well known insurance companies in america.

It has an iconic logo that reflects its San Francisco roots. It has a century of stability and broad name recognition. These features alone can put Transamerica Life Ins Co on your shortlist for your next life insurance policy. policy or just $ 10,000 in final cost recovery?

And what about customer service, the buying process, medical examinations, riders, cash value and special insurance terms? Is this coverage a good value for your premium dollars?

These are all good questions when shopping for some form of life insurance. I answer them in this Transamerica life insurance reviews.

Transamerica Life Insurance Values ​​- Economic Strength

  transamerica life insurance reviews, classic red high rise building coming out of an all caps black transamerica logo

Let's get out of the way first: Transamerica credit rating checks the right boxes in the department for financial strength and stability.

No, this Cedar Rapids, Iowa based operator does not have top rated ratings like MassMutual, Northwestern Mutual, and New York Life.

But it has a centuries-old legacy of solidity, which is reflected in Transamerica ratings from independent credit rating agencies:

  • Transamerica AM Best Rating: A (Excellent)
  • Moody & # 39; s: A1
  • S&P : AA-

Is Transamerica Legit?

Rating agencies such as AM Best analyze the books in the private offices of the country's life insurance companies.

Rating or better said that the company has a good financial position and should be able to pay the death benefits of its police officers in the coming years.

Insurance companies make money by selling new insurance policies, collecting premiums and investing premiums. But they can not sell too many insurances without risking their future solvency.

So a company like Transamerica Life Insurance Rating, which has solid ratings, has a good ratio between new and existing insurance policies.

[19459008Conclusion: Transamerica Premier Life Insurance Company Rating is solid, making it a stable partner for your financial future. But these ratings have nothing to do with customer service performance or the features that an insurance company offers new customers.

Transamerica Customer Service

The best judgments for customer service strength come from companies such as JD Power, the Better Business Bureau (BBB) ​​and the National Association of Insurance Commissioners (NAIC).

Here is what their latest studies say:

  • JD Effect: Rated Transamerica 2 out of 5
  • NAIC: Complaints of 1.3 (slightly above the median 1.0)

What does this mean? The JD Power number (2 out of 5) is not as simple as it may seem, so here's a small context: To even be reviewed by JD Power Transamerica Life Insurance Company had to do the study's 25 best life insurance companies.

Yes, Trans America Life Insurance reviews of their customers landed them among the top players in the top 25 companies, but this rating does not reflect the entire life insurance industry covering nearly 1,000 providers. Believe me, you can do a lot worse when you are outside the top 25 to 40 providers.

The NAIC relationship works as follows: The association measures all complaints filed against life insurance providers, calculates the median number of complaints, and places the median as number 1. Transamerica customer service at 1.3 means that it receives slightly more complaints than the median number for the industry.

Conclusion: Transamerica customer service can be much better.

Online Transamerica Life Insurance Reviews Shed More Light…

Online Transamerica reviews from current policyholders on sites such as Consumers Advocate, Consumer Affairs and TrustPilot can tell you about a company.

Online Premier Life Insurance Company reviews skew to the negative. If you are reading these Transamerica online insurance reviews, do not put too much stock in a person's opinion. Look for trends that show problem patterns instead.

  • Transamerica BBB: A-
  • Consumer Affairs: 3 of 5
  • Consumers Advocate: 3 of 5

What does it mean?

Given the general negativity in Transamerica customer reviews, Transamerica holds life insurance reviews quite well. Transamerica BBB aka Better Business Bureau, points means they are trying to resolve complaints from policyholders to BBB.

Transamerica Complaints

Transamerica customer complaints tend to be for customer service issues. Fortunately, they are financially sound and consistently pay out on their policies, but getting hold of someone who cares and can help you can keep you up.

Conclusion: You will find lots of anger online reviews but I do not see any worrying trends from current policyholders that would scare me from Transamerica Consumer Services. The more pressing question when shopping for life insurance is whether the insurer can meet your specific needs.

Working with Transamerica Insurance Company

The following details help some life insurance dealers decide whether to work with a carrier, so let's get them out of the way before we move on:

  • Availability: Almost all of Transamerica's life insurance products are available in all states. New York State does not allow the company's lifetime policy that we will look at below.
  • Medical Examinations: If you buy less than $ 100,000 in coverage, you can qualify for Transamerica without any life insurance; instead, you answer a medical questionnaire. Larger insurances almost always require a medical examination.
  • Application: You must work with a licensed trans-American life insurance agent or financial advisor to purchase this coverage.
  • Online Access: Transamerica Life Ins Co. still uses paper forms to handle most changes to your policy. You can also call to handle most of these details. Do not expect updated apps that you would get with Bestow Life or Haven Life's visibility policy.
  • Payment methods: You must pay your premiums via bank draft; no credit cards or online payments. This is actually a good thing because it reduces the likelihood of you forgetting to update a credit card and having a coverage delay. Most insurance policies offer a 2 to 3 percent discount for making annual instead of monthly payments.

If you are okay with these terms, it's time to move on to the types of insurance that Transamerica offers.

Transamerica Life Insurance Types [19659022] To review so far: Transamerica Life Insurance Co. has financial stability and sufficient customer support to work with you on something as important as life insurance.

But does this carrier have the type of insurance you need, and how much would you pay in premiums?

Here is a breakdown of Trans America life insurance types:

Transamerica Term Life Insurance Policies

Transamerica Life Insurance Review has two categories for its term life insurance products.

Both futures policies provide 10, 15, 20, 25 and 30 year terms. Death benefits range from $ 25,000 to $ 10 million!

Most of these insurances require a medical examination, but if you buy less than $ 100,000 in coverage, you can skip the medical examination.

You also have three death benefit options for both types of lifelong insurance policies from Transamerica that include:

  • Level Period – which provides a fixed death benefit.
  • Decreasing maturity – where the death benefit decreases over time.

Trendsetter Super Series

This policy provides coverage of up to $ 10 million. The premium would increase dramatically after the term is over, but the idea with term life is that you no longer need as much coverage when the term expires.

This policy also allows you to convert your term coverage. to a universal life insurance from Transamerica when the semester expires without having to carry out another medical examination – a valuable benefit if your health is not as strong in a few decades.

Transamerica Living Benefits (Trendsetter® LB)

In addition to its death benefit, this term policy from Trans America Life Insurance specializes in "Transamerica Living Benefits." You can claim part of your death benefit before you die by using the faster death distributor for qualified chronic, critical or terminal illnesses.

As with all lifetime quality assurance policies, your premiums will remain level during the term but will begin to increase dramatically after the period expires if you do not convert the coverage to an entire life policy or cancel the coverage.

Compare Prices With Transamerica

Transamerica Whole Life Insurance Policies

A Transamerica Whole Life Policy is a permanent form of life insurance that lasts the rest of your life. Along with the death benefit, your insurance will slowly accumulate its own cash value. An entire life policy becomes an asset you can use later in life.

The disadvantage of permanent life insurance is its cost, which can be 15 to 20 times more expensive than a lifetime equivalent.

To lower the cost, I will probably need to lower the death benefit. This is good if you do not need a huge policy. But I recommend term life if you have a young family, are planning a family or need a large coverage like $ 1 million or $ 2 million.

Some people use permanent life insurance in their pension plans together with other financial services such as annuities, IRAs and 401 (k) s. Transamerica distinguishes itself with this type of coverage because the insurer is part of a larger financial service provider.

Transamerica full life insurance offers coverage up to $ 2 million and Transamerica group lifetime insurance for employers who want to offer insurance as an employee benefit

The entire life insurance in Transamerica works well as final coverage, also known as funeral insurance. You can buy insurance with $ 25,000 or $ 50,000 in coverage and your children or grandchildren can use the death benefit to pay for your funeral and other final expenses.

Transamerica Indexed Universal Life Reviews

Transamerica Indexed Universal Life Insurance is another type of permanent life insurance. Like all of life, these insurances provide life cover, death benefits and accumulation of cash values.

But Transamerica-indexed universal life insurance is more flexible. You can change the insurance premiums or their death benefit later in your life by using the cash value of the insurance.

Transamerica Insurance Company offers:

  • Transamerica-indexed universal life insurance: This type of coverage connects your insurance's growing cash value to a stock index such as the Dow or S&P 500. Your cash can grow faster, which improves the flexibility of your policy . It can also shrink during a bear market.
  • Variable Universal Life Insurance: You can invest your policy's growing cash in funds managed by Transamerica. Cash can grow faster or your insurance may lose value depending on market conditions. These insurances come with safety measures to prevent large losses, but they also cover gains when the market rises.

Unless you are working on a retirement plan, the best life insurance options do not include an investment component. I always recommend keeping life insurance separate from your investments unless you have a good reason to combine the two.

If you want a market connection to your life insurance, however, Trans life insurance is one of the best because it has expertise in both fund-based investment and life insurance.

Transamerica Final Expense Life Insurance

Transamerica Final cost insurance is a type of full life insurance with a specific purpose: To provide a small amount of life insurance coverage to pay for your funeral, cremation or other final expenses such as small debts.

Also known as funeral life insurance, the final cost of life insurance coverage usually has affordable premium payments due to the smaller death benefit.

Transamerica Life Ins Co has competitive life insurance premiums for final coverage.

Life Insurance Rider From Transamerica

Transamerica Life Insurance Company offers insurance riders to let you customize your entire life or your life coverage.

Riders will add your prizes but will also make your coverage more flexible.

Term Life Riders

You can add these riders to a Transamerica term life insurance:

  • Accelerated death profit rider: You can access 75% of your policy's death benefit (up to $ 250,000; dependent at whichever is lower) to help pay for medical expenses if you are diagnosed with a qualified terminal illness and have less than a year to live.
  • Rider in case of accident compensation: If you died in an accident, life insurance Transamerica would double the amount paid to your beneficiary if the accident was caused by a bus or train or other "common carrier". This rider can also provide financial support if you lost a limb or lost your sight due to an accident.
  • Child Welfare Driver: Can extend some of your coverage to your children as long as they are minors. [19659013] Premium riders' return: If you survived until the end of your period policy, you could claim back all premiums you paid for a 20- or 30-year insurance policy.
  • Waiver of premium riders: If a disability prevented you from working, you can keep the life insurance policy without having to pay the premiums for a certain period of time (requires a waiting period of 6 months).

Whole life rider

Whole life insurance plans through the Transamerica company, you can add these riders:

  • Accelerated death profit rider
  • Accidental death rider
  • Child protection rider

Where Does Transamerica Life Ins Co Excel with Life Insurance?

So I & # 39; We have talked about policy types, customer satisfaction views and financial strength. But here's a secret about life insurance companies:

When working with a top 25 life insurance company like Trans life insurance, the most important question is "How will the company's insurers view my application?"

Life insurance is a subjective company. If you are categorized as a high-risk applicant, you pay more and should choose another operator. But if you fall into one of Transamerica's insurance niches, this may be the best insurance company for you.

Transamerica Company distinguishes itself with applicants who:

  • Are older than 70 and need a full or final cost life insurance plan. [19659059] Has heart disease or cholesterol problems in his medical history.
  • Are young and healthy and want a long-term life insurance plan.

But I would suggest you look elsewhere if:

  • You smoke, vape or use any other tobacco product
  • You have a history of mental illness such as schizophrenia
  • You have recently had a DUI or a shaky driving history over the last three years
  • You travel regularly outside the United States.
  • You are overweight or obese.

How much does Transamerica life insurance cost?

When it comes to paying for a trans-American life insurance policy, you will do best if you are at one of the extremes of life. [19659003] What I mean is that young, healthy applicants will make it almost always find competitive prices with this operator's long-term life policy. In fact, trans America's life insurance rates are likely to be one of your lowest life insurance rates when you shop.

At the other end of the spectrum, Transamerica life insurance quote also competes well if you are 70 years or older and want a small end cost life insurance.

It is intermediate where Transamerica has difficulty competing for the price. A Transamerica life policy for a 50-year-old who smokes and is 15 kilos overweight, for example, would probably cost more with Transamerica.

Of course, you never know until you get a quote, but since it's harder to get a Transamerica quote, I usually target our customers elsewhere if they are in this middle ground.

Note: If you are already working with a financial advisor in Transamerica and want to mix the benefits of universal life insurance into your retirement plan, that's another matter. If you already work within this company's umbrella for financial services, a life insurance policy in Trans America will keep your plan easier.

Conclusion: Let this company compete for your best life insurance quote if you & # 39; is in their 20s or 30s and wants long-term insurance or if you buy final insurance after the age of 70.

Why does Trans America Life Insurance get bad reviews?

Trans-American life insurance has been around since 1904 It started in San Francisco, and its pyramid tower became synonymous with the city after it was completed in 1972. Now the company has moved its headquarters to Cedar Rapids, Iowa, although it still uses the pyramid in its logo. [19659003ManyoldercompaniesofTransamericacompanieshavebeenlongingtobeabusinessmodelfromthe21stcenturyImentionthisheresoyouknowbeforeyoucontinuetheshoppingprocessIfyouwantanonlinelifeinsuranceagencyyouwillnotfinditatTransamericaInsuranceCompany

Now you can learn a lot about company policy at transamerica.com, but you need to work with an insurance agent. to buy this coverage.

Other complaints stem from a practice of selling policyholders to other financial services. Trans America Life Insurance Co. is a financial services provider. You can invest, plan your retirement, invest and even arrange benefits for your employers.

Life insurance is part of this company's business, but it's not just an insurance provider. If you just want life insurance and do not want to discuss other aspects of your financial life with your agent, you may prefer to work with a company such as Banner Life, Haven Life or Northwestern Mutual.

Advantages and Disadvantages

Advantages:

  • A century of financial strength.
  • Competitive prices for the youngest, oldest shoppers.
  • Good products in the company's broader financial services.

Cons:

  • Not perfect for smokers or shoppers with the latest DUI.
  • No online policy management.
  • Must work with a licensed business agent to buy.

How to Buy a Transamerica Life Insurance

Transamerica Life Insurance Company has financial advisors all over the country. You can find an agent at transamerica.com.

If you do not live near a licensed agent, Transamerica Life Ins Company will ask for your contact information so that an agent can call you.

Compare Prices With Transamerica [19659144] * While doing our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate from it. last edit day. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.


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