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Transamerica Company Review

Written by Andrea Tolar

Transamerica has offered insurance protection to its customers since 1904. Over time, Transamerica has grown and expanded, both by selling its products, and by acquiring other insurance carriers and financial entities.

Transamerica Life Insurance Company started offering life insurance coverage in the early 1960s, and ever since then; it has grown exponentially regarding its number of policyholders and its financial capital.

The primary company began and is still headquartered, in San Francisco, California, and its famous pyramid building is known throughout the U.S. and throughout the world by its clients and affiliates. Transamerica Life Insurance Company is located in Cedar Rapids, Iowa, and today it is a part of the Aegon Group.

Transamerica Company

Known for being a strong and stable financial company, Transamerica promotes both financial growth and protection – and it helps its customers to grow and protect their wealth, even in light of unexpected circumstances. The company currently operates in 20 different markets around the globe.

As of mid-2016, Transamerica Life Insurance held more than $56 billion in invested assets and more than $129 billion in total assets. The company also had total capital and surplus of nearly $6.8 billion.

The company has a long-standing commitment to fulfilling its customers’ needs, and it has an overall mission of serving others. In doing so, the company strives to hire the best quality talent for both its home office positions, in addition to those who offer their products and services to its clients.

Insurer Ratings And BBB Grade

With a strong financial foundation and the timely payment of its policyholder claims, Transamerica Life Insurance Company has garnered very high ratings. These include (as of late-2018):

  • A+ from A.M. Best and Company.
  • A+ from Fitch Ratings.
  • A1 from Moody’s Investor Services.
  • AA- from S&P Global.

No Exam Life Insurance Offered By Transamerica

Transamerica offers several no exam life insurance options. These include both term and permanent coverage alternatives. The company’s Trendsetter Super is a term life insurance product that is available to applicants who are between the age of 18 and 70. Applicants may choose various term lengths, such as ten years, 15 years, 20 years, 25 years, and 30 years, with coverage amounts that can range from a minimum of $25,000 and a maximum of $99,999.

Transamerica also offers a final expense life insurance option. This permanent life insurance allows the insured to have a premium amount that is locked in, with no increase in the future – even as the insured ages and whether he or she contracts a deteriorating health condition.

With this plan, there is no waiting for the coverage to begin, as there are no exam results to wait for or to review by the insurance company’s underwriters. There are three final expense no exam policies that are offered via Transamerica Life Insurance Company. These include the Immediate Solution, the 10 Pay Solution, and the Easy Solution options.

Those who may wish to consider a no medical exam life insurance plan from Transamerica can include those who have certain health problems or someone who may just simply need their life insurance coverage to be approved quickly (such as for a mortgage or other loan collateral situation). This type of coverage may also be good for someone who is fearful of needles and would rather not have to undergo the blood test that is typically required for a medically underwritten life insurance application.

Other Products Available Through Transamerica Life Insurance Company

Transamerica offers a wide range of products in addition to its no exam life insurance. For instance, other life insurance coverage that is provided by Transamerica Life Insurance Company include:

Term Life

Term life insurance provides death benefit protection only, without any cash value or savings build up. Because of that, the premium charged for this coverage is typically less than it is for a comparable permanent life policy. There are several different term life options that are available through Transamerica – including the Trendsetter Super Series and the Trendsetter LB (Living Benefits). Term lengths range from 10 to 30 years and are separated by five-year increments. These plans can provide insurance protection for anywhere between $25,000 and $1 million.

Whole Life

This is a form of permanent life insurance coverage. With this type of policy, you pay a set premium the rest of your life no matter what outside conditions affect you. The cash that is inside of the plan grows without accruing tax until you withdraw them. Funds can be either borrowed or withdrawn from the cash account and can be used for any reason. Transamerica Life Insurance Company offers several choices for whole life insurance coverage – including both individual and group plans.

Universal Life

Universal life insurance is also a form of permanent life insurance protection. It is more flexible than whole life, as the policyholder can, within specific guidelines, to change the timing of the payment, as well as to allocate the amount of premium that goes towards the death benefit and how much goes into the policy’s cash value component. Just like with whole life coverage, the cash in the cash-value component of the policy is allowed to grow tax-deferred, and it can be either borrowed or withdrawn.

Variable Universal Life

Variable universal life insurance is also a form of permanent life insurance protection. With this type of coverage, the cash value is able to grow substantially, based on the performance of underlying equity investments that are held in sub-accounts. (This, however, can also present more risk to the policy’s cash value, if the market should perform negatively in a given period).

Accidental Death Coverage

Transamerica Life Insurance Company also offers an accidental death policy. Here, an additional amount of coverage will be paid out to a beneficiary in the event that the insured dies as the result of a covered accident. Benefits can also be paid if the insured suffers an injury that results in him or her losing vision and / or a limb.

Transamerica Life Insurance Company also offers a long list of other wealth enhancing and protection products. These include:

  • Long-Term Care
  • Medicare Supplement
  • Dental Insurance
  • Mutual Funds
  • Annuities – Fixed, Fixed Indexed and Variable Options
  • Retirement Solutions – Including IRA accounts

How To Find The Best Rates

To find the best price on no exam insurance plans – or on any type of life insurance coverage – then it is important to talk to an advisor who works at an independent insurance agency. They will be able to show you more plans, and quotes than an agent at a branded company. This is how you can best compare policies and premium quotes.

About Growth 360, LLC
About Growth 360, LLC

Our specialty is life insurance without a medical exam. Let us help you decide if a non-med policy is right for you. Get a quote on this page, or contact us with any questions.

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