Transamerica Life Insurance

Transamerica Life Insurance Hakkında

6400 C St. SW, Cedar Rapids, IA 52499

Firma Açıklaması

In 1906, San Francisco businessman Amadeo P. Giannini established a bank called Transamerica with the goal of catering to customers. He subsequently established the Trans-America Life Insurance Corporation in 1928 to serve as a holding company for Bank of America and other financial organizations. Cedar Rapids, Iowa is home to Transamerica’s present headquarters.

Reasons Why

There are several no-medical-exam plans available: The company provides coverage of up to $2,000,000 with no medical exams required for healthy applicants.

Living benefits included on some policies at no upfront cost: Living benefit riders for terminal, critical, and chronic illnesses are included at no additional cost in some Transamerica plans. If you’ve been diagnosed with a terminal disease, you may be able to get a portion of your death benefit early via one of these.

Extensive selection of riders: We found that, out of the 90 life insurance providers we looked at, only Transamerica offered a disability income rider as an option for policyholders.

Cons

Complaints higher than anticipated: The number of complaints received by the company over the past three years is higher than expected for a business of its size.

Customer satisfaction ratings are low: According to J.D. Power’s U.S. Individual Life Insurance Study 2021, Transamerica ranked badly. Based on factors like communication, engagement, price, product options, and statements, the survey rates major insurers in terms of total consumer satisfaction.

Complaint Index

To help consumers better understand the relative frequency with which various sized insurance providers receive customer complaints, the National Association of Insurance Commissioners (NAIC) compiles an annual complaint index. given instance, if an insurer’s complaint index is greater than 1.00, it suggests it received more complaints than would be expected given its size, whereas a complaint index of less than 1.00 indicates the opposite.

Transamerica’s three-year complaint index is 1.37, which is higher than the industry norm.
Considering that the complaint index for the vast majority of our other top life insurance providers is below 1.00, this ratio is moderately worrying.

Third-Party Ratings

AM Best has given Transamerica an A+ (Excellent) rating. AM Insurance companies’ ability to pay claims is reflected in their Best ratings. In this approach, policyholders may gauge the financial viability of an insurer and make an informed decision. Transamerica’s capacity to satisfy its ongoing insurance commitments is shown in its grade of A (Excellent).

Transamerica did not do well on customer satisfaction, which might not be surprising given the higher volume of complaints the company received than had been anticipated. Among the 21 largest life insurance providers in the United States, this company ranked a dismal 19th in J.D. Power’s 2021 U.S. Individual Life Insurance Study.

Competition

Getting quotes from multiple life insurance providers will help you find the best one to meet your needs and budget.

Items Transamerica State Farm Pacific Life Insurance
Types of Coverage Term, Index Universal Life, Final Expense, Whole Life Term, Universal Life, Final Expense, Whole Life Term, Index Universal, Variable Universal, Universal Life, Whole Life
Online Application Not Available Not Available Not Available
AM Best Rating A A++ A+
Price for Term Policies Average Poor Excellent
NAIC Complaint Index (averaged over 3 years) 1.37 0.295 0.056
J.D. Power Ranking 19 1 4

Policies Available

Transamerica provides the following categories of insurance:

Term Life Insurance

Term life insurance is meant to give temporary protection for a set period of time. However, the cost is far less than with permanent policies such as whole or universal life. Transamerica provides term plans with terms of up to 30 years that can be renewed annually after the first term ends or converted to permanent coverage.

Whole Life Insurance

Whole life insurance is a form of permanent coverage that is meant to endure for the policyholder’s entire life. It can accumulate cash worth tax deferred, and you may be able to borrow against that cash value. Whole life insurance policies have premiums and death benefits that do not fluctuate. Your insurance could expire if you don’t pay on time.

Final Expense Life Insurance

A small whole life policy, final expense insurance is meant to pay for things like funeral and medical expenses that you may incur in your final days. Without submitting to a medical exam, you can qualify for coverage of up to $50,000. In contrast to insurance offered by some other firms, you can apply for coverage up until the age of 85 with ours. Some policies feature a reduced death benefit in the first two years of coverage.

Indexed Universal Life Insurance

Unlike traditional universal life insurance, the cash value of an IUL policy is tied to a market index like the S&P 500. The cash value is not invested in the market like it would be in a variable life insurance policy, so you are protected against market losses. However, there are limits on gains, so it’s essential to know how premium payments will be calculated before purchasing the policy.

Available Riders

Life insurance policies from Transamerica can be customized with a variety of available riders. Additional coverage options, known as “riders,” can be added to your policy for an additional fee. However, there are some riders, including some living benefit riders, that do not require an up-front payment. If you decide to utilize them, however, you will be charged a small fee for their services.

Disability Income Rider

We found that only few of the life insurance providers we looked into offered this rider, which can help supplement your income in the event of a total and permanent disability.

ADB: Terminal Illness

With this particular ADB rider, the death benefit can be accessed early in the event of a terminal illness diagnosis.

ADB: Chronic Illness

If you are diagnosed with a chronic illness that prevents you from performing two ADLs or causes severe cognitive impairment, you may be eligible to receive the death benefit early through the chronic illness rider. It’s another variation on ADBs.

ADB: Critical Illness

The life-threatening disease In the event of a catastrophic illness, such as a heart attack or certain types of cancer, the death benefit may be accessed early through ADB.

Guaranteed Insurability Rider

You can raise your coverage on specified option dates without undergoing underwriting if your policy has a guaranteed insurability rider.

Child Term

Add your children to your existing insurance policy and provide them with some peace of mind with the help of a kid term rider. In most cases, a single rider will cover all of a family’s qualifying children, and when those children reach maturity, they will have the choice to transition into permanent coverage.

Waiver of Premium

If you become totally disabled, the premiums for this rider will be paid for you.

Accidental Death Benefit 

If you add this rider to your policy, your beneficiaries will get a larger payout if your death is the result of a covered accident.

Customer Service

There are a few ways to contact Transamerica’s customer care department. Visitors with questions can fill out a web-based form, send an email, or call the toll-free helpline at 800-797-2643. Transamerica suggests emailing the following data for the most streamlined customer service experience possible:

  • Your name and relationship to the policy or owner
  • Your policy number (or type of policy if policy number is unknown)
  • The policy owner’s name on the policy
  • The policy owner’s city and state of residence
  • Your phone number
  • A detailed explanation of what you need

Price

When compared to the other 31 life insurance companies we looked at, Transamerica’s term policy premiums are about average. We compared prices for $250,000 in 30-year term insurance contracts for men and women in perfect health at the ages of 25, 40, and 55.

Judgment Reached

When it comes to personalizing your life insurance coverage, Transamerica is a top choice. Therefore, Transamerica is a fantastic option if you want the freedom to tailor your coverage to your specific needs by selecting from a large range of optional riders. Among the 90 life insurance providers we looked at, this one was the only one to provide a disability income rider.

However, in the J.D. Power 2021 U.S. Individual Life Insurance Study, Transamerica ranked very poorly. It ranked 19th in customer satisfaction among the 21 largest life insurance providers. Some customers may be put off by this, especially if they only require the most fundamental level of life insurance protection.

FAQs

While AM Best gives Transamerica an A rating for its demonstrated ability to meet its responsibilities to customers, a 2021 survey by J.D. Power ranked the company only 19th out of 21 in terms of customer satisfaction among life insurance providers.
Transamerica recommends that policyholders give the company up to three weeks to process claims payments on its website.
In the event of an insured’s accidental death, Transamerica pays out the full face amount of the policy (or, alternatively, 110% of the total premiums paid minus the outstanding loan balance).

Methodology

We ranked over 90 insurance providers across five broad categories including financial stability, customer happiness, product and feature variety, overall buying experience, and cost, using a ranking methodology we developed based on consumer preferences and life insurance firm fundamentals.

We used 55 different indicators and collected over 5,000 data points to accomplish this. We examined insurers’ results in each measure area and used a weighted average to evaluate how the industry as a whole fared.

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