Fun fact: there are over 800 life insurance companies on the market. That can make shopping for insurance protection very difficult and frustrating.
Our goal agents is to show you the best insurance company for you. Deciding to purchase life insurance is easy, but every step after can be complicated because of the many rates, plans and companies there are.
One of the most popular companies on the market is Transamerica.
When you’re shopping for life insurance protection, there are several factors that you need to consider to guarantee your family has the best protection for you and your loved ones. This article looks at the pros and cons of Transamerica and help you decide if they are the best company for you.
History of Transamerica
Transamerica isn’t new to the insurance field. The roots of Transamerica were established way back in 1904 by a young man by the name of Amadeo Giannini when he created the bank of Italy in San Francisco. He wanted to make financial services and products available to everyone in the community, just not just wealthy members that could afford them at the time.
Through a variety of merging and acquisitions through the years, eventually in 1956 Transamerica was born.
They have experienced a lot of changes, but they have over 100 years of experience offering financial services and insurance products. Today, they have excellent ratings from all of the third-party rating systems. This includes an A+ rating from the A.M. Best.
Life Insurance Products from Transamerica
Not only do you need to find the perfect company, but you also need to determine which kind of insurance plan will meet your needs. One of the nice benefits of Transamerica is they offer just about every kind of life insurance, and they make it easy to compare all of the different types. They offer:
Each of them offers slightly different coverage. Every family is different, and everyone has different life insurance needs.
Term Life Insurance
Term life insurance is the most standard type of life insurance that you can purchase. It’s the type of policy sold with an expiration date. With Transamerica, they have plans you can purchase anywhere from 10 years to 30 years.
These plans go all the way up to $2 million worth of coverage.
One of the advantages of Transamerica plans is that depending on your age and health, you can skip the medical exam. Not having to take the medical exams can get you approved for coverage much faster.
Whole Life Insurance
The other most popular type of life insurance is permanent coverage aka a whole life policy. This is a great choice because of the cash option and that they last until you quit paying the premium. The problem with these policies is that they are more expensive. The permanent coverage comes at a premium price.
A unique benefit of these plans is how the act like a savings account, accruing interest on the premiums paid. The longer that you pay the premiums, the more value they have. The value can be used to secure a loan or pay the premiums.
Universal Life Insurance
The one thing that sets universal life insurance apart from the other plans is the flexibility that It offers. These plans let you change the amount and how often you pay the premiums, as long as you have enough cash value in the policy.
Variable Life Insurance
Variable life insurance is almost identical to universal life insurance, except you can invest the cash value of these plans. The cash value is professionally managed, and the money will be invested in a variety of different stocks or bonds. If you want your life insurance to offer more than life insurance protection, then a variable life insurance plan can give you some investment opportunities as well as act as a safety net.
Final Expense Insurance
Final expense policies are plans that offer a lot less coverage, and they are designed for older applicants that no longer have a massive amount of debt and other final expenses. The average funeral could be $10,000, which can be difficult for your family to pay for, but that’s where these plans come in. These policies only give around $25,000 worth of insurance protection.
Not only does Transamerica have several different plans you can choose from, but it also has several additional riders you can add to your plan. They have just about every possible rider that you can add:
- Child rider
- Disability Income Rider
- Estate Protection Rider
- Long-term Care Rider
- Accidental Death benefit
- And several more
All of these riders will give your family extra protection or fill in some of the insurance gaps that you might have. The more riders that you add, the more that you’re going to pay every month.
Working with Transamerica
One praise that we hear about Transamerica is the customer service that they offer. They have excellent reviews from both employees and customers.
There are several ways that you can contact their customer service. You can contact them through phone, email, online chat, or through their social media. If you have any questions, you can send them a message on Facebook or Twitter. Their customer service is excellent at responding quickly to any questions or complaints that you may have.
Not only do they have great customer service, but they also make it very simple for anyone to make a claim. If you suddenly passed, your family would be grieving, and it can be a difficult time to get through. That’s why Transamerica has made it as quick and simple as possible for families to make claims on the life insurance plans.
The Final Verdict on Transamerica
Transamerica is an excellent option for life insurance coverage. While every applicant is different and will be given different premiums based on their health, Transamerica tends to offer the most affordable insurance rates. If you want a quality insurance plan at an affordable rate, Transamerica should be on your list.
As independent brokers we understand all the metrics that companies use to determine your rate. Coming to use for help expands the variety of plans you can choose from, and opens up options that a captive agent may not have. Our goal is to find you a plan in your budget and one that covers the needs of your loved ones.
Don’t hesitate to email or call us with any Transamerica questions, or any other concerns about the many options presented. Delaying the decision to purchase protection could mean a rate increase, start the process today.