Transamerica Life Insurance – Types, Pros and Cons

Transamerica Life Insurance is a good option for those seeking several life insurance options combined with other financial products. This company has strong economic strength and a good customer service review. It offers several life insurance plans that do not require a medical exam, coverage for foreign nationals who are visitors and is ranked the third-to-last among companies selected for life insurance customer satisfaction.

Transamerica Life Insurance - Types, Pros and Cons

Unlike other companies, Transamerica Life Insurance offers five different types of life insurance policies. This company is licensed to sell insurance policies in several states in the United States. While you are unsure about the best policy for you, this insurance company offers professional agents to guide customers through making the right insurance decisions.

Types of Transamerica Life Insurance Policies

There are two main types of life insurance policies: term life and whole life insurance. As previously stated, this insurance offers five different life insurance policies. It is one of the few companies that offer insurance to foreign nationals, making obtaining life insurance much easier. However, the types of life insurance policies this insurance offers include:

Term Life Insurance

Term life insurance policies are a type of policy that offers coverage only for a specific period. Transamerica offers two maj0r term life insurance policies and these includes Trendsetter LB and Trendsetter Super. These term life insurance policies both offer coverage for a specific period, usually 10 to 30 years.

These two types of coverage require no medical exams, offer customizable coverage amounts, term periods, and optional rider benefits, and also offer accelerated death benefits for terminal illnesses that qualify.

Permanent Life Insurance

Permanent life insurance policies are best for those who want a cash value component from their policy to their death benefit. This insurance offers coverage throughout the lifetime of a policyholder. While this insurance is a good option to consider, Transamerica offers this policy in two different types, which are whole life and indexed universal life insurance.

Whole Life Insurance

Transamerica Whole Life Insurance, also called Transamerica Lifetime, offers strong customizations through different rider options. This coverage comes with a guaranteed death benefit, cash value accumulation, and level premiums. It allows policyholders to increase their coverage with different riders like critical illness, disability waiver, chronic illness, and so on.

Indexed Universal Life Insurance

This policy comes in two different types, which are Transamerica Financial Choice IUL and Transamerica Financial Foundation. These policies both provide death benefit protection and cash value accumulation. Transamerica Financial Foundation IUL is designed for high-earning policyholders looking to increase cash value and enjoy tax-advantaged income.

Final Expenses Life Insurance

This insurance covers the cost of end-of-life expenses, usually called burial expenses. It offers amounts ranging from $1,000 to $50,000 and guaranteed death benefits. It offers a straightforward solution to protect your family from unexpected financial issues.

Advantages

Before securing a policy, it is important to be aware of the advantages of this company and its ability to determine if it works for your specific needs. Transamerica offers a wide variety of life insurance policies, which makes it a good idea and worth it. Some of the benefits of this life insurance company include:

  • A wide range of life insurance products.
  • Outstanding financial strength rating.
  • Available products for foreign nationals.

Due to its customer satisfaction ratings, its financial strength, and other factors, this insurance is best for you.

Disadvantages

While there are several benefits of Transamerica life insurance, there are also disadvantages to be aware of. The company has outstanding financial strength, displaying its reliability, but there are several areas where it may not be good enough for your needs. These disadvantages include:

  • Some life insurance products are not available in most states.
  • Ranked third to the last company among companies reviewed for personal life insurance customer satisfaction.
  • They are above-baseline NAIC complaint index.

Due to these disadvantages, Transamerica life insurance may not be a good idea for you. However, ensure you compare several companies for the best.

Is Transamerica a Good Life Insurance Company?

According to our review, Transamerica is a good company for those looking for a wide range of life insurance policy types and customization options. This insurer also offers a variety of other financial products, which makes it more efficient for those who would like to purchase insurance from one financial company. Aside from all of these, this insurance allows customers to speak with existing customers for reviews before purchasing a policy.