Although Transamerica was founded more than a century ago, it is actually what you might call a newcomer to the life insurance landscape. An Italian-American man named Amadeo Giannini founded the company in 1904 in a San Francisco saloon, with the goal of giving everyone access to financial services — not just the privileged few who were wealthy. The company played an important role in the reconstruction of the inhabitants after the great earthquake of 1906. Transamerica entered the life insurance business in 1930 with the acquisition of the Occidental Life Insurance Company, and in the 1950s financial and insurance services spun off, with the insurance company named Transamerica. The company became an icon when the Transamerica Pyramid building took a memorable place on the San Francisco skyline in 1972. If you`re looking for the best life insurance company and aren`t sure if Transamerica is the right solution, you may want to consider comparing life insurance offerings from other providers, including: With Transamerica`s Total Life Insurance policy, you can buy between $25,000 and $2 million. In 1956, Transamerica left banking to focus exclusively on insurance, and in 1999 became part of Aegon N.V., an international financial services group. Transamerica sells more than just life insurance, and because it`s so heavily invested in finance, the company`s professionals can guide you through a number of different needs in one place. The company`s website is a great source of up-to-date news on various financial markets, tax information, etc.
The National Association of Insurance Commissioners (NAIC) calculates an annual complaints index to help consumers understand how many complaints insurance companies receive based on their size. For example, a complaint index above 1.00 means that an insurer received more complaints than expected for its size, while a complaint index below 1.00 indicates that the company received fewer complaints than expected. Financial strength is assessed on a scale from D (bad) to A+ (higher). A rating score of a second “+” or “-” indicates the gradation of financial strength within the category. We cannot guarantee that the Transamerica Insurance subsidiary assessed here is the subsidiary that underwrites your insurance policy. Check with your insurance agent and read A.M.`s Financial Strength Assessment Guide. Today, Transamerica serves more than 11 million U.S. customers and offers life, investment and retirement insurance products.
On Transamerica`s website, you can read detailed information about company policies and use the Plan Explorer tool to find the option that`s right for you. Online offers are only available for the Trendsetter Super plan. The company scores below J.D. Power`s average for billing, payment and customer interactions with the company. NerdWallet investigated complaints received by state insurance regulators and reported them to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers are compared, the NAIC annually calculates a complaints index for each subsidiary, which measures their share of the total number of complaints relative to their size or their share of total premiums in the industry. To assess a company`s complaint history, NerdWallet calculated a similar index for each insurer, weighted by each subsidiary`s market share, over a three-year period. NerdWallet conducts its data analysis and draws conclusions independently and without NAIC approval.
Ratios are determined separately for auto insurance, home insurance (including renter and condominium) and life insurance. Transamerica Life Insurance is a lifetime life insurance policy that can help beneficiaries cover funeral and funeral expenses in the event of the insured`s death. Policyholders can choose from three different plans with coverage options ranging from $1,000 to $50,000, depending on the solution chosen and the age of the insured policies offered. There are many types of life insurance on the market, and they fall into three key categories: Conclusion: Transamerica life insurance offers a wide range of policy options, but has below-average customer satisfaction. Wide range of life insurance offers and many conditions available. In addition to life insurance, Transamerica offers a range of financial products, including: Permanent life insurance typically lasts a lifetime and accumulates cash value that can be borrowed in the future. Few other life insurance companies we`ve reviewed offer this driver, which can be used to supplement your income in case you become completely disabled. Transamerica offers two types of term life insurance with terms of 10, 15, 20, 25 and 30 years.
To do this, we collected more than 5,000 data points and evaluated each company based on 55 metrics. We grouped the measures by category to see how insurers performed in each category. We then weighted the category values to determine the overall performance of the companies. All life is where Transamerica fails. It offers two lifetime products: Final Expense Solutions and GWL & Final Expense. Neither product is intended to serve as a retirement plan or a boon for your future finances. Final Expense Solutions products are non-participating death plans for ages 0-85 with nominal amounts ranging from $1,000 to $5,000 (varies by state). GWL & Final Spend reflects final spend revenue and offers the additional simplified product with a guaranteed total life with nominal amounts ranging from $2,000 to $50,000. The drivers of the GWL/Final Expense product are child insurance and premium waivers. Transamerica charges fairly average prices for its term policies compared to 31 other life insurance companies we examined. We collected offers of $250,000 term policies over 30 years for men and women aged 25, 40 and 55 in excellent health. Customer satisfaction scores for life insurance policies are below average in the J.D.
Power comparison. When comparing prices, make sure that the offers are valid for the same coverage rate over the same period. It`s also important to make sure the medical requirements of the policy meet your needs. For example, if you want to skip the life insurance medical exam, but don`t mind answering health-related questions, confirm that the application process for each policy you compare matches that. Transamerica also has an above-average number of customer complaints, according to the National Association of Insurance Commissioners (NAIC). The basic number of complaints is 1.00, while Transamerica received a rating of 2.21 for its individual life insurance products. This means that the NAIC receives more than twice as many complaints about Transamerica as it does about the baseline. Founded in 1904, Transamerica offers term, universally indexed, final cost, and whole life insurance policies in all 50 states and the District of Columbia.
Transamerica is headquartered in Cedar Rapids, Iowa. Transamerica is one of our top life insurance companies and has specifically made the policy customization list. That said, if you want to customize your coverage with a variety of drivers available or additional features, Transamerica is a great choice. Specifically, the company offers a disability income rider, which is not available from most of the 90 life insurance companies we review. Transamerica`s mobile app is intended for life insurance agents only, not life insurance holders. Details of indexed universal life insurance are available by contacting an agent. With an indexed universal lifespan, the growth in monetary value is tied to a market index such as the S&P 500. These reviews are a guide, but we encourage you to look around and compare multiple insurance quotes to find the best price for you. NerdWallet does not receive any compensation for reviews.
