Transamerica Insurance Review

Transamerica was created in 1904 and born out of the idea that everyone, not just the rich, should have access to financial services. The idea came truly to fruition in 1906 when founder Amadeo Giannini gave out loans to San Francisco residents after the devastating earthquake with a simple handshake as the only guarantee of repayment.

Transamerica protects more than 27 million customers through their investment and insurance offerings. At the end of 2015, Transamerica Life Insurance Company had over $1 trillion of insurance in force.

Stats

A.M. Best RatingA+
B.B.B. RatingA+
PolicyZip Rating
Founded1928
HeadquartersCedar Rapids, IA
Number of Employees11,377
Total Assets$214 Billion

Transamerica Insurance Options

Transamerica offers a variety of life insurance products, with plans starting at just $15 per month. Multiple factors should be considered when deciding which life insurance plan is right for you, such as: household and individual income and assets, debt, mortgage balance and the benefit amount you want available for loved ones. In addition to providing security for loved ones in the event of your death, life insurance can help pay for other life expenses life college and retirement.

Transamerica offers two term life insurance plans — Trendsetter® Super Series and the Trendsetter® LB. Term life insurance is the most cost-efficient type of life insurance available. Since premiums are often lower than permanent life insurance plans, this coverage is good for a head of household who wants to provide for their loved ones in the event of their death. This coverage lasts for a specific period of time (i.e. “term”) with the premium cost being the same throughout. Terms range from 10-30 years and are available in 5-year increments. Coverage ranges from $25,000 to $1,000,000. You will likely need a medical exam to qualify. Benefit payments are available in one lump sum or monthly increments. This is usually the first type of life insurance a person purchases.

Transamerica offers two whole life insurance plans — Individual whole life insurance and Group whole life insurance. Whole life insurance is permanent life insurance, offering protection throughout your lifetime. This means, your loved ones are guaranteed a death benefit, which is not subject to federal income taxes, as long as premiums are paid. Additionally, this type of plan allows for cash accumulation that can be used to cover certain expenses during your lifetime. Premiums do stay consistent during the life of the policy, but are more expensive than term life insurance premiums.

Universal life insurance from Transamerica provides similar benefits to those associated with whole life insurance policies, but with two distinct differences — greater flexibility with premiums and tax-deferred growth in the cash value accumulation. Flexible payments offer premium adjustments should your financial situation change, offering peace of mind during financial dips and peaks throughout your lifetime. The cash portion of your policy will grow tax-deferred with a minimum guaranteed interest rate for extra security. The customization built within these plans offers a tailored plan that grows with you.

Variable life insurance from Transamerica is another type of permanent life insurance protection. As with whole and universal life insurance coverage, this policy includes a guaranteed death benefit and cash accumulation. But, unlike with other policies, variable life insurance offers investment options for the cash accumulated through the policy. These investments in stock and bonds offer growth potential not available with other plans. You are able to take out loans and make withdrawals for expenses like education, retirement and health issues once you’ve accumulated a sufficient amount of cash. With certain plans, you are also able to adjust premiums based on your financial situation.