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Transamerica life insurance review 2020

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A diverse product lineup, flexible policy options and competitive pricing make this a popular insurer.'s rating: 3 / 5


Bottom line: Transamerica has generous final expense policies and good rates for people without perfect health, though you won’t be able to get a variable life insurance policy.

18 to 75

Issue Age

$25,000 to $10,000,000


Depends on policy

Medical Exam Required


Free quote Online, Phone
Monthly cost Not listed
Policies Term, Whole, Universal, Index universal, Final expense
Coverage maximum $10,000,000
Term lengths 10, 15, 20, 25, 30 years
Riders Accelerated death benefit rider, Child rider, Decreasing term rider, Estate protection rider, Guaranteed insurability rider, Return-of-premium rider, Spouse rider, Waiver-of-premium rider
Medical exam required Depends on policy
Available states Certain policies not available in New York
Issue age 18 - 75 years old


  • High policy limits= up to a rare $10 million
  • No-exam policies for some ages and coverage amounts
  • Lenient underwriting


  • No online claims form
  • Many customer complaints around customer service and communication

Expert review

Julia Cameron

Review by

Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

Transamerica has a solid life insurance lineup, including various universal policies and a final expense policy that covers end-of-life expenses. Thanks to its lenient underwriting, it opens up coverage to riskier applicants, like seniors and smokers.

While its rates are competitive, it’s worth comparing life insurance companies to get the best possible premium.

Transamerica life insurance rates

We pulled sample quotes from the Transamerica website for a 20-year term with $150,000 in coverage for a healthy man and woman.

Age Man Woman
20 $14.06 $10.97
30 $12.13 $10.97
40 $15.61 $13.80
50 $31.86 $25.80
60 $78.17 $66.18

What affects my rate with Transamerica?

To qualify for Transamerica’s preferred rate class, you have to meet the following requirements:

  • Driving record free of DWIs, DUIs, suspensions and other violations.
  • Healthy blood pressure and BMI.
  • Low-risk occupation and hobbies.
  • Minimal or no history of tobacco use.
  • No alcohol or substance abuse.
  • No family medical history with specific diseases.

Compare life insurance rates

Compare quotes for life insurance policies starting at $15/month.

How to apply for Transamerica life insurance

You’ll need to speak to a local agent to apply. Follow these steps to find one near you:

  1. From Transamerica’s homepage, click on What We Offer > Insurance.
  2. Select the type of life insurance you are interested in.
  3. Scroll to the bottom of the page, enter your zip and click Locate An Agent.
  4. You’ll be taken to a page where you can enter your location and contact information. Click Search to be presented with a list of insurance agents.

What types of life insurance coverage does Transamerica offer?

Transamerica offers a full suite of life insurance policies, including:

  • Index universal life. This policy offers a flexible death benefit and a cash value that grows based on the stock market.
  • Final expense life. Designed to cover end-of-life expenses like funeral and burial costs, this policy covers you as soon as it’s approved and its premiums never change.
  • Term life. Available in coverage amounts ranging from $25,000 to $10 million, these policies last 10, 15, 20, 25 or 30 years. You can convert these policies to permanent life insurance later, and you can choose between level, decreasing or increasing death benefits.
  • Universal life. Along with lifelong coverage, this policy offers flexible premiums and death benefits while earning cash value. Transamerica offers indexed universal policies tied to an index like the S&P, as well as variable universal coverage — which gives the highest possible returns.
  • Whole life. This permanent policy features fixed premiums, a guaranteed death benefit and accumulating cash value. Coverage starts at $2,000 and goes up to $3 million for individual or $25,000 for group policies.

What riders can I add to my policy?

Depending on your policy, you could add these riders to your coverage:

  • Accelerated death benefit rider. Pays out some of your death benefit if you’re diagnosed with a terminal illness.
  • Child rider and spouse rider. Offers additional coverage for a spouse and child without taking out separate life insurance.
  • Decreasing term rider. Lets policyholders lower their coverage as they pay off debt or lower expenses.
  • Estate protection rider. Offers extra coverage for estate taxes if they’re applied to your death benefit.
  • Guaranteed insurability rider. You can convert to a whole life policy without medical exams or proof of insurability. It’s only available at major milestones such as the birth of a child or marriage.
  • Return-of-premium rider. Returns the premiums you’ve paid if you outlive your policy term, but it’s only available for 20- and 30-year terms.
  • Waiver-of-premium rider. Your premiums are waived if you become totally disabled for over six months.

Transamerica life insurance reviews and complaints

Transamerica holds an A- rating by the Better Business Bureau (BBB) for its customer interaction as of October 2020. The BBB has recorded nearly 340 complaints since 2017, a relatively high number for an insurance company. Customer reviews award the company 1.5 out of 5 stars — but these reviews reflect the company as a whole, not just its life insurance.

In J.D. Power’s 2019 life insurance study, Transamerica ranked number 20 out 24 life insurance companies surveyed, The company earned 732 out of 1,000 points, which is under the national average of 761 points. These results signal a lower than average view from customers about Transamerica’s application, communication and product offerings.

Case study: Sarah's experience

Sarah George profile photo
Sarah George
Writer, Insurance

I had never heard of Transamerica until I signed up for term life insurance through my financial advisor. I had a policy with State Farm before that because it was my car insurance company.

My advisor helped me realize that the State Farm policy was expensive for $100,000 in coverage. With Transamerica, I get 4X that coverage while paying less than my previous life insurance.

I also like the accelerated death benefit. My plan is to have enough in retirement so that I don’t need life insurance in the future. Knowing that I could use my policy early if needed is a benefit, especially if a qualifying illness has expensive medical bills. Last, while some people have a hard time contacting Transamerica, I just use my financial advisor to make account updates.

Compare life insurance companies like Transamerica

See how Transamerica policies fare against other companies’ coverage and benefits. Check the Compare box to see up to four companies side by side.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
18 - 75 years old
10, 15, 20, 30 years
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
18 - 75 years old
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
18 - 80 years old
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
20 - 85 years old
10, 15, 20, 25, 30, 35 years
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.

Compare up to 4 providers

Frequently asked questions about Transamerica

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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  1. Default Gravatar
    June 5, 2018

    I need to cancel my policy

    • Default Gravatar
      June 6, 2018

      Hi Melinda,

      Thanks for leaving a question on finder.

      Canceling your term life insurance policy is as easy as stopping payments. Do not pay your premium within the agreed grace period — the mandatory period set by your policy during which you can pay your premium without canceling your coverage — and your insurance is canceled. That’s a bad thing, but if you want to cancel your term life insurance policy, it’s that easy: just don’t pay.

      You won’t be refunded, and your family will no longer get a death benefit if you die, but you’ll also no longer owe premiums.


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