Are you looking for an affordable life insurance policy but don’t know where to turn? One of our picks for the best life insurance companies is Transamerica. Transamerica reviews can help you figure out what makes this company great. This unbiased review of Transamerica is designed to help you decide if Transamerica is right for you.
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Review of Transamerica Life Insurance Company
This review of Transamerica will cover things like pros, cons, ratings and overall assessment. We hope by the end of this article you have a clearer idea as to what Transamerica has to offer.
Pros of Transamerica
It’s probably no secret, but we really do love Transamerica. As mentioned, Transamerica offers one of the best no medical exam life insurance policies around. That’s not all though. They are also one of our top ten best life insurance companies overall.
These are some of the things we like about Transamerica:
Transamerica is a highly rated insurance company, holding a Comdex ranking of 84.
- A.M. Best rating: A
- S&P rating: A+
- Moody’s rating: A1
- Fitch rating: A+
Transamerica ratings as of April 2020.
Products offered by Transamerica
Transamerica has a wide range of products including term life and permanent life insurance policies.
Transamerica’s Term Life Insurance
A term life insurance policy is one that lasts for a predetermined length of time.
Here’s a basic look at Transamerica term life insurance policy that does not require an exam.
- Face Amount: up to $249,999
- Term Lengths: 10, 15, 20, 25, and 30 years
- Riders available: Many, including chronic illness and critical illness
Transamerica offers some of the most competitive term life insurance rates, particularly for older people.
Transamerica’s Permanent Life Insurance Policies
Permanent life insurance is just like what is sounds: a life insurance policy that is designed to last your entire life (so long as you continue to make the payments). They offer whole life and universal policies.
Transamerica Whole Life:
This is a permanent policy that has cash value, a fixed premium and death benefit.
Transamerica offers small whole life insurance policies designed to work as burial and final expense insurance.
Universal life also has cash value, but there is more flexibility in payment of the premiums. If you go through a financially difficult time, you can adjust the payments that need to be made.
Transamerica’s Simplified Issue Life Insurance
- Fixed premiums, forever
- Issue ages: 0-85
- Face Amount: $1,000-$50,000 depending on age and other factors
10 Pay Solution
- Level premiums for 10 years
- Issue ages: 0-85
- Face Amount: $1,000-$50,000, depending on your age and other factors
Easy Pay Solution
- Level premiums until 121 years of age
- Issue ages: 18-80
- First two years: 110% of the premiums paid or 100% in the case of accidental death
- After first two years: 100% of death benefit
Cons of Transamerica
Although we’ve already told you that we really like Transamerica, we also told you we would be unbiased. So, there are some things that we should talk about. Transamerica is a great life insurance company, but it’s actually better for people 70 years of age and older. For younger clients (anyone under 70), they may not be the very best option out there.
The main con of Transamerica is simply what you’ll be missing out on by choosing their policy over another. You might like or even love the policy you get, but unless you do some heavy research you might not actually be getting the best life insurance policy out there for you.
Life insurance companies have different strong points. Some are good at insuring the old – like Transamerica-while some are really great at certain preconditions or “adventure lifestyles”. That’s why you need to do more than just read a blog post in order to find the very best life insurance policy available.
Give InsuranceBrokersUSA a call
Luckily, you really don’t have to do much to find the best life insurance policy for you. All you really have to do is call us. We will do all the legwork and find the best policy for you.
That may mean we recommend you purchase a policy from Transamerica – if it truly is the right life insurance policy for you –and it may mean we recommend another life insurance company.
All you really need to know is that we will always recommend what is right for you. That’s right; we will never try to sell you a life insurance policy that really isn’t the best in your situation.
We can do this because we don’t work for one life insurance company; we partner with dozens across America, enabling us to always work with the best in any situation.
Give us a call today. We are here to help!