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Transamerica Life Insurance Review 2020

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at a glance

  • NerdWallet ranking: No. 20 life insurance company.
  • Offers a wide range of term and permanent life insurance.
  • Below-average customer satisfaction ratings.
Amid the COVID-19 pandemic, not all companies are accepting new life insurance applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Transamerica offers individual term, index universal, variable universal and whole life insurance. Although its headquarters are no longer in San Francisco, Transamerica still uses the image of the city’s iconic Transamerica Pyramid for its logo.

» MORE: Compare life insurance quotes

Transamerica life insurance

Transamerica ranks No. 20 on NerdWallet’s list of the best life insurance companies. NerdWallet ranks the country’s largest life insurance companies based on financial strength, customer satisfaction and consumer complaints.

Transamerica offers two types of term life insurance policies, with terms of 10, 15, 20, 25 and 30 years available.

  • The Trendsetter Super policy offers up to $10 million in coverage — or even more, depending on individual circumstances.
  • The Trendsetter LB offers up to $2 million in coverage and gives access to some of the money before death if the insured person is diagnosed with a chronic, critical or terminal illness.

Whole life insurance policies of up to $2 million are available. Transamerica also sells small whole life policies designed to cover funeral and other final expenses.

Index and variable universal life details are available by contacting an agent. With index universal life, the cash value growth is tied to a market index, such as the Standard & Poor’s 500. With variable universal life, the policy’s cash value growth is tied to the performance of underlying investments. The company’s group universal life insurance is available only through employers.

Transamerica complaints and customer satisfaction

Over three years, Transamerica has drawn more complaints to state regulators than expected for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

Transamerica scored in the bottom quarter of companies in J.D. Power’s 2019 U.S. Life Insurance Study. The company was rated among “the rest” of companies, the lowest rating, for overall customer satisfaction and five other categories. It earned a rating of “about average” for price. Transamerica scored No. 20 out of 24 life insurers evaluated by J.D. Power.

Customer satisfaction category Transamerica's score
Overall satisfactionBelow average
Billing and paymentBelow average
PriceAbout average
Policy offeringsBelow average
InteractionBelow average
CommunicationBelow average
Application processBelow average

More about Transamerica

Transamerica offers additional financial products and services, including annuities, mutual funds, exchange-traded funds (ETFs), retirement planning and workplace benefits.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home and life insurance.