January 2022 Transamerica Life Insurance Review • Benzinga – Benzinga
Minimum coverage$25,000Maximum coverage$10 millionEligible ages18 to 85Term lengths10, 15, 20, 25 and 30 yearsNumber of rider options6
Term life insurance
The Transamerica Trendsetter Super Series and LB offer term life insurance policies for 10 to 30 years and ranging from $25,000 to $10 million. The Super Series is convertible into a whole life policy at the end of the term while the LB offers living benefits. The limit coverage for LB is up to $2 million.
Whole life insurance
Transamerica offers permanent life insurance like whole life with the death benefit ranging from $25,000 to $2 million. Whole life policies accumulate cash value and last for the lifetime of the policyholder. Premiums remain constant with policyholders able to borrow against the cash value.
Universal life insurance
Transamerica offers two types of universal life, both indexed and variable. Universal life is a type of permanent insurance with flexible premiums and more of an emphasis on the cash value than whole life. Policyholders can invest in or borrow against the cash value, and premiums are adjustable as long as the death benefit remains paid and up-to-date. All gains in universal accounts are tax-deferred until policy matures.
Final expense life insurance
Transamerica offers three types of final expense life insurance policies:
Immediate solution: These are available to people up to 85. Coverage can continue until age 121.10-pay solution: – For people up to age 85, 10-year premiums payableEasy solution: Ages 18-80
Death benefits for final expense policies begin at $10,000. Benefits can pay final expenses like funerals and leftover debts. While Easy Solution Plan benefits max out at $25,000, 10-Pay Solution and Immediate Solution plans pay upwards of $55,000.
Riders
Disability waiver of premium rider: If for any reason you become disabled and cannot make your payments, your premiums are waived. This rider has a six-month waiting period.Accelerated death benefit rider (with nursing home benefit): If you find yourself in a nursing home, this rider pays an accelerated death benefit at face value, minus any loans, interest or premiums for the first year.Return of premiums rider: For approved term life policy holders, premiums get returned if they outlive their policy. This does not include substandard premiums, rider premiums and outstanding loans.Children’s and grandparents’ benefit rider: Transamerica offers term life insurance for children through this rider via their grandparents if the grandparent is younger than 75 years old and the child is between 15 days and 18 years old.Accidental death benefit rider: This rider pays an additional benefit if the policyholder dies in an accident. Death on a train or bus pays even more.Monthly disability income rider: This rider stipulates that if the policyholder becomes disabled for 90 days or more, they may be eligible for up to $2,000 monthly in income for a period of two years.
While the company offers a large selection of life insurance products, customer service ratings are not the highest. Transamerica does not offer 24/7 phone claims and long wait times are often reported.
Transamerica has a complaint index of 0.58 from the National Association of Insurance Commissioners (NAIC) Complaint Index. The median score nationwide is 1, so Transamerica has a low number of complaints overall.
BBB Rating3AM Best RatingA+NAIC Complaint Index0.58Moody’s RatingA1J.D. Power Rating701 to 800
Sample quotes for nonsmokers in excellent health, using a 20-year term policy with a death benefit of $500,000, show that Transamerica is competitive with other companies in the marketplace, including Prudential Financial Inc. (NYSE: PRU), MassMutual and John Hancock Life Insurance Co.
Average premiums for a 30-year-old nonsmoking male, with $500,000 in coverage, shows Transamerica rates at just $275 per year compared to as much as $318 for its competitors. Rates rise to $520 for age 40 (about 20% higher than the average competitor) and $1,110 per year for age 50, also slightly higher than its competitors.
Premiums for smokers are among the lowest in the business. Rates for smokers (same other statistics as above) show Transamerica as much as 20% lower than its main competitors. Males smokers age 30 and in excellent health pay just $845 for the same 20-year term life policy with $500,000 in coverage. Compare this to competitors like Prudential, MassMutual and John Hancock who charge on average as much as $941.
Transamerica policyholders can apply online for no-medical-exam, instant-issue and guaranteed-issue life insurance policies. Otherwise, the application process takes anywhere from three to six weeks, which is the industry standard.
The company offers online and mobile applications through its LifeSales Mobile Application. The process is quick and easy. Just answer a few simple questions like:
NameStateSmoking statusGenderDate of birthAgeRisk classFace amount
Then click RUN QUOTE. That’s all there is to it. A sample run brought the following results:
For a $500,000 policy, a 55-year-old non-smoking male in the standard risk class would pay:
$1,960 for a 10-year term policy$2,350 for a 15-year term policy$3,095 for a 20-year term policy$4,360 for a 25-year term policy$5,005 for a 30-year term policy
(Sample run utilized without selecting the income protection option)
Transamerica vs. Competitors
When it comes to life insurance policies for young people and smokers, Transamerica has lower rates than its competitors. It insures seniors up to age 80 (85 for final expenses) and children (through its children’s benefits rider) from 15 days to 18 years of age.
Compared to the industry average, Transamerica offers lower premiums for healthy, nonsmoking males ages 20 to 50 (based on a $500,000, 20-year term policy). The company is especially affordable for people with:
Anxiety or depressionHepatitisKidney stonesSeizures (5 years out)Conditions treated with CBD or marijuana (three times per week max)
Types of plans
Term, Universal, Whole, Final Expense
Age Requirements
18 – 80
1 Minute Review
With more than 12 million active customers, Transamerica Corp. is one of the biggest names in the life insurance industry. Transamerica offers a wide array of life insurance products — everything from term to a variety of permanent life insurance products, including whole, universal and variable life.
Transamerica life insurance policies are available to anyone ages 18 to 80, with coverage starting at just $25,000 and going as high as $10 million. In addition to term and permanent life insurance policies, Transamerica offers final expense insurance and any number of riders to help customers customize their policies.
Best For
Coverage with chronic conditions
High benefit policies
Smokers
Pros
Term life policy quotes and purchase available online
Wide array of products
Comprehensive online resources
No medical exam required for many term policies
Cons
Below-average scores from the National Association of Insurance Commissioners (NAIC) and J.D. Powers
Policies purchased through agents only
Disproportionate number of customer complaints
get started
securely through Fabric Life Insurance’s
website
Age Requirements
21 – 60
1 Minute Review
Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.
Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.
Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.
Best For
No exam required for most
Those who want to avoid the hassle of insurance salesmen
New or expecting parents looking for a broader suite of financial tools
Pros
Affordable premiums
Free digital will creation
Free app with helpful tools for parents
Apply and see your rate in less than 10 minutes
Cons
No term life coverage in New York or Montana
Can’t increase coverage after purchasing
Types of plans
Term, Whole, Universal, Variable
1 Minute Review
New York Life offers a variety of life insurance policies, including term life insurance, universal life insurance and whole life insurance. Its policies are suitable for a broad range of people, are available in all 50 states and must be purchased through one of their licensed agents.
Learn more about New York Life Insurance with Benzinga’s review.
Best For
Consistent dividends
Consumers needing riders for specific insurance needs
Pros
New York Life has paid an annual dividend for 160 consecutive years
Several types of life insurance are available
Coverage can be customized with riders
Estate and wealth management services are offered
Cons
No online quotes or application
No mobile app
Mixed client reviews
Get started
securely through Bestow Life Insurance’s
website
Disclosure: *excludes New York
1 Minute Review
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
People who are looking for short-term life insurance
Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
Pros
Plans start at just $8/month
Decent coverage options if you need insurance quickly and without hassle
Cons
Offers 2 types of plans; does not offer whole or universal life insurance policies
The 10- and 20-year plans not available to users under 21 or older than 55
Types of plans
Universal, Term, Whole
Compare Quotes
securely through Northwestern Mutual’s
website
Age Requirements
18 – 100
1 Minute Review
Northwestern Mutual offers a variety of life insurance policies that are suitable for a wide range of people. Policies are available in all 50 states, although some policies and riders may not be available in every state. The company has strong financial strength ratings and an above-average rating when it comes to consumer complaints.
To get a quote from Northwestern Mutual, you have to talk to one of its agents. However, you can browse information on its website and use the coverage calculator tool to estimate how much life insurance coverage is recommended for your family.
Best For
People who want affordable term life insurance that can be converted to a permanent life insurance policy later.
People who want the option to add riders to their life insurance policy.
Pros
Northwestern Mutual has strong financial strength ratings and a low number of consumer complaints.
There are several types of life insurance policies available.
Northwestern Mutual also offers other financial planning, insurance and investment products and services.
Cons
There is a lack of clarity about the product offerings on Northwestern Mutual’s website. For example, you may be able to find articles about things like final expenses life insurance and index universal life insurance, but Northwestern Mutual doesn’t specifically say whether it offers these options.
You can’t get a quote or apply directly for a policy online.
get started
securely through Ladder’s
website
Disclosure: Ladder Insurance Services, LLC (Cal. license # 0K22568; Ark. license # 3000140372) offers term life insurance policies: (i) in New York, on behalf of Allianz Life Insurance Company of New York, New York, NY (policy form # MN-26); and (ii) in all other states and the District of Columbia on behalf of Allianz Life Insurance Company of North America, Minneapolis, MN (policy form # ICC20P-AZ100 and # P-AZ100). Only Allianz Life Insurance Company of New York is authorized to issue life insurance in the state of New York. Insurance policy prices, coverages, features, terms, benefits, exclusions, limitations and available discounts vary among these insurers and are subject to qualifications. Each insurer is solely responsible for any claims and has financial responsibility for its own products.
Age Requirements
20 – 60
1 Minute Review
Ladder offers policies with no hidden fees, on-the-spot underwriting and a streamlined website. Coverage ranges from $100,000 to $8 million and you can adjust your coverage over time as needs change.
You can choose a 10, 15, 20, 25, or 30-year term. Ladder also offers up to $3 million in coverage without a medical exam — just answer a few health questions and complete the application to get an instant decision.
Ladder doesn’t impose policy, cancellation or processing fees and you can cancel at any time. Take three steps to get Ladder insurance:
You can apply for life insurance coverage with Ladder right now via the online application.
Find out whether you’re instantly approved.
Accept your offer — including affordable prices and no hidden fees.
Its price lock guarantee ensures your premium won’t increase as your health changes and you age. Policies in New York are issued by Allianz Life Insurance Company of New York and in the other states and DC by Allianz Life Insurance Company of North America. You can receive a refund within the 1st 30 days if you’re unhappy with your coverage and you can cancel at any time.
Best For
Term life insurance
Online application
Policyholders between 20 to 60 years of age
Pros
Up to $8 million in coverage
Price lock guarantee
No policy fees
30-day money-back guarantee
Adjustable coverage
Cons
No policy riders
Term life insurance only
Overall, Transamerica rates 4.5 out of 5 stars. While the company has very competitive pricing when it comes to seniors and smokers, it lags behind its main competitors in other categories. The company sells a wide variety of riders and even offers term life policies with no medical exams. Eligible ages for term and permanent life insurance are from 18 to 80, with children as young as 15 days covered under the children’s benefits rider.
The company also offers temporary coverage for applicants between the ages of 16 and 65, with up to $1 million in coverage. Whole life policies are convertible until the policyholder’s 70th birthday or the end of the term, whichever comes first. Policyholders can even negotiate lower rates if their health improves.
Transamerica: Additional Options
Transamerica offers more than just life insurance. In fact, the company only got into the life insurance game recently, relatively speaking. Transamerica is even more well-known for its wide array of financial products like 401Ks, individual retirement accounts, annuities and mutual funds.
In the insurance field, Transamerica sells more than just life insurance, offering Medicare supplement plans and long-term care as well. Transamerica has been in the investment and wealth-protection business since 1906.
Frequently Asked Questions
What types of life insurance does Transamerica offer?
1
What types of life insurance does Transamerica offer?
asked 2022-01-19
Philip Loyd, Licensed Insurance Agent
1
Transamerica offers a wide range of life insurance products, including term, whole and universal life. The company offers borth universal indexed and variable policies.
Answer Link
answered 2022-01-19
Benzinga
Does Transamerica offer riders to its life insurance policies?
1
Does Transamerica offer riders to its life insurance policies?
asked 2022-01-19
Philip Loyd, Licensed Insurance Agent
1
Transmaerica life insurance offers an assortment of riders, including accelerated death, accidental death and monthly disability death benefits. Children can be added to a grandparent’s policy under the children’s benefits rider.
Answer Link
answered 2022-01-19
Benzinga
Does Transamerica offer final expense life insurance?
1
Does Transamerica offer final expense life insurance?
asked 2022-01-19
Philip Loyd, Licensed Insurance Agent
1
Transamerica offers up to $50,000 in coverage for final expense life insurance. The benefit helps pay for funerals, debts and other expenses after the policyholder’s death.
Answer Link
answered 2022-01-19
Benzinga
