Transamerica Life Insurance has been around since the early 1900s, and today, they offer a variety of life insurance policies for all situations, with flexible insurance riders. However, despite their history, Transamerica Life Insurance reviews have been relatively negative.
We’ll be running through each Transamerica Life Insurance option, and if you should consider investing in a policy today. Especially if you are a senior looking to cover your final expenses, we’ll run through the different whole life insurance options available to you and what others have said about the policy.
Final Expense Benefits helps you find the life insurance product you need, no matter what circumstance you’re in. If you’d like to learn more about the options available to you, check our free quoting tool or call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET.
Key takeaways
Transamerica offers three kinds of whole life insurance policies, with burial insurance payouts starting at $1,000.
Transamerica’s monthly rates are competitive with top final expense insurance providers.
Transamerica offers several insurance riders to customize your coverage.
Despite high industry ratings, Transamerica customer reviews are mixed overall.
History of Transamerica Life Insurance
Transamerica has provided insurance coverage since 1904. Their founder, Amadeo P. Giannini, started it to help those who weren’t getting served elsewhere. In 1972, Transamerica built their iconic Transamerica Pyramid in San Francisco; however, it is no longer their headquarters after moving to Baltimore, Maryland.
It has since provided coverage for over 10.2 million people and offers retirement services and life insurance options. But are they still as strong an option as they were over a hundred years ago?
Transamerica Whole Life Insurance Coverage Options
Currently, Transamerica offers four kinds of whole life insurance options for their customers. Two policies are final expense options, created for seniors, so they could be what you’re looking for. Here are the key points of each policy:
1
Transamerica FE Express Solution
Transamerica FE Express Solution offers final expense coverage without a waiting period. It also offers guaranteed level premiums, tax-deferred cash value that can be borrowed against, benefit payouts up to $50,000, and exam-free underwriting that returns a decision in as little as 10 minutes.
Beyond death benefits, Transamerica FE Express Solution provides free funeral planning assistance from Everest Funeral Concierge.
2
Transamerica Final Expense Immediate Solution
The Transamerica Final Expense Immediate Solution is available to applicants from the day they’re born to the age of 85. However, the coverage available will differ depending on your age. Here are the coverage options available by age:
- 0-55: $1,000 to $50,000
- 56-65: $40,000
- 66-75: $30,000
- 76-85: $25,000
This plan includes access to the Everest Funeral Concierge, and applicants can receive an underwriting decision in just 10 minutes.
3
Transamerica Lifetime
Transamerica Lifetime offers guaranteed level premiums and cash value growth. However, what makes this policy stand out is their access to more insurance riders. These riders include living benefits, disability waiver of premium, guaranteed insurability, and accidental death benefits.
If you’re looking for a standard whole life insurance that offers customizability to fit your lifestyle, Transamerica Lifetime is the best option in their portfolio.
4
Transamerica Indexed Universal Life
Indexed Universal Life insurance is a permanent life insurance option that combines your death benefit with the opportunity to earn index interest on your investment. You can even adjust the premium payments if your financial situation changes.
However, you will most likely have to reapply for this coverage every three to five years, so it could be a risky choice for seniors.
How Much Does Transamerica Whole Life Insurance Cost?
Life insurance rates depend on your age, gender, health, and coverage amount. Here are sample rates from Transamerica Life Insurance for seniors aged 50 to 80:
| Age | Monthly Rate (Male) | Monthly Rate (Female) |
|---|---|---|
|
50 |
$31 |
$24 |
|
55 |
$36 |
$28 |
|
60 |
$43 |
$33 |
|
65 |
$54 |
$41 |
|
70 |
$70 |
$53 |
|
75 |
$97 |
$71 |
|
80 |
$136 |
$101 |
These rates are calculated for a $10,000 burial insurance policy from Transamerica, using a non-smoking applicant with no pre-existing health conditions.
Final Expense Benefit’s Top-Rated Burial Insurance Rates
If you’re certain about whether a policy under Transamerica is right for you or your loved ones, Final Expense Benefits can connect you to some of our other top-rated life insurance partners, such as:
- Mutual of Omaha
- Aetna Accendo
- Prosperity Life Insurance
- American Amicable
- Savings Bank Life Insurance (SBLI)
Here are their monthly premiums:
Top-Rated Burial Insurance Rates (Monthly)
| Company |
Male 50y/o |
Male 60y/o |
Male 70y/o |
Female 50y/o |
Female 60y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$31 |
$34 |
$75 |
$24 |
$33 |
$53 |
|
|
$34 |
$50 |
$70 |
$27 |
$40 |
$56 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
|
|
$32 |
$59 |
$105 |
$27 |
$46 |
$79 |
|
|
$34 |
$45 |
$79 |
$29 |
$35 |
$59 |
These figures are estimates only, based on a $10,000 burial insurance policy for a non-smoking applicant with no pre-existing conditions.
Final Expense Benefits can help you find the plan best suited for your needs. If you’d like to learn more about insurance providers, check our free online quoting tool for personalized estimates.
Transamerica Term Life Insurance Coverage
Transamerica’s term life insurance options are available for ages 18 to 80 and offer term durations of 10, 15, 20, 25, and 30 years with coverage of up to $10 million. If you are a young adult looking for life insurance, this kind of coverage might be right for you.
However, seniors seeking life insurance coverage will find that these policies are too expensive. And while $10 million sounds nice, it is largely unnecessary if you are looking to cover your funeral and final expenses.
Transamerica Life Insurance Pros & Cons
Pros
- Wide range of life insurance options
Transamerica offers seven types of life insurance. Most of their policies can be customized with insurance riders. - Offers simplified underwriting and a streamlined approval process
Most Transamerica policies don’t require medical exams, allowing policies to be approved as quickly as 10 minutes. - Affordable whole life policies
Average rates for Transamerica Life Insurance are similar to the national average for seniors aged 50 through 75. - Financial strength verified
Transamerica’s financial stability is verified and highly graded by AM Best and other life insurance rating services.
Cons
- Mixed customer reviews
Transamerica has a large number of customer complaints. Many cite that their agents poorly explain policies, and the provider has a history of lapsing customer policies for little reason.
Transamerica Life Insurance Reviews: Third-Party Rating Services
AM Best Rating
1
AM Best assesses life insurance companies’ credit and ability to meet financial obligations to protect consumers.
Transamerica’s AM Best rating is an A as of January 2025, indicating a strong ability to meet financial commitments.
NAIC Rating
2
The National Association of Insurance Commissioners (NAIC) tracks customer complaints against life insurance companies and rates them on their yearly complaint index. The national average is 1, so companies should aim to be rated below.
The NAIC’s rating for Transamerica Life Insurance’s overall customer complaint index is 3.95, and their customer complaint index for individual life policies has an NAIC rating of 4.23.
BBB Rating
3
The Better Business Bureau (BBB) helps customers find trustworthy businesses by tracking complaints and providing resolution services for customers and businesses. Their rating scale ranges from A+ to F.
Transamerica Life Insurance has an A+ BBB rating, but is not a BBB-accredited business.
Transamerica Life Insurance Reviews: Customer Ratings
Dheeraj C
5/5
Transamerica provides a range of insurance products to meet various needs:
Life Insurance: Options include term life, whole life, universal life, and variable universal life policies.
Supplemental Health Insurance: Coverage for critical illness, accidental death, and final expense to offer additional financial protection.
Kuma C
5/5
I bought an Index Universal Life (IUL) policy from Transamerica in 2020. Just like other companies, Transamerica offer term life, whole life, and final expense, and I chose the IUL because it makes a lot of sense.
With the IUL, I still have a death benefit protection, while also building cash value that I can access at any time (depending on how you contribute to your policy). Additionally, I have critical and chronic illness riders attached to the policy in case I ever fall sick.
the premium payment is also very flexible, allowing me to skip payments and resume later in times of financial hardship.
I think this is a true definition of “life insurance” (compared to *Term life which payout only upon death and whole life which is far more expensive with less flexibility in premium payment).
One more thing, Transamerica’s illustrations are top-notch; they accurately reflect the reality of what I see in my policy.
Everyone needs life insurance, no company is 100% perfect. Regardless of the company you choose, you will still need to pay your premium in order to keep your policy.
James
1/5
Most concerning, I personally dealt with life insurance policies lapsing without proper notice, which prompted me to research whether this issue was isolated. What I found were multiple lawsuits filed in California related to similar concerns:
- Clark v. Transamerica (2020) – Alleging policies lapsed without required notices under California law.
- Wollam v. Transamerica (2021) – Focused on violations of California Insurance Code §§ 10113.71–.72.
- Rogoff v. Transamerica (2025, ongoing) – Claims of wrongful cancellations without proper lapse notice.
- Sycks v. Transamerica (~2024) – Involving lapse of an indexed universal life policy.
I encourage anyone considering a policy with Transamerica to do their due diligence and ensure you understand their history of lapsing policies, and pending lawsuits. If you’re considering a policy with Transamerica, I strongly recommend doing your homework. These legal issues could result in costs passed on to policyholders — both current and future.
Final Thoughts
Transamerica is an industry leader in the burial insurance market and has been for many years. They offer competitive final expense insurance rates and a wide range of coverage options. If you or a loved one is interested in getting coverage under Transamerica Life Insurance, contact us, and we’ll help you find the best rate for you and your family.
Our phone number is (866) 786-0725, and our agents are available Monday through Friday from 9 a.m. to 5 p.m. ET. Looking for more information on final expense insurance? Take our survey to find a policy that works for you.
FAQ
How does Transamerica Life Insurance work?
Transamerica Life Insurance works by allowing beneficiaries to claim financial payouts after your death, just like any other life insurance policy. Transamerica provides options for final expense coverage with no waiting period and coverage from 0 to 85, and both offer benefit payouts up to $50,000.
How much does Transamerica Life Insurance cost?
Transamerica burial insurance rates are comparable to national average rates for seniors 50 to 75.
Can I pay for Transamerica Life Insurance online?
Transamerica allows online payments through MyTransamerica, their secure online portal.