Transamerica Life Insurance Review 2022 – Forbes Advisor – Forbes

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Fact Checked
Fact Checked
Published: Sep 14, 2022, 7:00am
Transamerica’s term life insurance has consistently excellent rates across a variety of customer ages and coverage amounts. It offers top-notch benefits in its Trendsetter Living Benefits term life policy, such as the ability to access your own death benefit early if you have a chronic or critical illness.
Related: Best life insurance companies
Term life insurance is a smart choice for people seeking steady rates for a specific time period. For example, if you want life insurance to cover the mortgage if you die and have 20 years left before it is paid off, a 20-year term policy would be an option. You can renew after the level term expires but prepare for a significant increase in premiums.
Term life insurance does not build cash value, and, as a result, it is often the cheapest life insurance to purchase.
Transamerica offers two term life insurance policies:
Transamerica’s Trendsetter Super Series policy offers a minimum of $25,000 in coverage for terms of 10, 15, 20, 25 or 30 years. You can get up to $2 million in coverage without a medical exam if you qualify.
The Trendsetter Super Series policy includes an automatic terminal illness accelerated death benefit endorsement. You can also further customize this policy with one of four available riders:
Transamerica’s Trendsetter LB policy was named “Best Overall” in our Forbes Advisor review of the best term life insurance. The policy offers $25,000 to $2 million in coverage with terms of 10, 15, 20, 25 or 30 years. Like the Super Series term policy, qualifying applicants may be able to forgo a medical exam if they are purchasing $2 million dollars or less in coverage.
The Trendsetter policy automatically includes three health-based riders that make a portion of the death benefit available if the insured becomes terminally, chronically or critically ill. Trendsetter LB customers have access to the same optional riders made available through the Super Series policy with the addition of a monthly disability income rider.
If you’re looking for a life insurance policy with a guaranteed death benefit, guaranteed minimum rate of return on cash value and fixed premiums, whole life insurance is an option.
With Transamerica’s Lifetime whole insurance policy, you can purchase between $25,000 and $2 million in coverage.
All policies come with a terminal illness accelerated death benefit rider that pays out a portion of your death benefit if you’re diagnosed with a terminal illness.
You can further customize your coverage by adding one or more of the nine riders currently available. These include a children’s benefit rider as well as an income protection option (IPO) that allows you to control how and when your beneficiaries receive their death benefit.
If you’re considering Transamerica whole life insurance, you can use the company’s iGO e-App to take advantage of its streamlined application process. The company also uses Express Protect Underwriting, making it possible for some applicants to get same-day approval.
Indexed universal life insurance (IUL) is a permanent life insurance policy with an investment-focused approach to cash value accumulation. There are several characteristics that differentiate indexed universal life insurance from other permanent policies:
Transamerica’s Financial Foundation IUL policies are available with coverage between $25,000 and $2 million. The maximum coverage amount of $2 million is only available to individuals between ages 18 and 45. Applicants ages 46 and 55 can apply for up to $1 million in coverage.
The cash value of an IUL policy grows tax deferred and transfers between accounts within a policy are tax free.
Cash value accumulation is based on the three primary indexes: S&P 500, EURO STOXX 50, and the Hang Seng Index. The portion of premiums invested in the index funds can be allocated to three separate account options:
Financial Foundation IUL policies include a terminal illness rider. You can also choose to add other riders, including a base insured rider or the Concierge Planning Rider. The Concierge Planning Rider is exclusive to the Financial Foundation IUL. It provides help with funeral planning, access to tools that can help draft wills and document storage services.
Transamerica’s final expense life insurance policy is a whole life policy that can be used to help beneficiaries cover funeral and burial expenses when the insured dies. Policyholders can choose from three different plans with coverage options between $1,000 and $50,000 depending on the solution selected and the age of the insured
In our analysis of term life insurance rates, Transamerica offered consistently excellent rates.


Here are examples of life insurance riders available from Transamerica, depending on the policy type.
Transamerica’s roots go back to 1904 when founder Amadeo Giannini opened his first bank in San Francisco. Over the next few years, Giannini’s financial endeavors would serve as the foundation of the Bank of America and include the purchase of the Occidental Life Insurance Co., setting the stage for Transamerica’s role as a life insurance provider.
In 1956, Transamerica migrated away from the banking world to focus exclusively on insurance, and in 1999 it became part of Aegon N.V., an international financial services group.
Today, Transamerica serves more than 11 million U.S. customers, providing life insurance, investment and retirement products.
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