Transamerica Life insurance Company Reviews,quotes, Pros and Cons

Riders

• Accelerated Death Benefit With Nursing Home Benefit: Available for final expense policies, subject to state availability, the accelerated death benefit with nursing home benefit rider would pay the face amount upon diagnosis of a qualifying event or confinement in a qualified nursing facility.
• Accidental Death Benefit: If you pass away due to an accidental bodily injury, the accidental death benefit rider will provide a death benefit for the face amount of your final expense policy.
• Children’s Benefit: Add a rider to your index universal policy to get fixed-rate term insurance for children up to 18 years of age.
• Chronic Illness Accelerated Death Benefit: If you are diagnosed with a qualifying chronic illness and have this rider on your policy, you can access a portion of your death benefits early to pay for your care.
• Disability Waiver of Premium: If you become disabled, this rider waives the monthly premiums for the duration of your disability by applying the rider benefit as the policy’s premium payment.
• Terminal Illness Accelerated Benefit: If you receive a terminal illness diagnosis, you can receive a portion of your death benefit while you’re alive.

Transamerica Insurance Pros 1

• Up to $50,000 in coverage is available without an exam
• A wide array of policies for all age ranges
• Easy web access to all forms necessary to file any claim
• The company accepts some health conditions that other companies may not.
• Faster than average application approval
• You can get up to $10 million in coverage on just a term life plan, which is quite high for the industry
• Transamerica offers a wide range of insurance products beyond life policies, including dental, long-term care, and annuities, not to mention other financial services such as mutual funds and IRAs.
• Policies are issued and backed by a large and financially stable company.
• You can get quotes for term life insurance and buy the policy online.
• Wide range of products including term, whole, universal, guaranteed, and accidental death insurance.
• You can get side-by-side product comparisons on their website so you can see how Transamerica life insurance prices and product features compare to each other.

Transamerica Insurance Cons 1

• Customer service rankings are less than average (NAIC and J.D. Power)
• Live customer service is not available 24/7
• The company has more expensive rates than most companies.
• If you want to update your beneficiaries or change payment info – you’ll need to complete paper forms
• Transamerica has a whole life, but it is essentially a final expense policy, with face amounts that only go up to $50,000.
• They have a long application process.
• A medical exam is required to be able to purchase a policy
• Received more complaints than expected for a company its size.
• Online quotes are not available on all insurance options, While you can get an online quote with term life insurance, online quotes are not available for other policies.
• Live agents tend to be centered around only the largest cities in some areas
• Fewer options for non-medical life insurance versus other leading carriers.
• Preferred Plus rates are not as competitive as other leading carriers.

Pros 2

• Lenient underwriting for some types of mild health conditions. Always consult with the company or agent for the specific underwriting guidelines.
• Uses your actual birthday (age last birthday) to calculate your age instead of age nearest birthday (makes you a year older 6 months before your birthday). This can at certain times lead to a better price compared to other leading carriers.
• You can receive a quote for and purchase a term policy online.
• They offer a wider range of products than most companies, such as a standalone accidental death policy (this is typically found as a rider on other policies) and final expense life. The term and universal policy categories also include a wide range of products.
• Transamerica’s online resources make shopping easier for first-time buyers. For instance, it features a page that allows you to compare certain types of policies against others, so you can see the differences more clearly.
• Offers relatively high death benefit options.
• Low consumer complaints through the NAIC
• Flexible options involving living benefits and converting policies 
• Good-term life insurance for smokers

Cons 2

• You can not manage your life insurance policy on the Transamerica mobile app. The mobile app is free to anyone to download but is geared only toward retirement planning and not the administration of your life insurance policy.
• The company’s online offerings aren’t terribly robust. For instance, although it is possible to file a claim online, the website provides no contact information or guidance on how to do so. Additionally, you can pay your bill online, but the service is offered through Western Union and involves you paying an extra fee.
• The Transamerica mobile app is only for agents, but not for life insurance policyholders.
• The company has below-average scores from J.D. Power for its customers’ experiences with billing, payment, and interactions with the company.
• No way to get a quote online, but that’s common for life insurance
• Policy delivered by mail

• Many policy quotes require talking to an agent directly
• Universal and whole-life cancellation policies are not publicly available
• AM Best rating recently downgraded: In 2019, AM Best, the credit rating agency focused on the insurance industry, after reviewing the pros and cons of Transamerica, downgraded the Financial Strength Rating of Transamerica from A+ to A.2
• While an A rating is still strong, being downgraded is a significant change in the insurance industry, and reflects increased risk.
• No access to financial professionals: While other insurance companies allow you to consult with financial professionals to help you make decisions about your insurance policy and review your needs, Transamerica doesn’t have that option. If you need help, your only choices are to talk with Transamerica’s general customer support team or an insurance agent.

Positive Reviews 1

• I have an IUL with Transamerica and I am happy with the service I had. My agent was great and went above and beyond to help me. I also contacted customer service for Transamerica and the representative was very knowledgeable about the product. I am satisfied with the services I received.
• Reliable and great reporting. Good reputation and ranking. Pricing seems appropriate for coverage. My only hope is that we won’t ever be required to make a claim, but glad to know that it’s there in case of death.
• They have always been attentive, responsive, helpful, and enlightening whenever assistance is needed. Their overall company strength remains admirably high and their rates continue to be some of the most competitive in the industry.
• As far as services are concerned, Transamerica has a call-back option where people do not have to wait on the phone. I used the call-back option all the time. My agent and Transamerica have provided me with excellent services and have been responsive to my requests.

Negative Reviews 1

• This might be the worst company ever. Their business practices are unethical and unacceptable. They will draft a payment right on time and then wait six to nine weeks to reimburse you your money all the while collecting interest on your money. Totally ridiculous, despicable, and unethical. Better Business Bureau should give them an F. NEVER USE THIS UNETHICAL COMPANY!
• I received the worst customer assistance [. . .] When I asked about withdrawing funds two weeks ago they stated they would follow up with me. It’s two weeks later and they are now stating that my funds are on hold because they messed up my paperwork last week. I explained I needed money for hardship. They stated, ‘Oh well our process doesn’t allow that.’ How is it possible for them to hold my funds? Plus the attitude from the associate was horrible. I will never use them for retirement again
• My experience with this company has been an absolute nightmare. The level of incompetence within this company is unacceptable. It took two months for them to retrieve information from my job. A week later I called to check on the progress and I was informed that the representative forgot to submit my request for a disbursement. Almost two weeks later they finally mail the disbursement but to someone else’s address. I immediately requested a stop payment on the check.

Positive Transamerica Insurance Reviews 2

• I’m satisfied at this point, my agent is okay however I would appreciate it more if she’d reached out to me from time to time just to say hello and order check-in to make sure you’re good. Make me feel secure or just new offers or better upgrade packets just saying. As a consumer, this is an important part of our time.
• I have 7 different accounts with Transamerica and they have been great to work with over the years! My wife and I started our first account 11 years ago and have been impressed by their customer service and how their accounts perform. I had 250k term coverage with a different company and was able to double my coverage with the same premium. It hasn’t always been a perfect interaction, but they have been great to fix mistakes and take ownership for them which is great to see from a company you place your life savings with. One of the best companies out there in the financial industry, coming from a former wall street stock trader!

Negative Transamerica Insurance Reviews 2

• Their website is awful, their communication is worse. I got roped into a life insurance/retirement fund combo by a friend from college and it was the worst decision I’ve ever made financially. Put over 10 thousands dollars in it and saw my cash value go up maybe 3 grand, and when I went to close it there was a cash surrender charge of over 9 grand. One star is too many for this company honestly.
• If you call to buy a product, you get directly through. If you call regarding a claim, the wait is interminable. That translates to hours! “We apologize for the delay… your call is very important to us… Due to high call volume”. The most unprofessional site I’ve ever been on. If my calls were so important… if you had more staff… if you truly wanted to address a claim… I would not have wasted 5 hours today without talking to anyone. You should be embarrassed even to have a “customer service” department. “Thank you for calling our “CUSTOMER AVOIDANCE” Dept.