Reviews Report
- Transamerica life insurance scores a 4.4 out of 5 according to Reviews.com methodology.
- However, Transamerica lacks in customer satisfaction, ranking near the bottom according to J.D. Power.
- Transamerica’s index universal life insurance combines cash growth potential and traditional life insurance death benefits.
Transamerica is a financial services company offering a wide variety of life insurance products, including term and whole life insurance policies as well as flexible options from Transamerica FFIUL. The index universal life insurance policy offered by the Transamerica Financial Foundation IUL® (FFIUL) also features policy value accumulation, which earns interest as the market index value increases.
A notable feature of Transamerica is the availability of high coverage; in some cases, policyholders can get more than $10 million of coverage. On the other end of the spectrum, Transamerica FFIUL policies can be as low as $25,000 with affordable premiums.
Reading a full Transamerica FFIUL review helps you learn more about the company, typical benefits, and how the company compares to competitors.
Transamerica Life Insurance Overview
Transamerica Financial Foundation IUL reviews from customers aren’t great. In J.D. Power’s 2020 Life Insurance Satisfaction Study, it scored well below the industry average of 763 and the National Association of Insurance Commissioners reports more complaints than average for the company on its scale. That being said, Transamerica’s index universal life insurance policies may allow people to grow their policy’s value and tap into tax-free loans and withdrawals. Customers who want whole or term policies may want to look elsewhere.
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Transamerica Life Insurance Highlights
Transamerica Life Insurance vs. The Competition
| Provider | Reviews.com Score | In business since | AM Best | J.D. Power* |
| Transamerica | 4.4 | 1904 | A | 734 |
| State Farm | 4.6 | 1922 | A | 838 |
| Northwestern Mutual | 4.4 | 1859 | A++ | 790 |
| Nationwide | 5 | 1925 | A+ | 803 |
Information accurate as of March 2021
*J.D. Power’s 2020 U.S. Life Insurance Satisfaction Study. Based on a 1,000-point scale.
Transamerica vs. State Farm
Transamerica and State Farm both offer term, whole, and universal life insurance policies. State Farm, however, fares far better than Transamerica on the J.D. Power customer satisfaction rating, earning 838 out of 1,000 compared to Transamerica’s 734.
On the upside, Transamerica offers policies in all 50 states, even where there are no active agents (customers can purchase by calling the nearest office instead of visiting). On the other hand, State Farm is no longer signing new insurance policies in Massachusetts or Rhode Island.
Transamerica vs. Northwestern Mutual
Northwestern Mutual is a mutual company, which means it is not owned by shareholders. This may allow policyholders to benefit from annual dividends when the company is financially successful. Transamerica invests in the stock market, so any policy value accrues through Wall Street investments.
In terms of policies, both companies have term, whole, and universal life insurance offerings, but Northwestern Mutual scored much higher in J.D. Power’s customer satisfaction study, ranking fourth behind State Farm, Globe Life, and Nationwide.
Transamerica vs. Nationwide
Nationwide also has a variable insurance policy, which puts your money in sub-accounts that are similar to a mutual fund.
Nationwide offers more policy bundles, so if you want to pair your auto insurance with your life insurance policy, you can do so and receive a potential discount. Both Transamerica and Nationwide have term, whole, and universal life insurance options. Again, Transamerica ranks far behind Nationwide in customer satisfaction, in which Nationwide ranks third behind Globe Life and State Farm.
Transamerica Life Insurance FAQ
Methodology
We evaluated Transamerica Life Insurance based on riders, coverage, resources, financial strength and customer satisfaction to determine Reviews.com scores and create our best life insurance reviews. To compare life insurance companies with other providers across the board, we calculate each Reviews.com score based on the following:
- Number of Riders: The more riders a life insurance company has, the higher it scores in our Reviews.com methodology.
- Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each life insurance company’s financial stability.
- Customer Satisfaction: With J.D. Power’s 2020 Life Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
- Coverage: Life insurance companies scored higher if customers can convert term to whole and if they offered multiple options under different types of life insurance policies.
- Resources: Reviews.com compared website functionality for life insurance companies based on ability to receive online quotes, submit online claims, and read information on different policies available.
