Transamerica Life Insurance Company Review
The goal for our Transamerica Life Insurance Company review is for you to make an informed decision before you apply for coverage.
Is Transamerica the right life insurance company for you? That will depend on a variety of factors. For example, your age and health play a huge role in which life insurance carrier you should apply with.
If you have a preexisting condition, Transamerica may or may not be the best fit depending on the condition.
Let’s find out.
Transamerica Financial Life Insurance Company
- A+ (Superior) rating with A.M. Best
- An AEGON company; Home Office, Harrison, NY 10528
- Launched in 1947
- Total Assets $31.5B; Total Liabilities* $30.3B; Total Capital and Surplus** $1.3B (as of December 31, 2015)
*Excludes asset valuation reserve **Asset Valuation Reserve plus Capital and Surplus
These statistics are disclosed on a statutory basis, as provided by the National Association of Insurance Commissioners. The assets of the holding company, parent company, or company mixtures are unavailable to pay the claims of individual contracts and policies issued by the insurance organizations.
Advantages of Transamerica Life Insurance
Life Insurance Health Risk Niches:
- Recent Weight Loss Good
- Survivor/Family History Excellent
- Diabetes Fair
- Heart Attack Good
- Former Tobacco Use Fair
- Sleep Apnea Fair
- High Cholesterol Fair
- High Blood Pressure Good
Life Insurance Advantages
- Electronic application
- Quicker than usual approval turnaround time (11 days)
Life Insurance Disadvantages
- Additional phone interview with underwriter necessary
We are fond of Transamerica Life Insurance because of the vast variety of products they offer, the organization is currently on our list of the best life insurance companies in the U.S. and is also on our list of best no exam life insurance companies, as well as our list of top final expense insurance companies.
Transamerica A.M. Best Company Rating
As of November 2015, the A.M. Best Company, which is the leading rating agency for life insurance, has given Transamerica Life has an A+ rating. As of December 31, 2013, the organization has $1,085 billion of insurance in place, leaving no doubt that they can pay out your death claim.
Transamerica Life Insurance Product Selection
Transamerica life provides a vast variety of life insurance policies, such as:
- Whole Life,
- Term Life,
- Variable Life,
- Universal Life,
- Final Expense, and more.
The following is a short summary of some primary products they offer: permanent life insurance and term life insurance.
Transamerica Term Life
Transamerica’s term life insurance comes in 3 types: a return of premium term policy, a no medical exam term policy with a face amount maximum of $249,999, and a general completely underwritten term life insurance policy with terms of 10, 15, 20, 25, and 30 years.
Transamerica Trendsetter Series provides basic premium term products. The three initial products are Trendsetter Express, Trendsetter Super, and Trendsetter Living Benefits. The trio of these products provides non-medical exam underwriting choices for specific face amounts (to a maximum of $99,999 for Super, and $249,999 for LB and Express).
The face amounts range from $25,000 and up. At no extra cost, each of them provides a terminal illness rider (where it is applicable). That said, Trendsetter LB provides extra living benefit coverage which is extremely important for some buyers.
The living benefits life insurance may be most beneficial since it shields the insured in both life and death.
Trendsetter LB provides a terminal illness rider, disability rider, critical illness rider, and chronic illness rider. Disability rider protects the insured should the endure an eligible disability and cannot work. Critical illness protects the insured if they endure paralysis or a major health condition.
Chronic illness protects the insured if they can’t perform 2 of 6 ADLs (Activities of Daily Living) or a substantial and significant cognitive impairment. Transamerica’s terminal illness rider protects the insured if they are diagnosed with a terminal illness and have less than a year to live.
Transamerica Permanent Life Insurance Options
Transamerica Life provides great permanent life insurance in the organization’s Universal and Whole life insurance products. For clients who require lifetime life insurance. A common situation for permanent life insurance is for financing a buy/sell agreement. Some other situations are if someone requires estate planning with trusts.
For these situations Transamerica Life is an ideal choice.
Transamerica Whole Life Insurance
The organization provides cash-value permanent life insurance that can be borrowed against for an interest fee. The interest owing doesn’t need to be repaid, but will be withdrawn after your life insurance beneficiary receives the final life insurance payment.
Transamerica Graded Death Benefit Product Review
Graded death benefit products are generally used by those who seek final expense insurance or burial insurance. Transamerica offers the following whole life policies:
- 10 Pay Solution: Issue ages 0 to 85. 10 years’ worth of level premiums. Minimum issue amount $1,000. Maximum: Ages 0 to 55 maximum issue amount $50,000, 56-65 $40,000, 66-75 $30,000, 76-85 $25,000.
- Easy Pay Solution: level premiums to age 121. Available for ages 18 to 80. Death benefit for the first 24 months: 110% of premiums paid or 100% for accidental death. Once the first 24 months conclude, 100% of the death benefit will be paid by the policy.
- Immediate Solution: set-rate premiums. Issue ages 0 to 85. Minimum issue amount $1,000. Maximum: Ages 0-55 maximum issue amount $50,000, 56-65 $40,000, 66-75 $30,000, 76-85 $25,000.
Transamerica Life Insurance and Health Conditions
The Transamerica Life Insurance Company is strong in several areas. Transamerica Life’s main niche are with elderly clients. As shown below, the organization has liberal regulations for clients older than 70 years old, which is an age that other life insurance companies typically end offering life insurance policies.
A preferred plus health class rating is an option for those with a cholesterol ratio of 5.0 or less. Most organizations only allow up to 4.5 for the best rate class. Transamerica will provide the best rate class for clients older than 70 years old with a 5.5 cholesterol ratio.
What if you have a blood pressure reading of 145/85 and you’re older than 71? You are eligible for the best health class rating with Transamerica.
What if you are diagnosed with Hepatitis C? You have a chance to obtain a standard rate class.
If you suffer from regulated schizophrenia and have received a diagnosis more than 2 years ago – you may obtain a Table 2 to Table 8 health class rating. A client with schizophrenia may obtain a standard rate class 10 years out.
Transamerica is very strong when it comes to rates based on age.
They offer some of the most competitive life insurance rates by age. Now, the big question is this: Is Transamerica the best life insurance company for you?
Give us a call at 888-411-1329 and let us find the best life insurance company for your situation.
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