Transamerica Life Insurance has established itself as a financial pillar of the market, but has struggled to maintain a consistent level of customer satisfaction. How do Transamerica Life Insurance policies compare against the competition?
Transamerica Life Insurance provides a wide range of life insurance options. Their whole and universal life plans offer flexibility, but Transamerica’s unstable company investment portfolio could affect the premium prices.
Final Expense Benefits has you covered with finding the plan that keeps you or your loved ones’ needs in mind. We work with top life insurance companies because our customers’ interests are our top priority.
If you’d like to learn more about life insurance companies, 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 burial insurance as low as $1,000 and three kinds of whole life insurance policies.
Transamerica’s monthly rates are competitive with other top final expense insurance providers.
Transamerica offers a wide variety of optional whole life insurance riders for customizability.
Despite high industry ratings, Transamerica customer reviews are mixed overall.
What is Transamerica Life Insurance?
Transamerica has aimed to provide insurance coverage for people seeking more security in their lives for over a century. Their roots can be traced to 1904, when A.P. Giannini founded the Bank of Italy, later known as the Bank of America.
The bank acquired the Occidental Life Insurance Company in 1930, forming Transamerica Life Insurance. In 1999, Transamerica officially became part of Aegon, an international financial holding company and their current parent company.
Today, Transamerica aims to become a leading life insurance and retirement services provider, but how do their life insurance policies compare with competitors?
Transamerica Life Insurance Coverage Options
Transamerica offers a fair lineup of term, whole, universal, and final expense policies. Coverage limits are flexible, various riders are available, and a few of their policies don’t require a medical exam.
1
Transamerica FE Express Solution
Transamerica FE Express Solution offers final expense coverage without a waiting period. Transamerica FE Express Solutions policy offers guaranteed level premiums (premiums won’t increase as long as you maintain your policy), tax-deferred cash value over time that can be borrowed against, benefit payouts up to $50,000 (ages 18 to 75), and no-exam underwriting.
Beyond death benefits, Transamerica FE Express Solution offers funeral planning benefits from Everest Funeral Concierge for free, and applicants can apply up to age 85 and receive an underwriting decision as soon as 10 minutes with no medical exams required.
2
Transamerica Final Expense Immediate Solution
Transamerica Final Expense Immediate Solution is available to applicants from the day they’re born to the age of 85. Coverage ranges depend on age: from $1,000 to $50,000 (0-55), $30,000 (66-75), $40,000 (56-65), and $25,000 (76-85).
Much like FE Express Solution, coverage under this plan provides access to the optional Concierge Planning Rider, and applicants for this plan can receive a simplified underwriting decision in just 10 minutes.
3
Transamerica Lifetime
The Transamerica Lifetime plan offers guaranteed level premiums, death benefits (death benefit payouts remain the same regardless of when a policyholder passes after purchasing coverage), and cash value growth.
Unlike the FE Express Solution and Immediate Solution options, Transamerica Lifetime plans offer riders like living benefits, disability waiver of premium, guaranteed insurability, and accidental death benefits.
Like Transamerica’s other whole life insurance options, Lifetime plans provide a streamlined approval process.
How Much Does Transamerica Life Insurance Cost?
Life insurance rates depend on factors such as age, gender, health, and coverage amount. Here are sample rates from Transamerica Life Insurance for seniors aged 50 through 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.
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, with the goal of protecting consumers.
Transamerica’s AM Best rating is an A as of January 2025, indicating a strong capacity 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. Ratings range from 0 to 10, and insurers should aim to be rated below the average of 1.
The NAIC’s rating for Transamerica Life Insurance’s overall customer complaint index is 3.95 according to their 2024 National Complaint Index Report, while 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 customer complaints and providing complaint 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.
Additional Recommendations
If you’re still feeling uncertain about whether or not 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)
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.
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 across the board. If you or a loved one is interested in getting coverage under Transamerica Life Insurance, you can do so through Final Expense Benefits.
If you’d like more information about burial insurance, call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, and schedule a free consultation with one of our experts.
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.
Where is the Transamerica Life Insurance Company?
The statutory home office of Transamerica Life Insurance Company is located in Cedar Rapids, Iowa.