Transamerica life insurance review 2025

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 policies 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 helpful to utilize Bankrate’s life insurance calculator 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. Transamerica’s life insurance offerings include:

• Term: Term: Term policies may be suitable if you need coverage for a specific period. 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.
  • Trendsetter Super:
    • Issue ages: 18-80
    • Coverage available: $25,000–$10 million and up
    • No medical exam for up to $2 million for qualifying applicants
    • Flexible and convertible to permanent life policy during the conversion period
    • Customizable with different coverage amounts, term periods and optional rider benefits
    • Provides accelerated death benefits for qualifying terminal illnesses
  • Trendsetter LB: 
    • Issue ages: 18-80
    • Coverage available: $25,000–$2 million
    • No medical exam for up to $2 million for qualifying applicants
    • Flexible and convertible to permanent life policy during the conversion period
    • Provides living benefits, offering early access to death benefits for qualifying critical, chronic or terminal illnesses
    • Customizable with various coverage amounts, term periods and optional rider benefits

Both term products offer accelerated death benefits, providing financial support if diagnosed with a qualifying illness.

• Permanent: A permanent life insurance policy might be a good fit for those who want access to the cash value component 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, branded as Transamerica Lifetime, offers robust customization through various rider options. Key guarantees include a guaranteed death benefit, guaranteed cash accumulation value and guaranteed level premiums. Policyholders can enhance their coverage with riders such as chronic illness, critical illness, terminal illness accelerated death benefit, disability waiver of premium and more. Additionally, the policy offers flexible payment options, including electronic funds transfer and credit card payments, along with simplified underwriting processes for easier qualification.
  • Indexed universal life insurance: Transamerica offers two indexed universal life (IUL) policies: the Transamerica Financial Choice IUL (FCIUL) and the Transamerica Financial Foundation IUL (FFIUL). Both policies provide death benefit protection and the potential for cash value accumulation. The FCIUL is designed for high earners aiming to maximize cash value and enjoy tax-advantaged income distributions, featuring various index accounts and loan options. The FFIUL caters to a broader audience, emphasizing flexible premiums and traditional IUL benefits. Both policies include living benefit riders for additional financial protection in case of critical, chronic or terminal illnesses.
  • Final expense life insurance: Transamerica’s Final Expense Solutions Portfolio is designed to help cover end-of-life expenses with level premium whole life insurance policies. These policies offer face amounts ranging from $1,000 to $50,000 and come with a guaranteed death benefit. This straightforward solution helps protect families from unexpected financial burdens associated with final expenses, helping provide peace of mind for policyholders and their loved ones.

Pros and cons of Transamerica life insurance

When considering Transamerica life insurance, it's beneficial to weigh the advantages and disadvantages to determine if it aligns with your needs. Transamerica offers a variety of life insurance products, which could make it a potential and versatile choice for many. The company's strong financial ratings indicate reliability, but there are areas where it may fall short in customer satisfaction and availability. Here are some key pros and cons to consider:

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 is the 2025 Bankrate Awards winner for Best Whole Life Insurer. This company 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 was ranked third-highest for customer satisfaction in J.D. Power’s 2024 U.S. Individual Life Insurance Study.

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 for a specific amount of time or until a specific age, and term policies may also be converted into whole life insurance policies. Additionally, Northwestern Mutual managed to achieve the fourth-highest customer satisfaction score in J.D. Power’s 2024 U.S. Individual Life Insurance Study.

Learn more: Northwestern Mutual Insurance review

Transamerica vs. Guardian

By ranking second in J.D. Power's 2024 Individual Life Insurance Study for customer satisfaction and receiving a strong financial strength rating from AM Best, Guardian proves to be a solid option for policyholders prioritizing a wide variety of policy types and reliable customer service.

Learn more: Guardian Insurance Insurance review

Bankrate’s insurance editorial team's Transamerica review concluded that the company could be a good option for individuals looking for a wide variety of policy types and customization options. 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 has lower-than-average customer satisfaction per J.D. Power, so you may want to speak with existing policyholders to get their take before committing.

What are real-life customers saying about Transamerica?

To provide more insight into real-life customer experiences, we explored Transamerica reviews on Reddit and Trustpilot. It's important to note that people often leave reviews due to negative experiences, which may not fully represent the overall customer base. Despite the overwhelmingly negative reviews, this doesn't guarantee that you will have a similar experience. If Transamerica's products appeal to you, contacting the company for more information could still be worthwhile.

Most of the feedback aligns with Transamerica's poor NAIC ratings and J.D. Power scores, highlighting issues such as delays in claims processing, unresponsive customer service and difficulties in policy cancellations. For instance, some customers reported extensive delays in receiving life insurance payouts, with cases dragging on for years without resolution. Additionally, customers managing policies for deceased relatives encountered significant challenges in closing accounts, reflecting systemic inefficiencies.

These reviews underscore the importance of considering customer experiences when choosing an insurance provider but also remind us that individual experiences can vary widely.

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Transamerica company details

Need to get in touch with Transamerica or inquire about the company’s products? Here are a few ways to do so:

• New policies: 1-800-379-5498
• Existing policies: 1-800-797-2643, Mon - Fri 9 a.m. to 6 p.m. ET
• Online customer service portal
• Agent locator
• Company website: transamerica.com
• Corporate mailing address: 6400 C Street SW, Cedar Rapids, IA 52499

State availability

Transamerica writes life insurance policies nationwide. However, not all of its life insurance products are available in New York state.

Transamerica tools and benefits

In addition to life insurance, Transamerica offers a slew of financial products, including:

• Employer-sponsored retirement plans: Employers looking to provide workplace benefits like 401(k)s or other retirement benefits may want to consider Transamerica.
• IRA rollover solutions: Transamerica’s IRA rollover program can help you transfer your retirement account from your former employer to your own account.
• Annuities: Transamerica offers both variable and structured annuities.
• Mutual funds: For a lower-risk investment option, Transamerica offers a variety of mutual funds.
• Transamerica insights: Transamerica offers resources for customers seeking to learn more about life insurance and other financial products. Features articles touch on topics like the financial needs of caregivers and retirement planning.

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.

Frequently asked questions about Transamerica

Life Bankrate Score

Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s financial strength, product and rider offerings, availability, customer experience and corporate sustainability. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Ratings): To determine a life insurance company’s financial health and reliability, we assessed several industry-standard ratings, such as J.D. Power, AM Best, Comdex, the National Association of Insurance Commissioners (NAIC), and credit agencies like Moody’s, Fitch and S&P.
• Tier 2 (Coverage options): We assessed companies’ coverage options, availability and policy features to help policyholders find a provider that best meets their needs. We examined each company’s life insurance product lines, including term, whole and universal life options.
• Tier 3 (Accessibility & process): To assess the ease and transparency of applying for coverage, we reviewed the simplicity of obtaining a quote and insurers' underwriting processes — including eligibility requirements. We also considered insurers’ community engagement.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.