Transamerica Life Insurance Review 2019 // Multiple Policy Options

Jun 21, 2019 (0) comment

transamerica life insurance reviews

Review of: ​Transamerica

Use: Buy ​Term Life Insurance

Process

​Application to approval can ​be ​faster than normal

Price

One of the most affordable on the market.

​Customer Service

​Transamerica has ​​​average customer service. 

AM Best Rating

​Transamerica ​is rated A+ (​Superior) ​From A.M. Best

​Simply Insurance Overall Star Rating:

We Like

  • ​​Electronic Application
  • ​Multiple Policy Options
  • Short Application Forms
  • Faster Than Average Approval Speed

We Don't Like

  • Policy Delivered By Snail Mail

Summary: ​​Transamerica has affordable term life policies with some excellent temporary coverage options as well.

​They have some of the best rates for any type of medical situation, there are multiple insurance options including no exam.

This is why I put this​ ​Transamerica Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how ​easy and affordable they make it for you to apply for life insurance ​and get covered.  Enjoy!

Rates From $​7.53/month (30-Day Free Look Period)

*Premium for a 18 year old female, Select Preferred Non-Tobacco rate, 10 year term, $100,000 policy.


​​​If you have pre-existing conditions such as ​sleep apnea, or need more than $1 Million in life insurance you will probably need to complete a medical exam to get covered.

While I am a huge fan of no-exam options, sometimes it just won't fit your situation.

​The best way to speed ​up the underwriting process ​if you must take an exam will be to get your exam completed as early as possible so that your results get back to the insurance company faster.

​If you need the most affordable rates and are fine with a 2 to 3 week turn around, then getting term life insurance rates and coverage from ​Transamerica is the best answer.

Who Is ​​​Transamerica Life Insurance Company?

​Transamerica was founded in ​1906 which makes it over 112 years old.

​Believe it or not, the same guy who founded Bank Of America, also is the founder of Transamerica. 

One of the best things about this life insurance company are all of the policy options.

​Transamerica is rated A+(​Superior) by A.M. Best.

Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.

They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best

What Makes Them Different?

What makes ​Transamerica different is their products are for people who might not have the best health profile.  

They also have a huge variety of different product types such as 10 Pay whole life insurance.

​Transamerica ​has coverage options as low as $25,000 up to $2,000,000

How Does ​Transamerica Life Insurance Work?

​Transamerica is focused on affordable life insurance rates with solid underwriting for people ​that ​could have health issues ​or be a tobacco user.

Their life insurance process works like this:

​Electronic Application

The application process is ​online and electronic, simple and short, once you submit the application you will be sent to underwriting.

For final expense a paper application is needed.

​Fast Underwriting

​If you need less than $250,000 in life insurance you will be able to get approved without an exam.

​Transamerica will pull your Prescirption Report, your MIB report, and your MVR for your approval.

​Policy Delivered Via ​Regular Mail

​Once your policy has been approved and issued ​you will have to wait for your policy in the mail.

The down side to this is the waiting and having to keep up with paper documents.

You might want to upload a copy of it to the cloud like with Google Drive.

What Does ​Transamerica Life Insurance Cover?

​Transamerica offers a few different policy options for you to choose from.

Each policy​ comes with coverage options​ from $​25,000 ​up to $10,000,000+.

10 Year Term Life ​ Policy

​The ten year term life option is going to cover you for 10 years before it's time to purchase a new policy.

This policy is going to be the most affordable option with low-range pricing and will be best for people who are looking at both their  short term and long term needs.

The amount of life events that can happen in 10 years is massive and being prepared for them is very important.

A 10 year term is a great starting point and locking your low rates in is going to be ​essential.

15 Year Term Life ​Policy

The fifteen year term life option is going to cover you for 15 years before you have to purchase a new policy.

This policy is going to be the second most affordable and be best for people who are in the middle of life events like having a baby or switching jobs. 

20 Year Term Life ​Policy

The twenty year term life policy will be the second most expensive of the 4; however, it will still be very affordable.

​This term length is going to be best for someone focused very much so on their future and want to be covered for the ​most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the twenty year term option, then I would suggest you go with the 20 year term option.

30 Year Term Life ​Policy

The thirty year term life policy will be the most expensive of the 4; however, it will still be affordable.

This term length is going to be best for someone focused on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the thirty year term option, then I would suggest you go with it.

It's a really good option if you just purchased a home.

All Cause Death Benefit

​All of these policies will pay out for all types of death from accidental death, terminal illness, critical illness or chronic​​​​ illness.

With all insurance policies, there are some limitations so be sure to read the policy for things that aren't covered.

​Final Expense Life Insurance

Transamerica also offers a Final Expense product that is used to help people cover funeral and burial expenses.

This product offers up to $50,000 in coverage and you can be approved within 1 to 2 days.

​Transamerica No Exam Life Insurance

Transamerica also offers a no exam life insurance product.

​If you need less than $250,000 in coverage it is one of the best options around.

​Whole Life Insurance

​Transamerica also offers a whole life insurance policy that builds cash value at an affordable rate.

​They have two options:

10 Pay - Ten pay whole life insurance allows you pay off your whole life insurance within 10 years.  Once the premium payments are done you never have to make another one.

This also means that this policy will be one of the most expensive options.

Life Pay - ​​​​Life pay whole life insurance allows you to pay a smaller monthly premium over your lifetime so that you can keep your coverage.

This option is still much more expensive than term life insurance.

​Transamerica Life Insurance Products

​Transamerica has three primary products that we will detail below.

Transamerica Trendsetter Super

The ​Trendsetter Super product has very competitive underwriting for a range of health conditions.

It offers coverage for people between the ages of 18 to 80 and up to $10,000,000+ in life insurance.

They have 10, 15, 20, 25, and 30 year term options available

​There is also a wide selection of riders available to personalize your coverage and high limits for accelerated death benefit for ​multiple conditions.

If you are ​below the age of ​55 and need less than $1,500,000 in life insurance, you qualify for the Accelerated Underwriting that won't require an exam and can approve you within 6 days.

You can also convert this policy into a whole life policy by following the below guidelines:

​Conversions are available to the earlier of the end of the level premium period or insured’s 70th birthday(75th birthday for Preferred Plus).

Some of the optional riders available are:

Child Protection Rider - This rider will cover all eligible children between the ages of 15 days and 18 years old. Available coverage up to $​99,000 or the base policy coverage (whichever is less).​

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived for a fixed period of time.

Accelerated Death Benefit Rider - Allows you to accelerate up to 50% of the death benefit (up to a max of $250,000) if you've been diagnosed with a terminal illness, with a max life expectancy of 12 months, a chronic illness, or a critical illness.

Income Protection Rider - Flexibility to structure the death benefit as a guaranteed, monthly income stream with optional initial and final lump sum payouts to one or more beneficiaries. This option is available at no additional cost.

Transamerica Trendsetter LB

The ​Trendsetter ​LB (Living Benefits) ​is all about life insurance with the best living benefit options.

It automatically comes with the accelerated death benefit not only for Terminal Illness, but also Chronic and Critical Illness as well.

It offers coverage for people between the ages of 18 to 80 and up to $2,000,000 in life insurance.

They have 10, 15, 20, 25, and 30 year term options available

​There is also a wide selection of riders available to personalize your coverage and high limits for accelerated death benefit for ​multiple conditions.

If you ​need less than $​250,000 in life insurance, you qualify for the Accelerated Underwriting that won't require an exam and can approve you within a few days.

You can also convert this policy into a whole life policy by following the below guidelines:

​Conversions are available to the earlier of the end of the level premium period or insured’s 70th birthday(75th birthday for Preferred Plus).

Some of the optional riders available are:

Child Protection Rider - This rider will cover all eligible children between the ages of 15 days and 18 years old. Available coverage up to $​99,000 or the base policy coverage (whichever is less).​

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived for a fixed period of time.

​Accelerated Death Benefit Rider - Allows you to accelerate up to 50% of the death benefit (up to a max of $250,000) if you've been diagnosed with a terminal illness, with a max life expectancy of 12 months, a chronic illness, or a critical illness.

Income Protection Rider - Flexibility to structure the death benefit as a guaranteed, monthly income stream with optional initial and final lump sum payouts to one or more beneficiaries. This option is available at no additional cost.

Transamerica ​Final Expense

Transamerica's Final Expense product has very competitive and fast underwriting for a range of health conditions.

It offers coverage for people between the ages of 0 to 80 and up to $​25,000 in life insurance.

They also have 10​ pay and Life Pay options available as well as expedited underwriting wher you can get approved in 1 to 2 business days.

Some of the optional riders available are:

Child Protection Rider - This rider will cover all eligible children between the ages of 15 days and 17 years old. Available coverage up to $​5,000.

Accelerated Death Benefit Rider - You can accelerate a portion of the death benefit if you've been diagnosed with a qualifying terminal, chronic or critical illness.

Accidental Death Benefit Rider - ​Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

​Transamerica Life Rates & Comparisons

Just to give you an idea, below I wanted to compare ​Transamerica life rates with multiple ​companies.

A 20 Year, 500,000 Term Policy for a 30 year old male in perfect health and a non-tobacco user, see the results below:


​Company Name


​Plan Name


$500,000 Quote

protective life logo


Classic Choice Term


$20.21/month

pacific life logo


​Pacific PROMISE Term   


$​20.84/month

lincoln financial logo


TermAccel


$21.00/month

aig logo


​Select-A-Term


$21.11/month

sbli logo


​Level Premium Term


$2​1.32/month

banner life logo


OPTerm


$21.44/month

mutual of omaha logo


Term Life Answers


$21.66/month

transamerica logo


​Trendsetter Super


$22.36/month

haven life logo large


Haven Term


$22.48/month

bestow life insurance logo


​Bestow No Exam Term


$26.25/month

​Transamerica comes in on the lower end for its monthly premium; however, it does have a better accelerated death benefit than all of the other products.

​It is probably worth the​ small difference in premium to choose ​Transamerica because of ​their unique accelerated death benefit option.

How ​​Transamerica's Claims Process Works

​Transamerica makes it easy to file a claim.  

You are able to go here and start the claims process online ​to get the forms you need and then print them out.

You can also call 1-888-345-0234 if you need any assistance.

transamerica claims form

​Are There Any Claim Exclusions

There are a few exclusions when paying out on a life insurance claim.

The exclusions include death from suicide (within the first 2 years of coverage), ​which is standard for almost all life insurance policies.

As always, please read the policy specifics when it arrives in the mail; however, those are some general exclusions which is industry standard for most policies.

​Transamerica Availability & Policy Options

To qualify for ​a ​Transamerica ​life insurance ​products, you must:

  • Be a U.S. citizen or Permanent Resident between the ages of  0 - 80
  • Looking For ​Term Options Of 10 - 30 Years
  • Need Between $50,000 to $10,000,000 in coverage
  • ​Need Less Than $​250,000 If You Need​ No Exam Life Insurance Coverage
  • ​Need Less Than $​25,000 If You​ Need Final Expense Life Insurance Coverage
  • ​Transamerica is ​available in all states​

​How To Take Action

No other​ Transamerica Life Insurance Reviews are as long as mine; however, I wanted to make sure that I gave as much detail as possible.

If ​there is something holding you back from buying life insurance for any reason,  I say give the 30-day free look period a shot.

​Transamerica has made it easy to apply for life insurance, you will either be approved without an exam or with an exam, it is all dependent on your insurance needs.

Just click on the link below to get started.

Thanks For Reading My Review... Before You Go!

What did you think of my review?  Did I miss anything?

Summary
Review Date
Reviewed Item
Transamerica Life Insurance
Author Rating
41star1star1star1stargray

Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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