Transamerica Premier Life Insurance Review for 2024

The Brief

• Transamerica offers eight different life insurance policies including term life insurance, whole life insurance, universal life insurance, and final expense insurance
• Transamerica’s life insurance rates are typically considered fair to average compared to their competitors
• Transamerica has a 1.26 complaint index, meaning it gets more complaints than other companies of the same size

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Transamerica Premier Life Insurance Company offers a variety of life insurance policies that can be customized to fit just about anyone’s financial needs and abilities.

Our Transamerica Premier life insurance review below will discuss topics that crop up in many frequently asked questions, such as Transamerica’s coverage options, rates, industry ratings, and more. Keep reading to find out if they might be a good fit for you.

Enter your ZIP code into our free quote comparison tool above to find affordable life insurance companies in your area.

Who is Transamerica Premier Life Insurance Company?

Transamerica was founded in 1904 as a bank that has since grown to an expanded financial services company. The company became a part of Aegon N.V. in 1999. As of 2019, Transamerica and Aegon serve over 13 million customers in the United States alone.

Transamerica focuses on offering products that help during retirement, including individual retirement accounts (IRAs), mutual funds, employee benefits, and life insurance.

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What life insurance products do they offer?

Transamerica offers eight different life insurance plans. We’ll explore each one in detail below.

Term Life Insurance

Term life insurance is a policy that is in effect for a set amount of time, usually between 10 and 30 years. You pay your policy during that time, and your beneficiary receives a death benefit if you die within that term.

Transamerica’s Trendsetter Super policy gives up to $10 million in coverage. It is a convertible policy, meaning you can choose to make it a permanent policy at the end of your term without having to complete another medical exam.

Transamerica’s Trendsetter LB gives up to $2 million in coverage with living benefits for individuals with a qualifying chronic, terminal, or critical illness.

Whole Life Insurance

Whole life insurance is a permanent policy that can accumulate cash value for you to borrow against. Transamerica offers between $25,000 and $2 million in coverage.

Universal Life Insurance

Universal life is another permanent policy that accumulates cash value. However, these policies can often offer more flexibility and personalization options.

With variable universal life insurance, Transamerica has you choose sub-accounts to invest in that act as a mutual fund. However, this may be a little risky, because the cash value of your policy could decrease with the value of the investment.

With indexed universal life insurance, Transamerica lets you choose between a fixed account and an indexed account.

The fixed accounts follow the company’s performance with a guaranteed interest rate of 2 percent, while the indexed account tracks the performance of an index with a guaranteed interest rate of 0.75 percent.

Final Expense Insurance

Transamerica offers Immediate Solution, 10 Pay Solution, and Easy Pay Solution to help cover burial and funeral expenses.

The Immediate Solution policy is standard, while the 10 Pay Solution differs slightly in that you only pay premiums for 10 years. This can be beneficial for those who want to lessen their financial burdens when they are older.

The Easy Pay Solution offers smaller coverage amounts but is cheaper than Transamerica’s other final expense policies due to a restriction that doesn’t allow you to receive a benefit within the first two years of the policy.

How much is Transamerica Premier life insurance?

Transamerica Premier life insurance rates will vary depending on your age, health, coverage options, location, and more. Below, we’ve provided some quotes for Transamerica’s Trendsetter Super term life insurance:

Transamerica Trendsetter Super Term Life Insurance Rates

We can also take a look at the average annual rates for life insurance by coverage level for 30-year-olds to compare and give you an idea of what you might pay for Transamerica’s other life insurance policies:

Average Annual Rates for Whole Life Insurance Policies by Coverage Level: Male vs. Female

Transamerica’s rates are typically considered fair to average compared to its competitors.

How are the company ratings?

Transamerica has received an A+ rating from the BBB. A.M. Best has given the company a financial rating of A, which means it has an excellent ability to meet its financial obligations.

The company’s NAIC complaint index is 1.26. The national average is 1.00, so this means that Transamerica gets more customer complaints than companies of a similar size.

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How can I get a quote or file a claim?

Transamerica Premier life insurance quotes are not available on their website. You need to contact an agent or their customer service phone number at (855) 288-4181 to receive a quote.

Unfortunately, Transamerica doesn’t make the claims process very easy to understand on their website. Your best bet to getting started with a claim is to use your Transamerica login to access your account, contact your insurance agent, or call (800) 797-2643.

How can I contact Transamerica Premiere?

Transamerica’s website is www.transamerica.com. You can contact them using the form under their Support section. They may let you email them or direct you to a phone number to call.

General questions about life insurance can be answered by calling the Transamerica customer service phone number at (800) 797-2643.

Transamerica’s headquarters address is 4333 Edgewood Road NE, Cedar Rapids, IA 52499.

Should I buy Transamerica Premier life insurance?

Transamerica does offer some flexible life insurance options at fair prices, which may make it a good choice. Transamerica also offers a wide range of coverage limits and riders, which makes it easy to customize your policy.

However, potential customers should keep in mind the company’s higher-than-average customer complaint index. If you require more guidance from a financial specialist, you may also want to consider going elsewhere.

For help finding affordable life insurance in your area, enter your ZIP code into our free quote comparison tool below.

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