Transamerica Life Life Insurance Review
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Transamerica Life Insurance Review
Overview
Originally founded as a bank in San Francisco in 1904, Transamerica has undergone several transformations to become the reputable insurance company it is today. In addition to life insurance, they also offer supplemental health and Medicare insurance, investments and retirement services.
Transamerica is a long-standing leading life insurance provider in the United States with strong financial security. They are a recognized brand for life insurance that provides affordable rates. With an A.M. Best. A+ (superior) rating and an AA- (very strong) rating from Standard & Poor’s, Transamerica has an excellent reputation and is a solid contender as a reliable provider.
PolicyScout Review
Transamerica provides life insurance policies that are both flexible and comprehensive. They offer a wide range of coverage amounts, ranging from $25,000 to $10 million in death benefits. Thanks to Transamerica’s affordable policies, they are an excellent choice for younger policyholders and those with smaller budgets.
If you’re in the market for affordable life insurance, Transamerica is a great option to consider, as they offer plans directly to both consumers and employers. Transamerica offers term, whole, universal, and variable life insurance policies.
Pros:
Flexible policies and a wide selection: a full range of life insurance products are available to suit the diverse needs of Americans
Financially strong: with strong/superior ratings, the company is solid financially and able to pay out claims as required
Lenient underwriting: Transamerica offers lenient underwriting, which means higher risk applicants are more likely to be approved underwriting leniencies
No medical exam required for those under a certain age
Cons:
No online claims form: the claims process is not done online and the process is unclear and requires a conversation with an agent
Below average customer service: many customers report dissatisfaction with the way customer service is handled and some report having trouble reaching representatives to answer questions
Application process takes longer than average
Most changes to policies must be done through mail and not online
What Transamerica lacks in customer service scores, it makes up for in providing affordable policies, flexible coverage, and great financial health. The company provides a variety of coverage: term, whole, and universal policy options. Their online tools are easy to use and pretty robust, though the lack of ability to file a claim online may be inconvenient.
Overall, Transamerica is a great option for younger folks and those on a tight budget.