Transamerica life insurance review 2023
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At a glance
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Transamerica could be a good option if you are looking for numerous life insurance options coupled with other financial products. However, while the company has relatively strong financial strength, its customer satisfaction reviews tend to be below average.
Numerous life insurance products sold
Life insurance products available for foreign nationals
Excellent AM Best financial strength rating
Below-average J.D. Power customer satisfaction score
Above-baseline NAIC complaint index
Some products are not available in every state
Transamerica life insurance
Transamerica sells multiple types of life insurance. Unlike other companies that only offer the basics, Transamerica offers five different life insurance policy types. The company is licensed to sell policies in Washington, D.C. and all U.S. states, but some policy types are not available in New York. If you’re buying life insurance for the first time and aren’t sure how much life insurance you need, it may be beneficial to utilize Bankrate’s life insurance calculator and life insurance guide before speaking with a Transamerica agent.
With a dedicated international underwriting team, Transamerica is also one of the few companies offering life insurance coverage to foreign nationals who are regular visitors or have ties to the U.S. Here are the policy types available from this company:
- Term: Term policies may be good options if you only need coverage for a short or predetermined period of time. Transamerica offers two term life insurance policies — Trendsetter Super and Trendsetter LB. Both policies offer term periods of 10, 15, 20, 25 or 30 years. The Trendsetter Super policy has higher coverage amounts available, while the Trendsetter LB provides living benefits, which may allow you to receive an accelerated death benefit if you are diagnosed with a qualifying critical, chronic or terminal illness.
- Permanent: A permanent life insurance policy might be a good fit for those who want access to the cash value portion of the policy in addition to the death benefit. Transamerica offers two types of permanent life insurance: whole life and indexed universal life:
- Whole life insurance: Transamerica’s whole life insurance policies, also called Transamerica Lifetime, give you the option to customize your coverage with nine different riders. These include a children's benefit rider, accidental death benefit rider and chronic illness rider.
- Indexed universal life insurance: If you’re looking for a more flexible life insurance policy with an investment component, you might consider indexed universal life insurance. Transamerica's policies allow you to have more control over your death benefit amount and premium as your life changes. Unlike whole life policies, which also accrue cash value, the cash value of indexed universal life policies is invested.
- Final expense life insurance: This life insurance policy type could be a good choice for customers looking for a lower death benefit intended to cover specific end-of-life expenses, such as funeral costs. Transamerica's policies have a maximum death benefit of $50,000 and do not require a medical exam.
Transamerica life insurance endorsements
Each Transamerica life insurance policy type has its own set of unique endorsements and riders. To see the full list of riders for the type of life insurance you want to purchase, you may want to speak with a Transamerica life insurance agent.
Transamerica life tools and benefits
The Transamerica Insights page on the company's website may be a helpful resource for customers seeking to learn more about life insurance and other financial products. The page features articles on topics like financial needs of caregivers and retirement planning. Transamerica also offers numerous guides to walk potential policyholders through subjects like financial goal planning and how to build emergency savings.
Transamerica customer satisfaction
When analyzing customer service for life insurance products, Bankrate looks at a variety of metrics including J.D. Power customer satisfaction studies and financial strength ratings from AM Best. On the financial strength side, Transamerica has a solid A (Excellent) rating from AM Best, which indicates that it has historically been able to meet its financial obligations.
On the other hand, the company came in second-to-last in J.D. Power's 2022 Individual Life Insurance Study. Transamerica's score of 740 out of 1,000 puts the carrier far below average.
Transamerica also has an above-average number of customer complaints for its individual life insurance product, according to the National Association of Insurance Commissioners (NAIC). Transamerica received a NAIC Complaint Index of 1.96. When compared to the baseline of 1.00, this index shows the carrier receives more complaints than expected for a company of its size.
How to file a claim with Transamerica
To file a life insurance claim with Transamerica, beneficiaries can reach out to the agent of record on the policy or call customer service at 1-800-797-2643 for further instructions.
Transamerica is available nationwide, although some of its life insurance products are not available in New York state.
Other Transamerica perks worth considering
In addition to life insurance, Transamerica offers a slew of financial products, including:
- Employer-sponsored retirement plans
- IRA rollover solutions
- Mutual funds
Product availability may vary by state, however. Speaking with a Transamerica representative may be the best way to find out what products are available to you.
Transamerica corporate sustainability
Transamerica lists three areas of commitment on its website: inclusion and diversity, sponsorships and the Aegon Transamerica Foundation.
To help foster diversity and inclusion, Transamerica created employee resource groups (ERGs) to give employees a sense of belonging and a place to discuss similarities and differences. Transamerica also promotes health and wealth in the communities it services by sponsoring organizations such as the American Heart Association Massachusetts institute of Technology AgeLab. Finally, the Aegon Transamerica Foundation extends financial grants and volunteer commitments to nonprofit organizations focused on arts, education, health, diversity and community.
Not sure if Transamerica is right for you?
The best life insurance company for you may vary based on your priorities. Whether you're seeking great customer service or the cheapest life insurance company, comparing different carriers may help you narrow down your choices. If you aren’t sure if Transamerica is the right fit, you could consider comparing life insurance quotes from these other providers:
Transamerica vs. MassMutual
MassMutual’s whole life insurance won our 2023 Bankrate Award for best whole life insurance company. The carrier offers a variety of riders, so it may be a good choice for those looking to customize their policy. It also earned a strong financial strength rating from AM Best and high customer satisfaction scores from J.D. Power.
Learn more: MassMutual Insurance Insurance review
Transamerica vs. Northwestern Mutual
If you’re more interested in term life insurance and you value digital tools, Northwestern Mutual could be a solid choice. Its term life insurance is flexible in allowing customers to select coverage based on years or until a specific age, and may also be converted into a whole life insurance policy.
Learn more: Northwestern Mutual Insurance review
Transamerica vs. Guardian
For those looking for a company with a wide variety of policy types and strong customer service, Guardian could be a good option. The carrier scored above average in J.D. Power's 2022 life insurance study and has strong financial strength ratings from AM Best.
Learn more: Guardian Insurance Insurance review
Is Transamerica a good insurance company?
Bankrate’s insurance editorial team consists of four licensed agents and, across the entire team, over 40 years of industry experience. Based on our analysis, Transamerica could be a good life insurance company for individuals looking for a wide variety of policy options and potential for policy customization. Transamerica also offers a host of other financial products, so it could be efficient for customers who prefer to conduct business with a single financial company. However, Transamerica receives mixed financial strength and customer satisfaction reviews, so you may want to speak with existing policyholders before purchasing a policy.