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Transamerica Life Insurance Ratings
Ranked
No. 4 Overall
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Reasons for Buying from Transamerica
Customers of Transamerica originally decided to purchase from the company for these reasons:
| Offered best price | 24% |
| Recommended by friend or family member | 17% |
| Was the company my parents had | 12% |
| Financial Strength rating | 9% |
| Reputation | 9% |
| Saw TV commercial | 8% |
| Other | 7% |
| I had other insurance with this company | 6% |
| Saw online ad | 5% |
| The company website and mobile apps are easy to use and helpful | 3% |
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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
Feedback of Surveyed Policyholders
Our survey asked policyholders to share experiences or give feedback that they would
like to share with others looking to potentially buy from their current insurance company. Here's what they had to say:
Positive Feedback
Neutral/Negative Feedback
"More interested in what is beneficial for me"
"I have never dealt with them personally so I don't know"
"Neutral - not amazing but not horrible"
"Not enough experience to have solid opinion yet"
"No direct interactions so far"
"They started out reasonable, then the company got sold and my premiums went higher than my contract promised. But that was with the original company so this one didn't care."
"I don't like them at all, don't check on me and not personable"
"Okay for now, we'll see how it pans out"
"As per my experience. You have to understood the all ideas about your plan which are select and talk about insurance agent for it."
"All companies are doing good, nothing negative to say"
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"Good price. Never had an issue, haven't filed a claim so can't speak to actual performance"
-Age 18-36, Arizona"I would like to say that it is very affordable and easy access thru website being able to talk to someone live at anytime."
-Age 18-36, Arizona"I hope this may be the best"
-Age 18-36, Florida"Nice products as per the rates"
-Age 18-36, Florida"So responsible and polite in answering to my queries"
-Age 18-36, Florida"It is a good brand"
-Age 18-36, Georgia"They are doing good work and trying to make online process easier"
-Age 18-36, Idaho"Its the best decision to make today for your family's furture."
-Age 18-36, Indiana"Very nice people in customer service"
-Age 18-36, Mississippi"I am very happy person today"
-Age 18-36, New Jersey"Very helpful and available"
-Age 18-36, New Jersey"Always aware of customer needs and works to satisfy them"
-Age 18-36, North Carolina"Proud to be associated with them"
-Age 18-36, North Carolina"Good experience."
-Age 18-36, Washington"They answer all concerns and make it easy to get live support."
-Age 37-52, Alabama"For term life insurance company arranges competitive prices to afford policy."
-Age 37-52, California"One of the best service providing company I have came across in today's scenario"
-Age 37-52, California"Everyone trust this company"
-Age 37-52, Connecticut"Personalized insurance at competitive rates"
-Age 37-52, Connecticut"Modern and technical life insurance solutions are in great number here. It gives best offers to its customers."
-Age 37-52, Delaware"Insurer stands on their words"
-Age 37-52, Florida"Transamerica has some of the lowest rates for term life insurance that I've seen"
-Age 37-52, Florida"A good company, no real complaints. Better than a lot of companies."
-Age 37-52, Georgia"Very supportive and helpful through the process"
-Age 37-52, Georgia"TransAmerica offers many affordable plans and has a strong reputation."
-Age 37-52, Indiana"Company has been doing business in the field of life insurance since long. It is oldest provider of the insurance related with life with competitive premium prices."
-Age 37-52, Iowa"They walked me thru the steps and got me what I need and the coverage I needed and a great price"
-Age 37-52, Kentucky"I feel comfortable with my insurer"
-Age 37-52, Michigan"In simple words, they got the key of service industry customer is the key to success and they are going so good"
-Age 37-52, Michigan"They have remained true and helpful"
-Age 37-52, Michigan"The customer service guys at help desk are very efficient and helpful"
-Age 37-52, New Jersey"Permanent coverage, reasonable premium, best offers, effective plans."
-Age 37-52, New Jersey"They are quick to respond to any questions you may have"
-Age 37-52, Ohio"It's an okay policy for the needs I have"
-Age 37-52, Oregon"Good customer service"
-Age 37-52, West Virginia"An expert in the field of insurance"
-Age 53+, New Jersey"Get to know you personally."
-Age 53+, New Jersey"Got better than the average support with them"
-Age 53+, New Jersey"Is a trusted organization"
-Age 53+, New Jersey"Keep up the good work guys is what I'd say to the company"
-Age 53+, New Jersey"The staff is doing an excellent job"
-Age 53+, New Jersey"They offer insurance premiums that are affordable."
-Age 53+, New Jersey"Very excellent customer service & very reliable"
-Age 53+, New Jersey"A safe company; I can trust on them."
-Age 53+, North Carolina"A true expert in the field of insurance"
-Age 53+, North Carolina"I would tell others, contact this insurance company and get beneficial plans"
-Age 53+, North Carolina"Coverage is good in affordable price."
-Age 53+, North Carolina"Good plans provided by this company"
-Age 53+, North Carolina"It guarantees insurabilty options, critical illness covers for children, competitive pricing reasonable premium."
-Age 53+, North Carolina"They have gone out of the way to handle the problems that I was facing"
-Age 53+, North Carolina"They are a good company always ready to help people."
-Age 53+, North Carolina"Good applications, easy to communicate with representatives, safe for the future."
-Age 53+, Pennsylvania"Gave me the best cusomter service"
-Age 53+, South Dakota"After losing money with other companies, I feel safe with Transamerica."
-Age 53+, Texas"They are quick to respond in timely manner."
-Age 53+, Texas"Good policy done by this company"
-Age 53+, Utah"Proved trustworthy by their actions"
-Age 53+, Virginia"Great coverage for the premium and plan offered longterm care too"
-Age 53+, Wisconsin"Great company great prices"
-Age 53+, Arizona"Makes my life feel secure"
-Age 53+, California"It offers critical illness cover for children as well as for adults competitive prices when it comes to term life insurance."
-Age 53+, California"Good company in all ways"
-Age 53+, California"Honest insurance good for anyone"
-Age 53+, California"Life insurance for children to adult, logical and reasonable premium, effective plans best offers."
-Age 53+, California"Online method of the company ease the pressure of the customer"
-Age 53+, California"Unbeatable price and very impressive customer service"
-Age 53+, California"They take good care of you"
-Age 53+, Delaware"Staff is very courteous"
-Age 53+, Florida"Easy to contact through website or by phone. Ensures questions are answered and issues are resolved quickly."
-Age 53+, Georgia"They have been very dependable and my experience is positive."
-Age 53+, Georgia"They have good competitive rates and are customer friendly."
-Age 53+, Georgia"The agent was accommodating and would come by and answer any questions and concerns and was able to get in contact with easily."
-Age 53+, Indiana"Have always had quick response to any questions"
-Age 53+, Kentucky"They don't interact with you unless they have a new agent, other than send the annual updates"
-Age 53+, Kentucky"They are good at maintaining good relations with the customers"
-Age 53+, Massachusetts"The agent was very knowledgable and understood what I need as far as life insurance is concerned. He took the time to check out what I had at the time and explained how he could help me get a better policy at less money."
-Age 53+, Massachusetts"Assists the customer at every stage to their best level"
-Age 53+, Michigan"Easy to locate. Caring people."
-Age 53+, Michigan"They are very prompt on a claim"
-Age 53+, Michigan"They don't give false promises like others do"
-Age 53+, Michigan