Transamerica Life Insurance Review: Products, Ratings & Pros and Cons (2026)
Yes — Transamerica carries strong financial ratings (A+ AM Best, AA- S&P) and over a century of experience. It's especially competitive for seniors and applicants with pre-existing conditions, offering no-exam policies and accelerated death benefits. Younger buyers may find lower rates elsewhere.
Company History
Transamerica traces its roots to 1906, when A.P. Giannini founded the Bank of Italy in San Francisco. The life insurance business began as Occidental Life Insurance Company, which was acquired by Giannini's Transamerica Corporation in 1930. At the time of the acquisition, Occidental Life had an estimated $25 million in assets. Over the following decades, Transamerica grew into a diversified financial services company. Its life insurance division continues to operate under the Transamerica name today.
Transamerica Life Insurance
- 4333 Edgewood Road NE
Cedar Rapids, IA 52499
Advantages of Transamerica Life Insurance
- Wide product variety spanning term, whole, universal, and variable life
- Great option for seniors and applicants with pre-existing conditions
- Competitive term life rates
- Accelerated death benefits available on many policies
Disadvantages of Transamerica Life Insurance
- Not always the most competitive option for younger, healthier customers
- Harsher underwriting on smokers for whole life policies
Some customers have reported customer service complaints.
Available Products
- Term life: $250,000–$2 million, 10–30 year terms
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Accidental death insurance
- Final expense rider
- Return of premium rider
- Waiver of premium rider
Transamerica Life Insurance Ratings
These ratings shown represent current and independent opinions from the leading providers of ratings of insurance companies. The financial strength of an insurance provider must be essential to your evaluation of it as a life insurance provider. You want to avoid choosing a company that is likely to go bankrupt at all costs.
| Agency | Rating | Description |
| A.M. Best | A+ | Superior |
| Standard & Poor´s | AA- | Very Strong |
| Moody´s | A1 | Good |
| Fitch | A+ | Superior |
Last updated on: September 17, 2026
Transamerica at a Glance (2026)
- Founded: 1906 (as Occidental Life); Transamerica Corp acquired the company in 1930
- Headquarters: Cedar Rapids, IA
- Parent Company: Aegon N.V.
- AM Best Rating: A+ (Superior)
- Key products: Term, Whole, Universal, Variable, Final Expense
- Notable: Strong options for seniors and applicants with pre-existing conditions
Considering your options? See the average cost of life insurance to compare Transamerica against other top-rated carriers.
Frequently Asked Questions
Is Transamerica good for seniors?
Yes. Transamerica is one of the more senior-friendly carriers in the industry, offering coverage options and underwriting flexibility for older applicants who may struggle to qualify elsewhere. See best life insurance for seniors for a full comparison of top carriers by age group.
Does Transamerica offer no-exam life insurance?
Transamerica offers simplified-issue and accelerated underwriting options on select policies, which can allow qualified applicants to skip the medical exam. See no-exam term life insurance to learn how these programs work and who qualifies.
What term lengths does Transamerica offer?
Transamerica’s term life policies range from $250,000 to $2 million in coverage, with terms available from 10 to 30 years. This range makes it possible to match coverage length to specific financial obligations, such as a mortgage payoff date or the years until children are financially independent.
Is Transamerica good for smokers?
Transamerica’s underwriting tends to be stricter on smokers for whole life policies specifically, which can result in higher premiums than some competitors. Smokers should compare quotes across multiple carriers. See life insurance for smokers for tips on finding the best rates.
Who owns Transamerica?
Transamerica is owned by Aegon N.V., a Dutch multinational life insurance, pensions, and asset management company. Transamerica operates as Aegon’s primary U.S. life insurance and retirement business.
References
1. AM Best, Transamerica Rating — web.ambest.com
2. Transamerica, About Us — transamerica.com/about-us
3. NAIC, Consumer Information — content.naic.org/cis_revised_consumer_lookup.htm
