What are Transamerica Life Insurance company Reviews, Pros and Cons? How much are term and Permanent Policy quotes? What are Transamerica Life Insurance Policy Types and Coverages?
- Rapid transamerica insurance reviews
- How are Transamerica Life Insurance Policy Types
- Average Transamerica life insurance quotes
- Transamerica Life Insurance Pros And Cons 1
- Transamerica Life Insurance Pros And Cons 2
- Provider portal of Transamerica insurance
- Transamerica insurance customer service phone number
- Payment options of Transamerica insurance
- Transamerica Life Insurance Reviews
- Transamerica Life Insurance Reviews 2
- Negative Transamerica Insurance Reviews 3
- Transamerica life insurance claims
- Transamerica life insurance beneficiary change form
- FAQ – Frequently Asked Questions
Rapid transamerica insurance reviews
Transamerica Life Insurance is an A+ rated company that has been around since 1905. Transamerica with all its pros and cons, is at the forefront of digital innovation. In 2016, it won an award for its technical innovation in mapping the customer journey from InformationWeek, which sounds very promising reviews. If you’re looking for a life insurance provider that offers great term life insurance (regardless of whether or not you smoke, even!), Transamerica could be the company you’re looking for.
Life insurance policies from Transamerica have coverage up to $2 million for a whole life and up to $10 million for term life insurance. Transamerica term life insurance is available to anyone between 18 and 80 years old. In addition to term and whole life insurance, Transamerica offers universal life and final expense insurance. The Transamerica company also has many rider options that consumers use to customize policies according to their needs. Customers can figure out the amount of coverage they need and get a quote on the Transamerica Life Insurance company’s website, then review the pros and cons of each.
Also check out other insurance companies like the aarp life insurance reviews, Prudential life insurance reviews, Colonial Penn life insurance reviews, New York life insurance reviews and cheap life insurance companies
Transamerica Life Insurance Company riders
- Accelerated Death Benefit With Nursing Home Benefit: Available for final expense policies, subject to state availability, the accelerated death benefit with nursing home benefit rider would pay the face amount upon diagnosis of a qualifying event or confinement in a qualified nursing facility.
- Accidental Death Benefit: If you pass away due to an accidental bodily injury, the accidental death benefit rider will provide a death benefit for the face amount of your final expense policy.
- Children’s Benefit: Add a rider to your index universal policy to get fixed-rate term insurance for children up to 18 years of age.
- Chronic Illness Accelerated Death Benefit: If you are diagnosed with a qualifying chronic illness and have this rider on your policy, you can access a portion of your death benefits early to pay for your care.
- Disability Waiver of Premium: If you become disabled, this rider waives the monthly premiums for the duration of your disability by applying the rider benefit as the policy’s premium payment.
- Terminal Illness Accelerated Benefit: If you receive a terminal illness diagnosis, you can receive a portion of your death benefit while you’re alive.
How are Transamerica Life Insurance Policy Types
- Whole life insurance: Offers level premiums and a guaranteed death benefit with guaranteed cash value
- Term life insurance: This runs a specific time period and has lower premiums
- Universal life insurance: Has both cash value and a death benefit, may be able to use cash value to pay premiums
- Index Universal life insurance: Can combine a death benefit with the ability to build cash value over time
- Final expense life insurance: As the name suggests, helps cover final expenses when a loved one passes away.
Average Transamerica life insurance quotes
You can get a life insurance quote from Transamerica by using their online tool called Policy Explorer. This tool is designed to help you estimate your basic life insurance needs. However, it is not intended to provide a thorough and comprehensive analysis of your life insurance needs or to recommend a specific amount or type of coverage.
To get started, you can visit the Transamerica website and click on the Get a Quote button on the Policy Explorer page.
Transamerica offers a range of cost-effective life insurance options that can help protect your financial future through every stage of life. You can explore their life insurance products on their website.
Average rates for Transamerica life insurance
The average cost of a Transamerica term life insurance policy is $22.36 per month for a 35-year-old male non-smoker purchasing a $500,000 Trendsetter Super term life insurance policy.
Transamerica charges fairly average prices for its term policies compared to 31 other life insurance companies.
The cost of life insurance can vary depending on several factors such as age, gender, health status, and coverage amount. To get an accurate quote for your specific situation, you can use Transamerica’s online tool called Policy Explorer.
Transamerica Life Insurance Pros And Cons 1
Transamerica Insurance Pros 1
- Up to $50,000 in coverage is available without an exam
- A wide array of policies for all age ranges
- Easy web access to all forms necessary to file any claim
- Transamerica Life Insurance Company accepts some health conditions that other companies may not.
- Faster than average application approval
- You can get up to $10 million in coverage on just a term life plan, which is quite high for the industry
- Transamerica offers a wide range of insurance products beyond life policies, including dental, long-term care, and annuities, not to mention other financial services such as mutual funds and IRAs.
- Policies are issued and backed by a large and financially stable company.
- You can get quotes for term life insurance and buy the policy online.
- Wide range of products including term life insurance, whole life insurance, universal life insurance, guaranteed life insurance, and accidental death insurance.
- You can get side-by-side product comparisons on their website so you can see how Transamerica life insurance prices and product features compare to each other.
Transamerica Insurance Cons 1
- Customer service rankings are less than average (NAIC and J.D. Power)
- Live customer service is not available 24/7
- Transamerica Life Insurance Company has more expensive rates than most companies.
- If you want to update your beneficiaries or change payment info – you’ll need to complete paper forms
- Transamerica has a whole life, but it is essentially a final expense policy, with face amounts that only go up to $50,000.
- They have a long application process.
- A medical exam is required to be able to purchase a policy with Transamerica
- Received more complaints than expected for a company its size.
- Online quotes are not available on all insurance options, While you can get an online quote with term life insurance, online quotes are not available for Transamerica’s other policies.
- Live agents tend to be centered around only the largest cities in some areas
- Fewer options for non-medical life insurance versus other leading carriers.
- Preferred Plus rates are not as competitive as other leading carriers.
Transamerica Life Insurance Pros And Cons 2
Transamerica Insurance Life Pros 2
- Lenient underwriting for some types of mild health conditions. Always consult with the company or agent for the specific underwriting guidelines.
- Uses your actual birthday (age last birthday) to calculate your age instead of age nearest birthday (makes you a year older 6 months before your birthday). This can at certain times lead to a better price compared to other leading carriers.
- You can receive a quote for and purchase a term policy online.
- Transamerica offers a wider range of products than most companies, such as a standalone accidental death policy (this is typically found as a rider on other policies) and final expense life. The term and universal policy categories also include a wide range of products.
- Transamerica’s online resources make shopping easier for first-time buyers. For instance, it features a page that allows you to compare certain types of policies against others, so you can see the differences more clearly.
- Offers relatively high death benefit options.
- Low consumer complaints through the NAIC
- Flexible options involving living benefits and converting policies
- Good-term life insurance for smokers
Transamerica Insurance Life Cons 2
- You can not manage your life insurance policy on the Transamerica mobile app. The Transamerica mobile app is free to anyone to download but is geared only toward retirement planning and not the administration of your life insurance policy.
- Transamerica Life Insurance Company’s online offerings aren’t terribly robust. For instance, although it is possible to file a claim online, the website provides no contact information or guidance on how to do so. Additionally, you can pay your bill online, but the service is offered through Western Union and involves you paying an extra fee.
- The Transamerica mobile app is only for life insurance sales agents, but not for life insurance policyholders.
- The company has below-average scores from J.D. Power for its customers’ experiences with billing, payment, and interactions with the company.
- No way to get a quote online, but that’s common for life insurance
- Policy delivered by mail
- Many policy quotes require talking to an agent directly
- Universal and whole-life cancellation policies are not publicly available
- AM Best rating recently downgraded: In 2019, AM Best, the credit rating agency focused on the insurance industry, after reviewing the pros and cons of Transamerica, downgraded the Financial Strength Rating of Transamerica from A+ to A.2
- While an A rating is still strong, being downgraded is a significant change in the insurance industry, and reflects increased risk.
- No access to financial professionals: While other insurance companies allow you to consult with financial professionals to help you make decisions about your insurance policy and review your needs, Transamerica doesn’t have that option. If you need help, your only choices are to talk with Transamerica’s general customer support team or an insurance agent.
Provider portal of Transamerica insurance
You can log in to your Transamerica account by visiting their website at www.transamerica.com/login. This portal is available for individuals, financial professionals, and employers.
If you are a healthcare professional serving consumers with Transamerica Medicare Supplement insurance plans, you can use the online provider tool available at mymedsuppinfo.transamerica.com
Transamerica insurance customer service phone number
You can contact Transamerica’s customer service by calling the following numbers:
- (888) 763-7474
- TransConnect Customer Service (866) 224-3100
Their call center is available Monday through Thursday from 7:00 a.m. until 6:00 p.m. and 7:00 a.m. until 5:00 p.m. on Friday, Central Time. If your policy/certificate number begins with a 0 (zero), please contact them at (855) 244-8318.
You can also visit their website to find more information on how to contact them based on your specific needs.
Payment options of Transamerica insurance
Transamerica offers several payment options for their insurance policies. You can pay your premiums annually, twice yearly, quarterly or each month.
To make an online bill payment for your policy/certificate, you can log in to your account on the Transamerica website and select the policy/certificate you wish to make an online bill payment for from the My Insurance Policies/Certificates page. Then select One-time Bill Payment from the Customer Service Features list. Confirm the amount to be paid and select payment type under Payment Method.
You can also contact their customer service by calling (888) 763-7474 or TransConnect Customer Service at (866) 224-3100 to learn more about their payment options.
Transamerica Life Insurance Reviews
Positive Transamerica Insurance Reviews 1
- I have an IUL with Transamerica and I am happy with the service I had. My agent was great and went above and beyond to help me. I also contacted customer service for Transamerica and the representative was very knowledgeable about the product. I am satisfied with the services I received.
- Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. My only hope is that we won’t ever be required to make a claim, but glad to know that it’s there in case of death.
- They have always been attentive, responsive, helpful, and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.
- As far as services are concerned, Transamerica has a call-back option where people do not have to wait on the phone. I used the call-back option all the time. My agent and Transamerica have provided me with excellent services and have been responsive to my requests.
Negative Transamerica Insurance Reviews 1
- This might be the worst company ever. Their business practices are unethical and totally unacceptable. They will draft a payment right on time and then wait six to nine weeks to reimburse you your money all the while collecting interest on your money. Totally ridiculous, despicable, and unethical. Better Business Bureau should give them an F. NEVER USE THIS UNETHICAL COMPANY!
- I received the worst customer assistance [. . .] When I asked about withdrawing funds two weeks ago they stated they would follow up with me. It’s two weeks later and they are now stating that my funds are on hold because they messed up my paperwork last week. I explained I needed money for hardship. They stated, ‘Oh well our process doesn’t allow that.’ How is it possible for them to hold my funds? Plus the attitude from the associate was horrible. I will never use them for retirement again
- My experience with this company has been an absolute nightmare. The level of incompetence within this company is unacceptable. It took two months for them to retrieve information from my job. A week later I called to check on the progress and I was informed that the representative forgot to submit my request for a disbursement. Almost two weeks later they finally mail the disbursement but to someone else’s address. I immediately requested a stop payment on the check.
Transamerica Life Insurance Reviews 2
Positive Transamerica Insurance Reviews 2
- I’m satisfied at this point, my agent is okay however I would appreciate it more if she’d reached out to me from time to time just to say hello and order check-in to make sure you’re good. Make me feel secure or just new offers or better upgrade packets just saying. As a consumer, this is an important part of our time.
- I have 7 different accounts with Transamerica and they have been great to work with over the years! My wife and I started our first account 11 years ago and have been impressed by their customer service and how their accounts perform. I had 250k term coverage with a different company and was able to double my coverage with the same premium. It hasn’t always been a perfect interaction, but they have been great to fix mistakes and take ownership for them which is great to see from a company you place your life savings with. One of the best companies out there in the financial industry, coming from a former wall street stock trader!
Negative Transamerica Insurance Reviews 2
- Their website is awful, their communication is worse. I got roped into a life insurance/retirement fund combo by a friend from college and it was the worst decision I’ve ever made financially. Put over 10 thousands dollars in it and saw my cash value go up maybe 3 grand, and when I went to close it there was a cash surrender charge of over 9 grand. One star is too many for this company honestly.
- If you call to buy a product, you get directly through. If you call regarding a claim, the wait is interminable. That translates to hours! “We apologize for the delay… your call is very important to us… Due to high call volume”. The most unprofessional site I’ve ever been on. If my calls were so important… if you had more staff… if you truly wanted to address a claim… I would not have wasted 5 hours today without talking to anyone. You should be embarrassed even to have a “customer service” department. “Thank you for calling our “CUSTOMER AVOIDANCE” Dept.
Negative Transamerica Insurance Reviews 3
- My mother passed away a couple of weeks ago. I am on my 3rd phone call to get assistance with filing a death claim. But i have now been on hold for over 9 hours combined with all calls, and have yet to speak to a representative. According to their policy, it is up to the consumer to notify them in “a timely manner”, yet there is no one to answer the calls. I am aware that you can go to the website and download forms, but when there are multiple policies involved, questions need to be asked and answered
- DO NOT DO BUSINESS WITH THIS COMPANY! I have tried now for several days to cancel our policy, which we did not want to begin with. They placed me on hold for endless wait times with no answer from a live representative. I never known a company that could provide such lousy customer service and still be in business but I have found one in this company. Save yourself the time and heartache and find another insurance company.
- Rip off! These people can’t be trust. Please be aware of what you sign up for. 401k isn’t **! The penalties for withdrawal is outstanding. Come out better putting your pennies in a piggy bank. You’re gonna be old, mad and broke…
after reviewing Transamerica Life Insurance Pros And Cons, We recommend that you also review the following:
Transamerica life insurance claims
Transamerica offers a simple claims process for life insurance policies. You can file a claim online or by paper, but online claims are faster and allow tracking the status. To file a claim, you will need to provide personal information about the insured, a claim form, a death certificate, and a claimant’s statement. For group life insurance policies, the employer who sponsored the plan must contact Transamerica and confirm the employment and coverage.
Transamerica has a very aggressive claims department and may try to deny a death claim, so claimants may consider having their own claim expert to represent them.
Transamerica life insurance beneficiary change form
To change the beneficiaries of your life insurance with Transamerica, you need to contact your insurance company. You can submit a change of beneficiary form online, on paper, or over the phone. The form will ask for personal information about your beneficiary, such as their contact information, date of birth, full legal name, and relationship to you.
You can download the Beneficiary Change Form for Transamerica life insurance from Transamerica’s website then fill out and submit. The form is in PDF format and is fillable online. You can also print it out and fill it in by hand if you prefer.
Please note that if the policy owner is a corporation, partnership or institutional body, an Entity Certification Form or a copy of a Corporate Resolution must be on file with the company or submitted with this Beneficiary Change Form.
FAQ – Frequently Asked Questions
How does Transamerica life insurance work?
Transamerica offers a range of life insurance policies that can help protect your financial future. Life insurance policies are designed to provide financial support to your loved ones in the event of your death.
Transamerica offers term life insurance policies that provide coverage for a specific amount of time (or “term”) and have lower premiums than permanent life insurance policies. They also offer whole life insurance policies that provide a guaranteed death benefit, a guaranteed minimum rate of return on cash value, and fixed premiums.
When you purchase a life insurance policy from Transamerica, you pay a monthly or annual premium in exchange for coverage. If you pass away while the policy is in effect, your beneficiaries will receive a death benefit payout.
How is Transamerica life insurance reviews?
Transamerica life insurance reviews are mixed. Some consumers praise the policy options, customer service, and professionalism of agents. Others complain about the online quoting and the high number of BBB complaints. Transamerica offers good rates and benefits for term life insurance and no-exam life insurance. It also allows policy customization with various riders, including a disability income rider. Transamerica is one of the best providers for older seniors, as it writes policies up to age 85. Best Life Insurance Companies List 2024.
Forbes Advisor named Transamerica’s Trendsetter LB policy “Best Overall” in their review of the best term life insurance policies. The policy offers $25,000 to $2 million in coverage with terms of 10 to 30 years.
How to cancel Transamerica life insurance?
To cancel your Transamerica life insurance policy, you can call customer service at 800-797-2643 and provide the agent with your policy details. Ask them to cancel your life insurance policy and wait for confirmation. You can also cancel your policy by stopping payments or contacting your provider.
How to get Transamerica life insurance?
To get Transamerica life insurance policy, you can either call a Transamerica agent or meet with one in person if there’s an office in your city. You can also explore Transamerica’s range of cost-effective options on their website.
Transamerica offers term life insurance coverage ranging from $25K to $10 million and up. They also offer no medical exam for up to $2 million for qualifying applicants. The coverage is customizable to fit your lifestyle with different coverage amounts, term periods, and optional rider benefits.
How to pay Transamerica life insurance online?
To pay Transamerica life insurance online, you can log in to your account on the Transamerica website . If you don’t have an account yet, you can create one by visiting their website and clicking on the “Register” button .
Once you have logged in to your account, you can make a payment by following these steps:
- Click on the “Payments” tab.
- Select the policy you want to make a payment for.
- Choose the payment method you prefer.
- Enter the payment amount and date.
- Review and confirm your payment.
If you have any issues or questions about making payments online, you can contact Transamerica customer service at 1-800-797-2643
Is Transamerica life insurance a good company?
Transamerica life insurance reviews are mixed. Some consumers praise the policy options, customer service, and professionalism of agents. Others complain about the online quoting and the high number of BBB complaints. According to Reviews.com, Transamerica life insurance scores a 4.4 out of 5 according to their methodology. However, Transamerica lacks in customer satisfaction, ranking near the bottom according to J.D. Power.
Transamerica offers good rates and benefits for term life insurance and no-exam life insurance. It also allows policy customization with various riders, including a disability income rider. Transamerica is one of the best providers for older seniors, as it writes policies up to age 85
Is Transamerica life insurance company a legitimate company?
Yes, Transamerica life insurance is a legitimate company. It has been around since 1904 and is one of the top 10 life insurance companies in the United States. According to Cremation Institute, Transamerica is an established and well-rated company offering many life insurance policies. They offer term, whole life, universal life, and final expense insurance policies.
Transamerica has an A- rating with the Better Business Bureau. They are also included in our best life insurance companies list.
Is Transamerica life insurance a pyramid scheme?
Transamerica is a financial services company that offers life insurance, retirement plans, and mutual funds. It is not a pyramid scheme. Pyramid schemes rely solely on the recruitment of new members to generate revenue, but Transamerica sells financial products.
Transamerica is not a scam but a legitimate financial services company. However, there are some sources that suggest that Transamerica has practices similar to pyramid schemes.
Does Transamerica offer whole life insurance?
Yes, Transamerica offers whole life insurance. Whole life insurance is a type of permanent life insurance that provides financial protection throughout an entire lifetime with premiums that remain the same. It is the most common form of permanent life insurance that helps families protect their long-term financial security.
Does Transamerica pay out life insurance?
Yes, Transamerica pays out life insurance. Transamerica sells term and permanent life insurance, including whole and universal policies. However coverage for its term life insurance is up to $10 million, and permanent life insurance coverage is up to $2 million. Life insurance policies from Transamerica have coverage up to $2 million for whole life and up to $10 million for term life insurance.
Can i withdraw money from Transamerica life insurance?
Yes, you can withdraw money from Transamerica life insurance. The policy owner may access the cash value through loans or withdrawals. But both loans and withdrawals will reduce the cash value and death benefit. Loans are subject to interest charges. Under certain circumstances, there may be tax consequences in taking a loan or withdrawal.
How long does it take for Transamerica life insurance to pay out?
According to Transamerica’s website, it may take up to three weeks for receipt of payouts on claims. However, most life insurance companies pay out death benefits in as little as two weeks or as long as two months. The timeline for a death benefit claim to be paid may vary depending on the company’s procedures and the cause of death.