Transamerica Life Insurance Review

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Great for Older Seniors

Most life insurance companies have a maximum age limit for eligibility. Transamerica, on the other hand, writes policies for new clients up to age 85. It’s one of the best providers for people ages 75 to 85 who want to buy a new life insurance policy.

Even younger adults can find a lot to like about life insurance with Transamerica. The company offers a wide selection of coverage options and several ways to pay for premiums. Rates for policies with this company align with or are above industry averages, even for people who smoke or have other medical issues — another factor that makes this provider worth a look for older adults.

Pros and Cons of Transamerica’s Life Insurance

Pros

More policy types than other providers
Multiple payment options
High maximum coverage age
Coverage available for customers who smoke

Cons

Must go through an agent; no direct policy purchase
Premium costs above the industry average
Medical underwriting required after age 55

Overview of Transamerica’s Life Insurance

Transamerica is a long-standing financial institution offering a variety of products and services, including life insurance. Customers can choose from term life, index universal life, whole life and final expense policies. In addition to a diverse selection of life insurance policies, Transamerica has a higher maximum age than most competitors, so it’s a smart choice for seniors.

Company

Overall Score (1-5 Scale)

Senior Friendliness

Ratings and Reviews

Financial Options

Riders and Customizations

Online Services

Transamerica

3.5

8.4

3.34

How Much Does Transamerica’s Life Insurance Cost?

Transamerica’s life insurance costs an average of $275 a year at age 30, $520 per year at age 40, and $1,110 annually at age 50. Researchers based these quotes on $500,000 of level 20-year term life coverage. In addition to age, gender, occupation, health history, and family health history, habits such as smoking affect the cost of life insurance. In some states, insurance company underwriters also check applicants’ motor vehicle records and credit histories.

Eligibility, Plan Details and Other Information

Eligibility

Transamerica reviews every life insurance application on an individual basis. Applicants who may be ineligible for coverage include those with a history of:

Abuse of alcohol in the past 3 years
Any type of cancer, with the exception of non-melanoma skin cancer
Conditions that prevent activities of daily living
Coronary artery disease
Diabetes requiring insulin
Lupus
Motor neuron disease
Multiple sclerosis
Muscular dystrophy
Parkinson’s disease
Stroke
Transient ischemic attack
Use of any drug in the past 3 years

Women who are pregnant or gave birth in the past 3 months don’t qualify for Transamerica life insurance. In addition to these guidelines, customers must be between the ages of 18 and 85 at the time of coverage purchase.

Plan Details

Transamerica offers whole life insurance policies with guaranteed level premiums, guaranteed cash accumulation value and guaranteed death benefits. Customers can purchase riders that pay a premium in the case of critical, chronic or terminal illness. Other available riders and add-on options include:

Accidental death
Children’s benefits
Term insurance
Guaranteed insurability benefit
Income protection
Disability waiver of premium

Customers seeking term life policies can purchase $25,000 to $10 million in coverage. Available term lengths include 10, 15, 20, 25 and 30 years. These policies don’t require medical underwriting up to $1 million for those ages 46 to 55 and up to $2 million for ages 18 to 45.

Within the term life category, the Trendsetter Super policy is a convertible term plan that pays up to $10 million in benefits. Transamerica also offers the Trendsetter LB convertible term life policy, with up to $2 million in coverage.

The Transamerica Financial Foundation IUL provides the peace of mind associated with life insurance coverage along with the potential for accumulated cash value over the life of the policy. The company also has whole life policies designed to cover final expenses, with values ranging from $1,000 to $50,000.

Who Should Consider Transamerica’s Life Insurance?

Older Seniors

Transamerica writes policies for new members up to age 85. In contrast, most competitors don’t offer life insurance to new customers older than 75. Individuals in that 10-year age window seeking life insurance only have a few options, including this provider.

People Who Want to Avoid Medical Exams

Many individuals qualify for life insurance coverage with Transamerica without the need for medical underwriting. Depending on the value of the policy, the company may accept applicants up to age 55 without an exam by a physician.

Foreign Nationals

Transamerica specializes in policies for citizens of other nations who own real estate, work and spend time in the United States. Few life insurance providers offer coverage for this group, so the company stands out from competitors in this regard.

What Are People Saying About Transamerica’s Life Insurance?

Transamerica has earned a reputation for quality life insurance coverage. Many beneficiaries who file claims report they received support and assistance from the company’s agents during a difficult time. Often, customers claim they’ve been satisfied with the performance of their value-accruing life insurance policies with Transamerica. The company has earned an overall customer rating of 3.75 out of 5 stars with hundreds of reviews on ConsumerAffairs.com.

Some customers do have critical feedback about the company. Less positive reviews note Transamerica’s long wait time to connect with customer service and receive their claim payments in the event of a policyholder’s death.

Frequently Asked Questions

What Is Term Life Insurance?

Term life insurance pays a set amount to beneficiaries if the policyholder dies within the policy term, usually between 10 and 30 years.