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Transamerica Life Insurance Review 2018

July 13, 2018

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at a glance

  • NerdWallet ranking: No. 22 (out of 23 companies evaluated).
  • Offers a wide range of term and permanent life insurance.
  • Ranked about average in J.D. Power’s customer satisfaction study.

Overview

Transamerica offers individual term, whole, variable universal and final expense life insurance, as well as accidental death policies. 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: The best life insurance companies

Find out more about each element that goes into our review of Transamerica Life by clicking below.

NerdWallet rank: 22nd

Transamerica was ranked No. 22 out of 23 of the largest life insurers evaluated by NerdWallet. The rankings are based on composite scores that include A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of complaints to state regulators, adjusted for market share.

A.M. Best financial strength rating: A+ (superior)

Transamerica’s financial strength is “superior,” according to ratings agency A.M. Best.

It’s important to check the financial strength ratings of insurers, especially when buying life insurance. Financial strength indicates a company’s ability to pay claims. Your policy may not pay out for many years, so you want to choose a strong company with staying power.

Consumer complaints: Better than the median

Transamerica drew fewer than the median number of complaints to state regulators. The National Association of Insurance Commissioners assigns a complaint ratio score to companies based on the volume of complaints, adjusted for market share. The national median score is 1. A score lower than 1 means fewer complaints; a score higher than 1 means more complaints.

The average score, weighted for market share, for Transamerica’s life insurance subsidiaries was 0.76 for individual life insurance in 2017.

J.D. Power ratings: Average

Transamerica scored in the middle pack of companies in J.D. Power’s 2017 U.S. Life Insurance Study. The company was rated “about average” across all five categories and overall came in at No. 14 out 24 life insurers evaluated.

Customer satisfaction category Transamerica's score
Overall satisfaction"About average"
Billing and payment"About average"
Price"About average"
Policy offerings"About average"
Interaction"About average"

More about Transamerica

Types of life insurance soldOther products and services
  • Final expense life
  • Term life
  • Universal life (through employers only)
  • Variable universal
  • Whole life
  • Accidental death insurance
  • Annuities
  • Dental insurance
  • Long-term care insurance
  • Medicare supplement plans
  • Mutual funds
  • Retirement planning
  • Life Insurance options

    Two types of term life policies: Both offer up to $1 million in coverage with terms of five to 30 years. The main difference is that the Trendsetter LB gives access to some of the money before death if the insured person is diagnosed with a chronic, critical or terminal illness.

    Permanent life insurance: Whole life policies of $2,000 to $50,000 are available. Variable universal life details are available by contacting an agent. With variable universal life, the policy’s cash value growth is tied to the performance of underlying investments. The company’s universal life insurance is available only through employers.