TIAA Life Insurance Review

While TIAA-CREF no longer issues new life insurance policies, current policyholders can depend on the company to uphold their policy agreements.

Product Availability

Price/Value

The cost of life insurance depends on a number of factors, such as:

• Age
• Health
• Family health history
• Tobacco use
• High-risk job/hobbies

Your rates also depend on the type and amount of coverage you need, and the carrier you choose.

TIAA’s former policies fell into the category of “no-load life insurance,” which lowers premiums by eliminating commissions and fees.

TIAA policies offered the most value to teachers looking to take advantage of its financial resources for educators and individuals looking to save with survivorship insurance.

Financial Strength

It’s important to purchase life insurance from a reliable carrier capable of paying out claims.

In terms of financial strength, TIAA is one of the top-rated life insurance providers in the United States.

The company has exceptional ratings from all four of the nation’s leading credit rating agencies:

A.M. Best	A++
Fitch	AAA
Moody’s	Aa1
Standard & Poor’s	AA+

TIAA also boasts over $1.3 trillion of assets under management.

Bottom line: Even though TIAA isn’t accepting applications for new life insurance policies, you can fully rely on them to pay out existing policies.

User Experience

User experience is another important indicator of a life insurance company’s strength.

Ideally, the company you buy life insurance from should work to streamline the processes of getting quotes, applying for coverage, and maintaining your coverage.

Ratings

J.D. Power and the Better Business Bureau ratings provide valuable insight into user experience.

TIAA was not featured in J.D. Power’s latest individual life insurance survey, which rates the top life insurance companies based on customer satisfaction.

However, TIAA-CREF holds a “B” rating from the Better Business Bureau based on its complaint history, transparency, and other factors.

Website

TIAA’s website is informative and easy to navigate, quickly pointing users to its financial products, educational resources, and information about the company.

Because TIAA no longer sells new life insurance policies, the site does not present many details about its coverage options.

However, it does provide regularly updated performance reports for its universal and variable universal policyholders.

Policyholders can also change their beneficiaries, update personal information, and make payments with their online TIAA account.

Application

Priding itself on user experience, TIAA was a company known for offering a streamlined simplified life insurance application.

However, the company discontinued its life insurance offerings in 2019. As such, TIAA no longer accepts life insurance applications.

Product Availability

TIAA-CREF’s life insurance lineup includes four types of policies:

• Term: Guaranteed level plans available for 10, 15, 20, or 30 years. Policies are renewable and can even be converted to permanent plans.
• Universal: Lifetime coverage with flexible premiums, cash accrual, and tax benefits.
• Variable universal: Lifetime coverage (similar to universal life) with the option to invest in variable sub-accounts.
• Survivorship universal: Permanent lifetime coverage for not only one person, but two people.

While these policies are no longer on offer, TIAA is committed to honoring all of its existing policies.

Brand/Size

Short for the Teachers Insurance and Annuity Association of America, TIAA has been considered among the best life insurance providers in the country since its birth in 1918.

Since then, the company has remained dedicated to providing excellent financial products backed by impeccable financial strength and customer service.

In 1950, the company was the first to offer variable annuities, with the College Retirement Equities Fund, adding “CREF” to TIAA’s name.

Over a century, the company grew into one of the nation’s leading providers of retirement plans for academics, researchers, medical professionals, and others in similar fields.

While TIAA has stepped back from life insurance sales, they continue to offer top-notch financial products to teachers and other professionals, including:

• 529 Education Plans
• Annuities
• CDs
• Checking and savings accounts
• HSAs
• Mutual funds
• Retirement accounts

Philanthropy

TIAA has a long history of empowering communities in their biggest areas of need.

In 2020, TIAA partnered with Feeding America to fund over 950,000 meals for individuals in need.

The company also donated $350,000 to nonprofits and provided lower-income families with access to internet service.

In light of the COVID-19 pandemic, the company launched Operation Healthcare, donating 70,000 PPE and other hygiene products for healthcare providers.

Brand Recognition

TIAA is a moderately well-known brand, especially among educators.

It has garnered recognition as a top-tier company by companies like Forbes, Fortune, Ethisphere, and DiversityInc.

The company also has a substantial following across its social media platforms.

TIAA shares content and interacts with customers on Facebook, Instagram, Twitter, and Youtube.

Consensus

TIAA has a stellar reputation and an impressive lineup of products.

While the company no longer sells life insurance, its banking and investment solutions are highly regarded across the financial industry.

If you purchased life insurance from TIAA-CREF in the past, you can rest assured knowing your policy is in good hands.

With an excellent claims-paying ability and a commitment to customer service, TIAA is extremely reliable.