If you are considering buying life insurance with Transamerica then you are at the right place. We deal with Transamerica and many other top-rated life insurance companies. We will help you find the best company that best fits your needs.
In this review for Transamerica Life Insurance Company, we will discuss pros and cons and financial strength of the company and will help our readers decide if this is their best choice or not.
About Transamerica Life Insurance:
Company’s Headquarters: 4333 Edgewood Road NE, Cedar Rapids, IA 52499
A wide selection of innovative financial services and products are offered by Transamerica. Their mission is to help individuals, families, and businesses build, protect, and preserve their hard-earned assets. With more than a century of experience, they have dedicated themselves to building a reputation of solid management and sound decisions.
The Transamerica companies are members of the AEGON Group, a multinational insurance organization headquartered in The Hague, The Netherlands. AEGON is a renowned name in the world of life insurance and financial services organizations.
A young entrepreneur named A. P. Giannini envisioned this organization. He started off with a small business known as Bank of Italy (later to be known as Bank of America) and proceed with the realization of his dream.
He had this vision of providing financial assistance to the general public. With that in mind, Giannini acquired Occidental Life Insurance Company through Transamerica Corporation in 1930. Occidental was open to the public in 1906, and since then it has established itself as a major force in the life insurance business on the West Coast.
With the addition of Occidental Life Insurance—and the estimated $25 million in assets that came with it—Giannini had created the foundation for what would become a strong and lasting company.
Why Should You Select Transamerica Life Insurance Company?
The company has a strong financial background and boasts strong ratings from leading rating agencies.
1. Rating Scale and Effective Dates
A.M. Best: A+ is 2nd highest of 16 ratings (as of July 20, 2017)
Fitch: A+ is 5th highest of 19 ratings (as of March 24, 2017)
Moody’s: A1 is 5th highest of 21 ratings (as of September 22, 2017)
S&P Global: AA‐ is 4th highest of 21 ratings (as of May 26, 2017)
2. Product Offerings:
Transamerica offers a huge selection of life insurance products including Term Life, Whole Life, Universal Life, Variable Life, Accidental Death insurance and Final Expense Life. It also offers services like dental insurance, long-term care insurance, mutual funds, retirement planning and Medicare solutions.
Term Life: Transamerica term life policies may provide financial protection to your family anywhere from $250000 up to $2,000,000 with term periods ranging from 10 to 30 years. These years are separated by five-year increments. They also offer a no-medical exam term policy to qualified individuals.
Whole Life: They offer guaranteed level premiums and a guaranteed cash value that you can access through a loan with whole life insurance. A death benefit is also included with this insurance. Whole life has high premiums than a term life insurance. Learn more about these two types of insurance.
Universal Life: Unlike term and whole life insurance, universal life has more flexibility in terms of modifying the amounts and frequency of premium payments. Universal life also contains a cash value that grows tax-deferred until funds are withdrawn.
Variable Life: With variable life, you can invest a portion of your cash value component in stocks and bonds markets. This additional feature may provide an opportunity to grow your funds and you can then withdraw some of this extra cash to help you with many needs such as health emergencies or college funds.
Accidental Death Insurance: With accidental death insurance, your family can get the financial protection they need to help alleviate any difficulties they face in event of any misfortune.
Final Expense Insurance: It’s never easy to lose a loved one. While dealing with emotional stress associated with such a loss is not easy, the financial costs that come up with death make it even more stressful. Final expense insurance takes care of the necessary funds associated with burying a loved one and therefore help families by saving them from selling their valuable assets to cover such unpredictable costs.
3. Underwriting Policies:
Transamerica is very lenient when it comes to underwriting seniors age 71 years and older, with cholesterol levels, Hepatitis C and Schizophrenia.
4. No Medical Exam Life Insurance:
Transamerica provides no exam medical exam life insurance. Most of their policies do require it but if you are under a certain age with a specific coverage amount then you may get term life insurance without a medical exam.This would be mostly based on answers to your health questions in the application.
Like every other company, Transamerica has some downsides:
1. The Company is Not Competitive for Younger Clients: They have positioned themselves as leaders in senior life insurance market, therefore, they are not able to provide competitive rates to young people. IF you are under 70 years of age, you should look to other companies for better and affordable rates.
2. Underwriting Policies for Occasional Smokers: If you are a kind of person who loves occasional cigars then this company is not a good choice for you.
|Standard & Poor´s||AA-||Very Strong|
Ratings as of 2017. Ratings shown represent current and independent opinions from the leading providers of ratings of insurance companies. After going through a complete evaluation of a company’s financial condition and operating performance, these agencies assign ratings of a company’s financial strength and ability to meet obligations to policyholders.
Although Transamerica is one of the best life insurance company and you may find that it fits your needs but that doesn’t mean that you call them the next day and start the application process. Depending on your unique financial circumstances, there may be better options for you out there.
Ending up with a wrong insurer can make you lose thousands of dollars, therefore, it’s important to discuss your needs with an independent life insurance agent like those at LifeQuote Holdings Inc before coming to any conclusion. We work with many top-rated life insurance companies and we will make sure to pair you with the best.
Thank you for reading our review post on “Transamerica Life Insurance Company”. If you have any questions in mind connect with one of our knowledgeable representatives immediately. You can send us an email or call our licensed agents at 1-800-521-7873.