Few companies remain at the top of their industry for several years, or even several decades at at time. This, however, is something Transamerica Life Insurance Company has been able to do, marking them a likely candidate for top 10 best life insurance companies in America.
With a strong foundation and forward thinking strategy, Transamerica looks to stay ahead. They tout an excellent depth of coverage options, with superior underwriting when compared to the rest of the market.
This Transamerica Life Insurance Company review is our own, and should be considered amongst many other carriers before you decide to sign any application for insurance. However, we are favorable to what they have to offer the current market. Continue reading below for a brief history, breakdown of financial strength, and summary of products.
Our Transamerica Life Insurance Company Review
A young entrepreneur with the heart to help those who needed it most began what was then called Bank of Italy in 1904. This would later merge with a name we all recognize today, Bank of America, which would eventually acquire and rename the Occidental Life Insurance Company to Transamerica.
The company tried its hand in several different aspects before the 90’s, including airlines, renting vehicles and more, but would ultimately choose the insurance and financial world as its sole line of business.
It still brands its name with the San Franciscan skyline building it primarily used, although it has since moved its headquarters.
Ratings & Rewards
Transamerica boasts a very solid financial rating report from A.M. Best, Fitch, Moody’s and Standard and Poor’s. With “A” or better scores from all four, it can brag to be among the top life insurance companies in the U.S., and even financial institutions for that matter, in all of the United States of America.
Here is a quick snapshot of those rankings:
- A.M. Best – A+
- Fitch – A+
- Moody’s – A1
- Standard & Poor’s – AA-
They have greater than $131 billion in assets, with $6 billion of this in reserves. They do have an “A-” ranking with the Better Business Bureau, as well.
Aside from substantial recognition and growth in business, Transamerica and its name also represent community involvement and a green footprint. The Aegon Transamerica Foundation, for example, gave almost $7 million last year through its efforts and the efforts of its employees for inner city reconstruction and rehabilitation. It has also promoted the Habitat for Humanity, partnering with multiple events in the U.S.A. this year.
It’s no secret Transamerica has a strong marketing and branding campaign outside of the normal ads and marketing avenues, with sponsorships spanning the Professional Golf Association, the Ladies Professional Golf Association, and the famed Johnny Unitas Golden Arm Award, which is one of the top honors for NCAA Football quarterbacks across the country.
Within their insurance arm, a big selection of products are available. This includes:
- Term Life Insurance
- Universal (and Variable Universal Life Insurance)
- Whole Life
- Long Term Care
- and more…
They are also one of the leading burial life insurance companies in the U.S. While life insurance represents the greatest portion of what it does, it’s no stranger to the rest placing millions of dollars in business annually.
Since it’s what we know best, let’s take a deeper dive into the life insurance products, specifically, offered by Transamerica.
Term products begin at no less than $25,000 in coverage, but go up beyond $1,000,000. Choose from between 10 and 30 years (in 5 year increments) of level premiums and death benefit.
There are several riders available, and anyone between the ages of 18-80 are welcome to apply. Note, however, the older applicants will not be eligible for the longer duration term products.
Among the many types of permanent life insurance, the cheapest and most basic is the universal, which is one of the most cost effective ways to guarantee lifetime premiums stay the same, and death benefits don’t go down.
If you prefer to leverage the contract for a little cash value accumulation, consider instead the variable option, which allows you to have a portion of all of the cash portion to be invested in the market. You must speak with a registered representative for this product, and review the prospectus before purchasing.
If the idea of growing cash sounds good, but you’d like a safer avenue with more guarantees, the whole life is for you. It’s the most stable, and has the ability to grow cash tax deferred, access cash tax free, and still has the benefits of a tax free death benefit.
For those looking to pay for nothing else other than final expenses, they do have a burial life insurance product, which is very competitive.
Outside of its significant life insurance market lies additional financial tools they offer through affiliates, independent financial partners and consultants. Among these are pensions, retirement plans like 401(k) and 403(b), IRA’s and Roth IRA’s, mutual funds and annuities.
Aimed at becoming a full financial powerhouse for its clients, it hosts both national and international offices.
With a strong foundation, strong brand and perseverance for success in the fast paced economy we live in, Transamerica prides itself on adding value in every way it can for its clients, whether they are individuals, small families, business owners or some of the largest corporations.
As a consumer, feel confident you’re dealing with a financially sound and solvent company, with a great value in nearly all of their life insurance products. Underwriting will be favorable to many, and product variety is a huge plus.