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Transamerica Life Insurance Ratings

Ranked No. 4 Overall
Customer Satisfaction Ratings (based on 100 survey results)
Product
life-icon Life
info iconOverall
88.33 out of 100
Productinfo icon
HOW WE WEIGH OUR SCORE
Overall
Customer ServiceValue for PriceWebsite and Apps% Who Would Recommend to a Friendinfo-icon
WHAT IS THIS RATING?

A.M. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations.

A.M. Best's rating is NOT used to calculate the overall score but it is important information to consider when choosing an insurance company.

AM Best Financial Strength Ratings

October 31, 2019

life-icon Life 88.33 out of 100 Customer Service 87.20 Value for
Price
89.40
Website and Apps 86.74 % Who Would Recommend to a Friend 87% A
info icon
AM Best Financial Strength RatingsOctober 31, 2019
A
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Reasons for Buying from Transamerica

Customers of Transamerica originally decided to purchase from the company for these reasons:
Offered best price24%
Recommended by friend or family member17%
Was the company my parents had12%
Financial Strength rating9%
Reputation9%
Saw TV commercial8%
Other7%
I had other insurance with this company6%
Saw online ad5%
The company website and mobile apps are easy to use and helpful3%

How likely are you to recommend this company to a friend, coworker or family member?

I would definitely recommend this company. 56%
I probably would recommend this company. 31%
Neutral 12%
I would not recommend this company. 1%
I probably would not recommend this company. 0%

What kind of insurance do you have?

Term 43%
Permanent, including whole life 29%
Both 24%
Other 4%

How much do you pay annually for your life insurance policy

$1,000 - $1,249
22%
Less than $250
17%
$750-$999
13%
$1,250 - $1,499
10%
$250 - $499
8%
$1,500 - $1,749
7%
$500-$749
7%
$1,750-$1,999
5%
$2,000 - $2,249
4%
$2,250 - $2,499
2%
$3,000-$3,249
2%
$4,000 or more
2%
$2,500-$2,749
1%
$2,750-$2,999
0%
$3,250 - $3,499
0%
$3,500-$3,999
0%

Website and Apps

How easy to use and how helpful they are
43%
Completely satisfied - Gives me what I want and more
34%
Satisfied - Fulfills my needs okay
11%
Neutral - No good or bad feelings on this
11%
Never visited or used website or mobile app
1%
Not Satisfied - Is not a good website or app
0%
Very unsatisfied - Their digital offerings are not good at all or nonexistent

How You Prefer to Deal with Insurers

38%
Phone
23%
In person
22%
Interactive website
14%
Mobile App
3%
Email
User Review
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About Transamerica

Products offered:

  • Term life
  • Whole life
  • Universal life
  • Variable Universal life
  • Accidental Death
  • Final Expense 

Additional products offered:

  • Dental insurance
  • Long-term care
  • Medicare solutions
  • Mutual funds
  • Annuities
  • Retirement accounts

Best Life Insurance Companies 2020: How Transamerica Life Insurance Measures Up

In the 2020 Best Life Insurance Survey, Transamerica claimed 4th spot overall with a score of 88.33. Transamerica topped the ranking for the individual rating factor value for price and claimed 4th place for ease of use for website and apps and 5th for customer service. Nearly all of the surveyed Transamerica policyholders, 93%, said they would recommend the company to others.

Gauging an insurance company

Before buying with a company it is wise to check on a company's financial strength and complaint record. The A.M. Best rating listed above gives you an idea of Transamerica's financial strength to pay claims. A complaint ratio can be found on the National Association of Insurance Commissioners (NAIC) site. The median complaint ratio from the NAIC is always 1.00. This means half of the insurers have a complaint ratio of under 1.00 and half have a ratio above. Basically, numbers lower than 1.00 are better with fewer complaints than the median and a number higher than 1.00 has more complaints than the median. For life insurance, Transamerica (NAIC# 86231) had a complaint ratio of 1.44 for individual life and 2.03 for group life for 2018. 2019 complaint numbers will be available in 2020.

Company Background

An American dream

Transamerica was founded in 1928 and was based in San Francisco. Transamerica began as the vision of a young entrepreneur named A.P. Giannini, who took the first step towards realizing his dream by starting a small business known as Bank of Italy (later to be known as Bank of America).

In 1930, Giannini acquired Occidental Life Insurance Company and its $25 million in assets.  With this purchase, Giannini created the foundation for what would be a strong and lasting company.

On October 1st, 2008, as part of an internal restructuring, Transamerica Occidental Life Insurance Company merged into its affiliate, Transamerica Life Insurance Company. It is now owned by Aegon, which is based in the Netherlands. The Transamerica’s iconic “Pyramid” building is San Francisco’s tallest building.

Transamerica understands that one size does not fit all and, with that in mind, they work with policyholders to accomplish goals such as insuring their family during working years, accumulating cash value, or protecting them from future medical and estate taxes.

Contact information

Corporate headquarters

Transamerica Pyramid
600 Montgomery Street
San Francisco, CA 94111
Policyholders and general questions: (800) 797-2643
New customers: (855)288-4181