Thought not the best possible no exam life insurance company, Transamerica Life Insurance Company does have a few choices you may want to consider in order to acquire life insurance without an exam.
Our Transamerica Life Insurance Company Review
So you’ve already checked out our articles about the differences between the major types of life insurance on the market, and now you’re hunting for the perfect policy for your family. You’re taking a look at some of the respected companies competing for your business, and you want to know how you’re ever going to settle on one!
Every company has its own strengths and weaknesses in terms of competitive product offerings. But there are a few major things you need to know about any carrier you consider entrusting with your financial future:
- Is the company’s business model healthy, ethical, and thriving?
- Does the company pride itself on customer service and consumer-oriented practices?
- Can the company’s products in the category of your interest compete with those of other respected competitors?
For instance, if you find rock-bottom premiums on your dream policy, but the company’s reputation is rife with consumer complaints and poor financial ratings, they may not be around in the long-run. If the company is financially stable, but hard to work with, you could end up hating your experience if you want to make major adjustments, get investment advice, or make a claim on your policy. Finally, no company can provide the best product in every category, so you may love everything about a prospective carrier and find that the policy you need is just too expensive to justify.
In this review of the Transamerica Life Insurance Company, we’re going to try to answer all of your questions about the company and give you some important information on their products.
Transamerica has been around since 1928 and offers a wide array of financial services products with the stated mission of “help[ing] individuals, families, and businesses build, protect, and preserve their hard-earned assets.” One thing that you need to know about Transamerica is that it belongs to one of the most massive financial companies on Earth – AEGON Companies. Headquartered in the Netherlands, AEGON is certainly one of the world’s leaders in life insurance and other financial services.
In addition to the ratings we’ll talk about below, this ownership provides some additional confidence in the ultimate security of Transamerica’s financial future.
Here’s a breakdown of the important third-party ratings that have been granted to Transamerica Life Insurance Company:
- Better Business Bureau – While the company is not BBB-accredited, the company does have the Bureau’s A+ rating. Moreover, Transamerica has a strong reputation for addressing consumer complaints swiftly and favorably, as well as for having less overall complaints than most companies of its size.
- Financial Ratings – A.M. Best rating: A+ (Superior), Standard & Poor’s rating: AA- (Very Strong), Moody’s rating: A1 (Good), Fitch rating: AA- (Very Strong) – While these rankings can certainly change over time, they do provide a consensus on the current strength of Transamerica’s position. Particularly impressive is the A+ rating from A.M. Best, which is the 2nd highest out of their 16 possible ratings.
In short, Transamerica has been around for a long time, is owned by an excellent parent company, and enjoys a great deal of confidence from third-party institutions assessing its business practices, financial strength, and overall position. It’s safe to assume that the company will be around for the long haul.
Transamerica offers a number of ways for its customers to receive live support around the clock. You can just about always get ahold of the right person to get your questions answered and your needs met. In addition to 24/7 phone support, customers can connect with Transamerica associates via email, live chat (with a real person – not a robot), and various social media platforms including Facebook, Twitter and Google+.
It’s also very easy to act autonomously using the company’s simple online tools. You can get a quote, find comprehensive resources describing life insurance details and product options, or even handle a death claim by yourself online.
Ultimately, customer ratings of Transamerica’s customer service and available resources are very high, and employees recommend Transamerica in fairly high numbers as well.
Think of it this way – Transamerica is a consistently profitable company with about a 3% market share in U.S. life insurance policies. That means that if you ask 100 people where they got their life insurance, at least 3 of them will answer “Transamerica.” With all of the companies out there competing for your business, do you think that a company with 3% share of the U.S. market offers competitive products?
The company’s core term policies are Trendsetter Super Series and Trendsetter LB (Living Benefits). In addition to these baseline policies offering terms of 10, 15, 20, 25, or 30 years and coverage from $25,000 to $1,000,000, the company offers a number of optional riders (think “bells and whistles”) to tailor your plan to perfection:
- Accidental Death Benefit – increases payout if you die in an accident.
- Disability Income – ensures that you’ll receive income if you suffer a disability but remain alive.
- Final Expense – additional payout to cover funeral costs.
- Long-Term Care – covers expenses of long-term care should it become necessary.
- Whole Life Guaranteed Insurability – the insured is entitled to convert term into a whole life policy without providing new evidence of insurability. With this rider, you will be able to keep your coverage in place if you become ill toward the end of your term policy and may not qualify for renewal.
- And many more…
Other riders may provide additional insurance for another individual or child, or additional coverage for the handling of your estate taxes. Most of these riders will cost you an addition to the baseline premiums that you’ve qualified for, so it’s important to carefully consider adding those from which you’ll enjoy the most benefit.
Other products from Transamerica Life Insurance Company include Universal Life, Variable Universal Life, Survivorship insurance, and fixed annuities.
Transamerica is a terrific company that maintains a solid reputation in the financial community, writes a whole lot of insurance in the United States, provides top-quality customer service, and offers competitive products with a wealth of rider options.
Our conclusion is that Transamerica certainly deserves your trust. However, this doesn’t mean you should definitely choose one of their policies. Some of their policies for people in certain age brackets or health situations may offer the best value and price, while others may not. Additionally, the majority of their products require medical screening, so if you’re looking for fast approval, another one of our nonmedical favorites may be your best bet.
As always, shop around for the right balance between company strength, policy particulars, and premium value. We’ll be here to help you do it.