Transamerica Review

We give Transamerica life insurance the green light.  They have excellent ratings from AM Best.  They have term life insurance, simplified issue whole life insurance and indexed universal life insurance.

Life insurance is the foundation of  any good, solid, financial plan. One of the biggest reasons for this is because the proceeds that are received from life insurance may be used by loved ones and survivors for any number of financial needs. These could include the payoff of a mortgage and/or other large debt, the continuation of paying ongoing living expenses, and/or for future monetary needs such as a child or a grandchild’s college tuition.

Before going out and purchasing a life insurance policy, though, it is essential to know that you’ve decided on a carrier that is rated high, financially strong and has a history of consistently paying claims in quick order. Transamerica is a life insurance company that checks all of those boxes, and more!

Transamerica life insurance

The History of Transamerica

transamericaIn 1904, Amadeo Giannini founded a company called the Bank of Italy in a converted San Francisco saloon. Giannini’s aim was to make financial services available to everyone – not just to wealthy individuals. Over time, the company grew into what is today the Transamerica companies – one of which is Transamerica Life Insurance Company.

Transamerica Life Insurance Company has been providing life insurance products since 1961. With more than 55 years in the insurance arena, the company has expanded its product line to offer a wide range of options, including term and permanent protection.

Operating in more than 20 markets worldwide, this company has a well known and highly regarded name. There are several company subsidiaries within the Transamerica Insurance family, including:

  • Transamerica Life Insurance Company
  • Transamerica Financial Life Insurance Company
  • Transamerica Premier Life Insurance Company
  • Transamerica Advisors Life Insurance Company
  • Transamerica Life (Bermuda) Ltd.
  • Transamerica Casualty Insurance Company

While Transamerica is still a major presence in San Francisco, Transamerica Life Insurance Company is headquartered in Cedar Rapids, Iowa.

Transamerica Review

Transamerica has a strong and stable financial position, with total assets of nearly $131,800,000 as of year-end 2016, and more than $1,055 billion of insurance in force at that same time. Along with its parent company, Aegon N.V., Transamerica Life Insurance Company’s core business is in the providing of life insurance, pension solutions, and asset management.

As with the other Transamerica companies, Transamerica Life Insurance Company is involved in a number of sponsorships and community-related activities. These include programs that foster creativity in the areas of music and performing arts, such as support venues that promote artistic expression, and civic and community activities such as those that encourage development and promote civic engagement.

Other areas that Transamerica offers support is in the areas of education and financial literacy, health and wellness, human services, and the United Way. In the year 2016 alone, the Transamerica Foundation contributed nearly $6.9 million.

Insurer Ratings and Better Business Bureau Grade

Thanks to Transamerica’s sturdy financials most of the rating angencies have given them high marks, including A+ from AM Best; A+ from Fitch and an A1 from Moody’s.

These will give you confidence that choosing a Transamerica life policy will be secure for the lifetime of the plan.

Life Insurance Coverage Offered Through Transamerica

Transamerica offers a wide range of life insurance coverage for both individuals and businesses. Coverage options include both term and permanent policies, as well as final expense and accidental death coverage.

With term life insurance, there is death benefit only protection, with no cash value. This can allow an insured to obtain a large amount of coverage for an affordable premium price. Term life insurance policies are purchased for a set amount of time, or “term.” These terms will usually be for ten, fifteen, twenty, or even thirty years.

Transamerica Life Insurance Company offers two different term life insurance policies. There are the Trendsetter Super Series, and the Trendsetter LB. The Trendsetter LB is a term life insurance policy that provides up to $1 million in death benefit coverage but also includes living benefit coverage.

The coverage that is selected is guaranteed to remain the same throughout the entire lifetime of the policy, and the premium payment due is also not allowed to increase throughout the term of coverage. At the end of the term, the insured may opt to convert the policy into a permanent, universal life insurance policy, without the need to undergo a medical examination.

The Trendsetter LB term life policy from Transamerica Life offers up to $1 million in death benefit protect, too, however, this policy also offers the ability to access funds from the death benefit – also known as living benefits – if the insured is diagnosed with a qualifying terminal or critical illness. These funds may be used to help with the payment of medical expenses, or for any other need that the policyholder sees fit.

Both the Trendsetter Super term life, and the Trendsetter LB term insurance policy from Transamerica Life Insurance Company offer benefit periods of 10 years, 15 years, 20 years, 25 years, or 30 years.  You can also get up to $1,000,000 in coverage with no medical exam through the TOP Program.

Transamerica Life also offers a wide selection of permanent life insurance coverage, including whole life, universal life, indexed universal life and variable universal life. With whole life, permanent death benefit protection will remain in force as long as the premium is paid.

In addition, whole life insurance includes a cash value component whereby the funds are allowed to grow tax-deferred based on a rate of return that is set by the insurance company. Both individual and group term life insurance coverage is offered through Transamerica.

Another form of permanent protection, universal life insurance, is also offered by Transamerica Life Insurance Company. Universal life provides a death benefit, and cash value build up, however, these policies are more flexible than whole life, as the policyholder may (within certain guidelines) alter the timing and the amount of the premium payment.

As with whole life insurance, the cash value in a universal life (or UL) policy can grow on a tax-deferred basis, and the money in this component of the policy may be withdrawn or borrowed by the policyholder for any reason.

A type of UL, variable universal life insurance, is another type of life insurance plan that can be purchased through Transamerica Life Insurance Company. With a variable universal life insurance policy, the return on the policy’s cash value is based upon the performance of underlying equity investments such as mutual funds. While this can allow the cash to produce a nice return, there is also the possibility of market-related risk, especially in times of market volatility.

Other types of life insurance protection offered by Transamerica

  • Final Expense Life – Final expense life insurance is typically purchased by those who are over age 50, and the proceeds are usually geared towards the payment of the insured’s funeral and other final expenses (such as a memorial services, headstone, and burial plot). While the coverage amount of these types of policies is typically between $5,000 and $25,000, final expense coverage may not require an applicant for coverage to take a medical examination in order to be approved. Transamerica Life Insurance Company offers the Immediate Solution, the 10 Pay Solution, and the Easy Solution final expense plans.
  • Accidental Death Coverage – With accidental death insurance coverage, a death benefit is provided if the insured is killed in a covered accident (as versus dying as a result of natural causes or illness). There is no medical exam required to qualify for Accidental Death coverage through Transamerica Life Insurance Company.
  • Indexed Universal Life Insurance IUL plans are excellent choices for families that want permanent coverage, but want some flexibility in their coverage and premiums. One of the advantages of these plans is that you can adjust the death benefit and the premiums (within a certain range). The plans are whole life policies, which means that they will never expire. Additionally, they build cash value that will earn a small interest rate with the potential to earn much more. If you’re looking for a that can earn you an interest rate while also protection your family, this is a great choice.

Other Products and Services offered by Transamerica

In addition to the many types of life insurance coverage that is offered through Transamerica Life Insurance Company, this insurer also offers other products and services such as:

  • Mutual Funds – Through its careful portfolio manager selection process, Transamerica Life Insurance Company offers a wide range of specialized mutual funds in asset classes to meet its customers’ needs. Asset classes include Asset Allocation, Alternative Investments, U.S. Equity, Global / International Equity, Fixed Income, Hybrid Allocation, and Target Date.
  • Retirement Annuities – Because many retirees worry about running out of income in retirement, an annuity can help to alleviate this fear by offering an ongoing income that cannot be outlived – regardless of how long it is needed. Through Transamerica Life Insurance Company, investors can purchase fixed index annuities, as well as variable annuities.
  • Retirement Solutions – Transamerica Life Insurance Company, also offers a wide range of retirement solutions, including strategies for rolling over individual retirement accounts (IRAs).
  • Long-Term Care Insurance – On average, people are living longer today – but that does not necessarily mean that they are living healthier. Today, the cost of a long-term care need can exceed $10,000 per month in some areas of the country – and the cost continues to rise. With a long-term care insurance policy, some or all of these costs can be covered – which in turn, can help to protect assets for other needs.
  • Medicare Solutions – Even though Medicare Part A and Part B offer a range of health care coverage options for those who are age 65 and over, there are still a number of “gaps” in this coverage, including deductibles, coinsurance, and copayments. A Medicare Supplement insurance plan can help with covering some or all of these out-of-pocket cost responsibilities.
  • Dental Insurance – The standard dental insurance plans that are offered through Transamerica Life Insurance Company provide primary coverage with up to 100% preventative care and up to 50% off basic and major dental services. The company also offers a 1-2-3 dental insurance plans that provides graded benefits.

How to Get the Best Premium Rates on Life Insurance from Transamerica

If you are seeking ways to get the best premium rates on life insurance from Transamerica – or for that matter, from any insurance carrier – then you should consider working with an independent life insurance agency or brokerage that has access to multiple top life insurance companies. In doing so, you can better compare policies, companies, and premium rates, and from there you can determine which will work the best for your needs, and for your budget.  Also be aware that smoking cigarettes will increase your rates for life insurance.

When you are ready to proceed, we can help. We work with many of the top life insurance carriers in the marketplace, and we can provide you with all of the details that you require for making a well-informed life insurance buying decision. If you want to begin this process, then just simply take a moment to fill out the quote form on this page.

If you still have any additional questions, please feel free to call us directly, toll-free, at 800-712-8519. Our life insurance experts are here and can assist you with determining which type and amount of protection is right for you.

Although the life insurance purchasing process can at times seem somewhat overwhelming, it can be extremely beneficial to work with an ally on your side. So, contact us today – we’re here to help.

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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