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Transamerica Life Insurance Company Review

Life insurance is a part of most any overall financial plan. This is because the proceeds from a life insurance policy can be used for a variety of needs by one's loved ones and survivors, such as the payoff of debt, the continuation of income, and/or the keeping of promises, such as paying for a child's wedding or down payment on a home.
Before you purchase a life insurance policy, though, it is important to make sure that you are obtaining the right type and amount of coverage, and that the insurance company that you are purchasing the policy from is strong and stable financially. One company that meets these criteria is Transamerica.

The History of Transamerica Life Insurance Company

Transamerica Best Life InsuranceFor more than a century, it has been the mission of Transamerica to help people. The company was initially founded in 1904 by Amadeo Giannini in San Francisco, California. Initially, the company - at that time named the Bank of Italy - was run out of a former saloon.
In 1928, the company merged with Bank of America, and over the years, there were a number of mergers and acquisitions that help it to grow and expand exponentially. Today, Transamerica is a part of Aegon, one of the world's leading international financial entities.
Customers of Transamerica have access to a long list of wealth creation, growth, and protection products and services, and they can rely on the company regardless of what stage of life they are in.

Transamerica Life Insurance Company Review

Over the past year, several of the Transamerica-affiliated companies and entities have had changes to their names, and to some of their duties - however, each continues to operate within the Transamerica / Aegon network. These include the following:

  • Monumental Life Insurance Company has had a name change to Transamerica Premier Life Insurance Company
  • Western Reserve Life Assurance Co. of Ohio has merged into Transamerica Premier Life Insurance Company
  • Transamerica Advisors Company of New York has merged into Transamerica Financial Life Insurance Company
  • Stonebridge Casualty Insurance Company has changed its name to Transamerica Casualty Insurance Company
  • Transamerica Premier Life Insurance Company is assuming the Medicare Supplement product from Stonebridge Life Insurance Company

The company is also involved in a number of key sponsorships and/or partnerships, such as:

  • The American Heart Association
  • The Alzheimer's Association
  • PGA - LPGA and the American Junior Golf Association
  • Colorado Rapids (Major League Soccer)
  • Committed to Fit

Financially, Transamerica Life Insurance Company is considered to have a strong foothold. For the year 2016, the company held assets of nearly $131,800 million, with total capital and surplus of more than $6,048 million. As of year-end 2016, Transamerica Life Insurance Company had $1,055 billion of insurance in force.

Insurer Ratings and Better Business Bureau Grade

Due to its financial strength and stability, and its timely payment of its policyholders' claims, Transamerica Life Insurance Company has earned very high ratings from the major life insurance rating agencies. These include a(n):

  • A+ from A.M. Best Company (this is the second highest out of a possible 16 ratings)
  • A+ from Fitch Ratings (this is the fifth highest out of a possible 19 ratings)
  • A1 from Moody's (this is the fifth highest out of a possible 21 ratings)
  • AA- from S&P Global (this is the fourth highest out of a possible 21 ratings)

Even with its strong financial position, Transamerica Life Insurance Company, which is headquartered in Cedar Rapids, Iowa, has received a number of customer complaints. Due in large part to that, the company is graded as a C by the Better Business Bureau (BBB). This is on an overall grade scale of A+ to F.
Over just the past three years, Transamerica Life Insurance Company has closed out a total of 399 customer complaints, of which 128 have been closed out within the past 12 months. Of the total 399 complaints, 239 had to do with problems with the company's product and/or service, another 82 were related to advertising and/or sales issues, 62 of the complaints were related to billing and/or collection issues, 14 had to do with delivery issues, and the other two had to do with guarantee and/or warranty issues. There are also a number of negative customer reviews about Transamerica Life Insurance Company that can be found on the Better Business Bureau's website.

Term Life Insurance Products Offered by Transamerica Life Insurance Company

Term life insurance can provide a much-needed benefit to loved ones and survivors at a very low cost to the policyholder. This type of life insurance offers a death benefit, with no cash value or investment build up - and because of its basic nature, term life insurance policies are usually very affordable. (This is particularly so for those applicants who are younger and in good health at the time they apply for the coverage).
A term life insurance policy is purchased for a set period, or term, such as ten or twenty years. Should the insured pass away during the time that the policy is in force, an income tax-free death benefit will be paid out to the policy's beneficiary.
At Transamerica, there are several different term life insurance options to choose from. These policies offer term periods that range from ten to thirty years, separated by five-year increments, with death benefits that range between $25,000 and $2 million. This means that an applicant for Transamerica's term life insurance coverage can choose a term of 10 years, 15 years, 20 years, 25 years, or 30 years.
Many of these policies will require a medical examination for underwriting and approval purposes. However, based on an applicant's age and health condition, this is not always necessarily the case.
The term life insurance policies that are offered by Transamerica include the:

  • Trendsetter Super Series
  • Trendsetter LB

The Trendsetter Super is a plan that offers up to $1 million in death benefit protection. Once approved for coverage, the amount of the death benefit will remain in place (as long as the premium continues to be paid). The insured may be able to convert this policy over into a permanent life insurance policy (in this case, a universal life plan), without the need to undergo another medical examination (based upon the insured's answers to health questions on the application).
With the Trendsetter LB term life insurance policy from Transamerica, there is death benefit protection of up to $1 million. This plan also offers additional "living benefits." This means that the policy provides the option to obtain an accelerated death benefit in the event that the insured is diagnosed with a chronic, critical, or terminal illness.
Based on the term life insurance policy that is chosen, an applicant for term life coverage through Transamerica has the ability to choose how the death benefit option works on their plan. For example, with a level term policy, the amount of the death benefit will remain the same throughout the "term" of the policy. There may also be the option of having the amount of death benefit either increase or decrease over time.
While term life insurance is frequently referred to as "temporary" life insurance coverage (due to its set time period), these policies can be a good option for those who have various needs, such as the:

  • Payoff of a mortgage balance
  • Funding of a child's or a grandchild's future college education

Other Products and Services Offered

In addition to term life insurance coverage, Transamerica offers a wide array of other types of life insurance, as well as additional products and services. Concerning life insurance, there are several types of permanent coverage offered, including:

  • Whole Life - As a permanent form of life insurance coverage, whole life provides both a death benefit and a cash value component. The amount of coverage is typically locked in for life, as is the premium. This is the case, regardless of the increasing age of the insured, and even if he or she contracts an adverse health condition. The cash in the cash value component of the policy is allowed to grow on a tax-deferred basis, meaning that there is no tax due on the gain unless or until the funds are withdrawn.
  • Universal Life -Universal life is set up similarly to whole life, however, these policies are considered to be more flexible in that the insured has the option (within certain guidelines) to alter the timing and the placement of the premium.
  • Variable Universal Life - With variable universal life, the return on the cash value component is based on the performance of underlying investments. This can provide the opportunity to boost return. However, due to the potential for a market downturn, it can also pose more risk.
  • Final Expense - Final expense is a type of life insurance that is typically purchased by those who are in the age range of 50 to 85. The purpose of these plans is to have money available for paying one's funeral and other related costs, such as a burial plot, headstone, and transportation (which today can exceed $8,500). Transamerica offers several final expense plans to choose from, including the Immediate Solution, the 10 Pay Solution, and the Easy Solution. These plans offer no waiting period before coverage begins, and no increase in the premium due to the insured's increasing age.

The company also offers accidental death protection. With accidental death coverage, there is a death benefit paid out to a named beneficiary if the insured dies as the result of a covered accident. There is also a benefit paid out if the insured suffers certain types of physical harm, such as the loss of a limb and/or blindness due to an accident.
Other products and services that are offered by Transamerica include:

  • Long-term care insurance
  • Medicare solutions
  • Dental coverage
  • Fixed index and variable retirement annuities
  • Mutual Funds
  • Exchange Traded Funds (ETFs)
  • Asset Management
  • Retirement solutions

How to Get the Best Premium Rates on Term Life Insurance From Transamerica

Although there is no one-size-fits-all type of life insurance coverage, there are ways to narrow down the coverage and the best premium for you and your specific needs. One way to do so is to work with an independent life insurance agency or brokerage.
In doing so, you will be able to directly compare different plans, companies, and premium quotes - and from there you can determine which one will be the best for your particular needs.
If you are ready to take a look at the life insurance coverage that you may be eligible for, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers in the marketplace today. We can assist you with getting all of the key details that you need for making a well-informed insurance buying decision - and we can do this for you quickly, easily, and conveniently, all directly from your computer. To get started, all you have to do is just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions regarding life insurance through Transamerica, or other options, please feel free to reach out to our experts via phone. We can be contacted toll-free by dialing 877-235-9299.
We understand that the purchase of a life insurance policy may seem a bit overwhelming. There are so many different variables to choose from, and you want to make sure that you are heading in the right direction. But the good news is that you can help to ensure the best policy and best rates by working with an experienced, independent life insurance specialist. So, contact us today - we're here to help.

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