Transamerica Insurance Company Review

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When you are searching for a life insurance company to help you secure your family’s financial future, it can be hard to know who to trust. Transamerica is a well-known insurance company with strength in its life insurance products. It was one of the first insurance carriers to develop a universal life insurance policy. Transamerica is part of the AEGON companies, one of the largest insurance organizations in the world.

The company was founded in 1928 by A.P. Giannini for the purpose of serving the small business and farming community. Over the years, Transamerica has grown to become one of the top-ranked life insurance companies in the nation. The Transamerica Life Insurance Company is headquartered in Cedar Rapids, Iowa, while Transamerica Financial Life Insurance Company is based in Harrison, New York. Transamerica Financial Life Insurance Company is licensed to do business in New York while Transamerica Life Insurance Company writes policies in all other states.

Financial Stability & Customer Service Ratings

Before buying a life insurance policy, check on a company’s financial stability. Financial rating companies provide an overview of how a company has performed in the past and how you can expect it to perform in the future. Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company consistently receive high ratings from the top financial rating organizations:

Although Transamerica does not have a Better Business Bureau accreditation, it does have an “B” rating with the organization. Over a three-year period, there were a total of 414 complaints in the areas of billing, collections and service problems.

Insure.com bestowed Transamerica with a People’s Choice award. This award is based on customer satisfaction in the areas of customer service, claims, value and how likely the customer is to recommend the company to others. Companies who won the award were in the top three after customer survey results were tallied.

Life Insurance Products

Transamerica offers its customers a varied selection of top life insurance products, including:

  • Universal life insurance. With Transamerica’s universal life insurance policy, your beneficiary will receive death benefits according to the policy’s terms. One of the features of the universal life insurance policy is that it builds up a cash value that you can borrow against. You can choose the premium amount you wish to pay monthly (within certain limits), and this premium determines the cash value of your policy.
  • Variable universal life insurance. The variable universal life insurance policy has all of the features of the universal life insurance policy but also offers policy holders the opportunity to invest and grow the cash value of the policy through tax-deferred growth and federal income tax-free investments.
  • Term life insurance: Term life insurance is an option for individuals or families who may not be able to afford a lifetime policy such as the universal life insurance policy. Because the policy term is specifically defined and there is no cash value to the policy, the premium for a term life insurance policy is less expensive.
  • ·Whole Life Insurance. Transamerica offers whole life insurance with the ability to accumulate cash value which you can use in time of emergencies. The whole life insurance is guaranteed for life as long as premiums are paid. The premium for a whole life policy is greater than that for a term life insurance policy but the premiums remain the same throughout the life of the policy. Online quotes are not available for a whole life insurance policy.

    Getting a Quote for Life Insurance

    To get a quote for life insurance from the Transamerica website, you will answer some questions about your family, finances, health and budget. According to the website, the process only takes about three minutes. Transamerica uses a plan predictor to find out which type of life insurance is best for you.

    First, you answer personal questions such as marital status, children, any parents living with you or for whom you provide primary care, if you are widowed or divorced. Other questions are asked regarding financial responsibilities, debts, final expense wishes and estate planning. You are asked if you are willing to take a medical exam and then must answer questions about any health issues or disabilities you have, along with any unhealthy habits you may have. Finally, you are asked questions about your budget and if you want a life insurance policy that builds cash value along with any plans for an upcoming retirement.

    After answering all the questions, you are presented with the best options matching your situation and have the opportunity to purchase the life insurance plan that best suits you.

    Pros

    Cons

    • Some insureds have complained of having to deal with third-party representatives instead of direct sales agents.
    • No BBB accreditation

    Contact Information

    To receive an insurance quote or learn more about Transamerica’s life insurance products, you can visit the Transamerica website, locate an agent with the agent locator, or call 1 (800) PYRAMID (797-2643).