Transamerica Life Insurance Company Review
Welcome to EasyQuotes4You and thanks for visiting our website. Today we will be reviewing Transamerica Life Insurance Company with the intent of helping you make an educated decision when purchasing life insurance.
Transamerica offers many different types of products, such as retirement solutions, mutual funds, employee benefits, life insurance and annuities. In this blog post we will be reviewing there history, financial strength, and the different types of life insurance products they offer.
We will not be reviewing there retirement portfolio.
Transamerica Life Insurance Contact Info
We always recommend contacting the agent who sold you the policy first, but if they are not available, below is Transamerica’s contact info.
The History of Transamerica Life
Transamerica Life Insurance Company was founded in 1928 as a holding company for the Bank of Italy. The Bank of Italy later became Bank of America. Transamerica is now a private insurance and financial services company.
The home office for Transamerica Life Insurance company was originally in San Francisco, where they built the beautiful and iconic Transamerica Pyramid skyscraper in 1972.
Eventually the headquarters was moved to Cedar Rapids, IA with satellite offices throughout America. Transamerica Life Insurance products are offered through independent agents located in every corner of the country.
Transamerica has focused on providing a wide range of financial services along with insurance plans. The insurance options have grown to offer just about every type imaginable that a consumer would need.
Financial Ratings for Transamerica Life
The Transamerica Life Insurance Company boasts strong professional ratings from all of the trusted rating agencies.
A.M. Best agency gives Transamerica Life Insurance Company there highest rating of an “A+” or “Superior” for its financial strength. This rating provides both current and future customers with peace of mind knowing that Transamerica has the financial capability to pay claims.
Other rating agencies such as Fitch, Moody’s, and Standard & Poor give high ratings to Transamerica Life. They even have an “A-” with the Better Business Bureau (BBB).
The financial ratings of a life insurance company are just as important as the rates or coverage they offer and Transamerica Life Insurance Company has the best.
Products Offered By Transamerica Life
Transamerica Life Insurance Company offers a variety of life insurance products with innovative underwriting. There portfolio consists of:
- Term Life Insurance
- Living Benefits Term Life Insurance
- Final Expense Insurance
- Whole Life Insurance
- Indexed Universal Life Insurance
Term Life Offered By Transamerica
Transamerica Life Insurance Company offers 2 types of term products; a stand alone term life and a term life with living benefits. Both are competitively priced and offer a variety of riders to help customize to your needs.
Trendsetter Super Series
The Trendsetter Super Series is Transamerica Life’s stand alone term insurance product. The Trendsetter Super offers term periods of 10, 15, 20, 25, and 30 years depending on your age.
The minimum face amount is $25,000 with guaranteed premiums for the chosen term length. The death benefit remains level throughout the contract.
The Trendsetter Super is also convertible to a permanent policy till the end of the term period or age 70, whichever is first. If you were given a Preferred Plus rating you can convert up to age 75.
Riders that can be added for an extra fee are:
- Accidental Death Benefit Rider
- Children’s Insurance Rider
- Waiver of Premium Rider
The Trendsetter Super comes with an Terminal Illness Accelerated Death Benefit Rider at no extra cost.
Trendsetter Super Specifications
Transamerica Trendsetter Super Term Life Insurance Rates
The rates below are based off:
20 year term- Preferred Non-Tobacco- Monthly Rates
Trendsetter LB (Living Benefits) Series
The Trendsetter LB (Living Benefits) Series is the second term life insurance product offered by Transamerica Life Insurance Company. You will have the same death benefit protection as the Trendsetter Super along with some added benefits.
As seen above, the “LB” in the name stands for living benefits. The Trendsetter LB not only provides death protection but also financial protection against any unforeseen chronic, critical, or terminal illness.
Transamerica Life Insurance is one of the first to design a term product with living benefits. It’s now become an industry norm, with many life insurance companies offering this benefit.
The Trendsetter LB allows the insured to accelerate a percentage of the death benefit if a health condition falls into these 3 categories:
- Critical Illness
- Chronic Illness
- Terminal Illness
The Trendsetter LB series offers term lengths with guaranteed premiums of 10, 15, 20, 25, or 30 years depending on age and tobacco use. The maximum amount of coverage for the Trendsetter LB is $2 million.
Also with the Trendsetter LB series you can bypass the medical exam for face amounts of $249,999 and below. Transamerica Life’s Trendsetter LB includes the same riders as the Trendsetter Super along with the Monthly Disability Income Rider, which is exclusive to the Trendsetter LB.
The monthly disability income rider can provide up to $2,000/month for 24 months if you are disabled due to injury. This is great option if you are using the life insurance as a mortgage protection plan.
What are the advantages of the Trendsetter LB?
- Living benefits at no extra cost
- Multiple term periods to choose from
- No exam required up to $250K
- Coverage up to $2 million
- Optional riders
Transamerica Trendsetter LB Specifications
Transamerica Trendsetter LB Term Life Insurance Rates
The rates below are based off:
20 year term- Preferred Non-Tobacco- Monthly Rates
Final Expense Insurance offered by Transamerica
Final Expense Insurance is a simplified issue whole life policy with limited death benefits designed to pay for funeral expenses and small debts. These policies are usually easier to qualify for because of there lenient underwriting.
Transamerica Life Insurance Company offers 3 final expense options. They are:
- Immediate Solution
- 10-Pay Solution
- Easy Solution
The Immediate Solution
The Immediate Solution provides a lifetime guaranteed premium, guaranteed cash value accumulation and death protection coverage starting day 1. Consumers with overall good health are good prospects for the Immediate Solution.
The Immediate Solution offers three health classes:
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Standard Tobacco
Issue ages are from 0-85 with the maximum face amount decreasing the older you are. The Immediate Solution comes with the Accelerated Death Benefit and Nursing Home Benefit Rider at no extra charge.
You can add for an additional cost the Accidental Death Benefit Rider and Child/Grandchild Rider. The child rider is unique in that no health questions are asked and the child/grandchild are guaranteed approved with day 1 coverage.
This is great for parents with children who have health issues and can’t qualify for coverage. You can also convert the child rider to a permanent policy after 2 years.
Transamerica Immediate Solution Rates
Standard Non-Tobacco Rate Class
The 10 Pay Solution
Transamerica Life Insurance Company offers a final expense product that can be paid up in 10 years, it’s called the 10 Pay Solution. This final expense policy is identical to the Immediate Solution except you only pay premiums for 10 years.
After 10 years your policy is paid up and you have the coverage forever. The 10 Pay Solution comes with the Accelerated Death Benefit Rider and Nursing Home Benefit Rider at no extra charge.
The Easy Solution
The Easy Solution is a graded whole life policy offered by Transamerica Life Insurance Company. A graded whole life policy means the death benefit is limited the first 2 years.
The first 2 years, full death benefit is only paid on accidental deaths. If death is natural, the benefit is premiums paid in plus 10%. The full death benefit is paid starting in year 3.
This policy is designed for consumers whose have had health issues such as recent heart attack, stroke, cancer, etc. Premiums are guaranteed and this policy does build up cash value over time.
Why choose a Transamerica Life final expense policy?
A final expense policy may not always be the best choice for everyone but there are some advantages such as:
- Permanent life insurance
- No Medical Exam
- A fast, simplified underwriting process
- Ideal for seniors but not limited to any age
- Premium is locked in once you purchase
Transamerica Life Insurance Final Expense Specifications
Whole Life Insurance offered by Transamerica
Transamerica Life offers a fully underwritten whole life policy called the Transamerica Lifetime. It offers a guaranteed premium, guaranteed death benefit, and guaranteed cash value accumulation.
The Transamerica Lifetime Whole Life policy does not offer a dividend option, but does offer multiple payment options. You have the following options for how long you want to pay the premiums for:
- Continuous/Lifetime Pay– Premiums are paid for the life of the policy.
- 10-Year Pay– Premiums are paid for 10 years, then no more required.
- 20-Year Pay– Premiums are paid for 20 years, then no more required.
- 30-Year Pay– Premiums are paid for 30 years, then no more required.
Transamerica Lifetime Whole Life Specifications
Transamerica Life Indexed Universal Life (IUL)
Transamerica’s indexed universal life policy is called the Financial Foundation Index Universal Life (FFIUL). It is one of there most flexible life insurance options offered by Transamerica Life. The policy provides lifetime coverage with the ability to earn cash value growth tied to the stock market.
The Financial Foundation IUL (FFIUL) offers consumers the opportunity to build cash value through interest credited. This is accomplished by allocating a portion of the premium into 2 accounts offered. They are:
- Basic Interest Account
- Indexed Interest Account
The Basic Interest Account comes with a guaranteed minimum interest of 2% while the Indexed Interest Account has a guaranteed interest rate of 0.75%. The Indexed Interest Account consists of a Global Index and S&P 500 options to choose from.
The Global Index and S&P 500 come with a cap. This means that you can only earn interest up to the cap. The cap on the Global Index is 15% and the S&P 500 has a cap of 13.75%. Transamerica Life Insurance Company offers some of the highest caps in the industry.
The FFIUL offers a no lapse guaranteed period also, meaning that if you make the required premium payment, your policy will not lapse because of an increase in cost of insurance.
Just like the Trendsetter LB series, the FFIUL also comes with the built in living benefit rider at no extra cost. This rider is subject to state availability.
Transamerica Financial Foundation IUL Specifications
Final Thoughts
Overall Transamerica is a very strong company. They have great financial ratings which means they are and will be able to pay claims. This is huge when choosing a carrier.
There customer service is not the greatest but with an experienced agent you can get around this. Overall, they have great term products with many bells and whistles attached. There final expense product is one of the best on the market and priced accordingly. If you have any questions or would like a quote, just let us know.
Does Transamerica Life offer no exam term life insurance?
Yes, Transamerica offers no exam term life insurance with face amounts up to $249,999 on there Trendsetter Term LB Series.
Is Transamerica Life a good company?
Yes, Transamerica boasts some of the strongest financial ratings in the industry.
Does Transamerica offer living benefits with its life insurance?
The Trendsetter LB series has a built in living benefits rider as well as there Indexed Universal Life product.
