Transamerica: Direct Life Insurance Options For You

Transamerica offers term, whole, and universal life insurance policies, as well as final expense insurance. The company was founded in 1904 as a bank and is now headquartered in Cedar Rapids, Iowa. While quotes can be obtained online, Transamerica life insurance must be purchased through an agent. The company offers policies with high death benefits, with coverage of up to $10 million, depending on the policy. Transamerica also offers relatively affordable policies for smokers and people with certain chronic health issues. However, the company receives poor reviews for its customer service, with a higher-than-average complaint ratio according to the National Association of Insurance Commissioners.

Transamerica's life insurance policies

Transamerica offers a range of life insurance policies, including term, whole, and universal plans, providing coverage until the age of 85. The company was founded in 1904 as a bank in San Francisco and is now headquartered in Cedar Rapids, Iowa.

Term Life Insurance

Transamerica offers two types of term life insurance policies: Trendsetter Super and Trendsetter LB. The Trendsetter Super policy provides coverage of up to $10 million, while the Trendsetter LB policy offers coverage up to $2 million. The Trendsetter Super Series is the only plan that offers online quotes and applications. Some qualified applicants for policies under $99,999 may not need to undergo a medical exam. Both plans offer term lengths of 10, 15, 20, 25, or 30 years.

Whole Life Insurance

Whole life insurance policies from Transamerica provide permanent coverage and typically allow for the accumulation of cash value over time. The company offers two whole life insurance plans: Individual Whole Life Insurance and Final Expense Life Insurance. The Final Expense policy offers coverage ranging from $1,000 to $50,000 and does not require a medical exam.

Universal Life Insurance

Transamerica's universal life insurance policies, including the Transamerica Financial Foundation IUL and Financial Choice IUL, are indexed universal life (IUL) policies, meaning their growth is tied to investments or market indices. These policies provide permanent coverage and flexible premiums, and allow the policyholder to adjust their death benefit over time.

Pros and cons of Transamerica life insurance

Transamerica offers term, whole, and universal life insurance policies, as well as final expense insurance. The company has a range of pros and cons, which are outlined below.

Pros

• Transamerica offers a wide variety of life insurance products, including term, whole, universal, and final expense insurance.
• The company provides insurance options with very high death benefits, with some policies providing up to $10 million in coverage.
• Transamerica offers insurance options for high-net-worth foreign nationals.
• The company has a strong financial strength rating from AM Best, indicating reliability in paying insurance claims.
• Transamerica offers multiple plans that do not require a medical exam, making it more accessible for individuals with certain health conditions.
• The company provides life insurance coverage for individuals up to 85 years old, catering to a wider range of customers.
• Transamerica offers customizable policies with various riders, allowing customers to tailor their coverage according to their specific needs.

Cons

• Transamerica has received numerous customer complaints and has a higher-than-average complaint ratio, indicating poor customer service and responsiveness.
• The company's customer satisfaction ratings are below average, with issues regarding long processing times for claims and unresponsive customer support.
• Some of Transamerica's products are not available in every state, limiting their accessibility in certain regions.
• The company's life insurance policies cannot be purchased directly online and require working with an agent or representative, which may be inconvenient for some customers.

Trendsetter Super and Trendsetter LB term life policies

Transamerica offers two term life insurance policies: Trendsetter Super and Trendsetter LB. Both policies are available to people aged 18 to 80, with coverage starting at $25,000. The key differences between the two policies lie in their coverage limits, living benefit riders, and availability of online quotes and applications.

Trendsetter Super

The Trendsetter Super policy offers coverage of up to $10 million, while the Trendsetter LB policy provides coverage up to $2 million. The Trendsetter Super is the only Transamerica life insurance plan that offers online quotes and applications. For qualified applicants seeking a policy of less than $2 million, a medical exam may not be required.

The Trendsetter Super policy includes an automatic terminal illness accelerated death benefit endorsement, and it can be further customised with one of four available riders:

• Disability waiver of premiums rider
• Income protection option
• Children's benefit rider
• Accidental death benefit rider

Trendsetter LB

The Trendsetter LB policy includes three living benefit riders automatically: chronic illness, critical illness, and terminal illness. These riders allow the policyholder to access a portion of their death benefit if they are diagnosed with a qualifying illness. Trendsetter LB customers have access to the same optional riders as the Trendsetter Super policy, with the addition of a monthly disability income rider.

The Trendsetter LB policy is best for shoppers seeking term life coverage with built-in living benefit riders, while the Trendsetter Super policy is best for those seeking term coverage with optional riders.

Whole, universal, and final expense insurance policies

Transamerica offers whole, universal, and final expense insurance policies.

Whole Life Insurance

Whole life insurance is designed to cover you for your entire life without expiring. It is typically more expensive than term life insurance. Transamerica offers whole life insurance policies of up to $2 million. In addition to the death benefit, whole life insurance policies have a cash value component that you can access during your lifetime. They also offer riders such as an accelerated death benefit.

Universal Life Insurance

Universal life insurance is similar to whole life insurance in that it provides coverage for your entire life and does not expire. Universal life insurance also has a cash value component, but its growth is tied to investments instead of monthly payments. With an indexed universal life insurance policy, the growth is tied to a market index such as the S&P. While this can help grow your cash value more quickly, there are provisions in place to prevent losses due to market fluctuations.

If you're willing to take a risk with your life insurance policy, Transamerica also offers variable universal life insurance. Variable policies invest your money directly, so there's the potential for more growth but also the risk of loss. Transamerica's universal life insurance policies also give you the option to adjust your death benefit over time and have riders for added flexibility.

Final Expense Insurance

Final expense insurance is a specific type of whole life insurance that's designed to cover just your funeral and end-of-life expenses. The policies are small, with death benefits of $50,000 or less. FE insurance typically does not require a medical exam, with coverage available right away. Transamerica offers final expense whole life insurance policies with coverage amounts ranging from $1,000 to $50,000.

Purchasing Transamerica life insurance

Transamerica offers term, whole, and universal life insurance policies with coverage of up to $10 million. The company was founded in 1904 as a bank in San Francisco and is now headquartered in Cedar Rapids, Iowa. In addition to life insurance, Transamerica provides retirement services, mutual funds, and annuities.

Transamerica's term life insurance options include the Trendsetter Super Series and the Trendsetter LB. The Trendsetter Super Series offers coverage of up to $10 million, while the Trendsetter LB provides coverage up to $2 million. For both policies, medical exams may not be required for coverage under a certain amount. The Trendsetter Super Series is the only Transamerica life insurance plan that offers online quotes and applications.

Whole life insurance policies from Transamerica provide permanent coverage and typically allow for the accumulation of cash value over time. The company offers two whole life insurance plans: the Individual Whole Life Insurance plan and the Final Expense Life Insurance policy. The Final Expense policy offers coverage ranging from $1,000 to $50,000 and does not require a medical exam.

Transamerica also offers two universal life insurance policies: the Transamerica Financial Foundation IUL and the Financial Choice IUL. Universal life insurance provides permanent coverage, a cash value component, and the flexibility to change the premium or death benefit. The Transamerica Financial Foundation IUL policy has coverage limits ranging from $25,000 to over $500,000, while the Financial Choice IUL policy has a minimum death benefit of $250,000.

It's important to note that Transamerica life insurance must be purchased through an agent, although online quotes are available for the Trendsetter Super Series Term Life plan. When purchasing a Transamerica life insurance policy, be sure to discuss available riders with your agent to determine if they align with your needs.

Frequently asked questions