Michelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Written By Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Lead Editor, Insurance Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
Ashlee Valentine Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. Wh.
| Deputy Editor, Insurance
Updated: Jul 5, 2024, 4:54am
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We picked Transamerica because of its highly reliable policy illustrations. It earned top marks in this category and gives buyers confidence in expected gains.
We also like that Transamerica offers top-notch benefits in its Trendsetter LB term life policy, such as the ability to access your own death benefit money if you develop a chronic, critical or terminal illness that qualifies.
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Term life insurance quotes available online Policies offered Term, whole, indexed universal AM Best financial strength rating A (Excellent)Why you can trust Forbes Advisor
Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate insurance companies, so all companies are measured equally. You can read more about our editorial guidelines and the methodology for the ratings below.
Transamerica made Forbes Advisor’s best life insurance companies list and offers these types of life insurance products:
Term life insurance is a smart choice for people seeking steady rates for a specific time period. For example, if you want life insurance to cover the mortgage if you die and have 20 years left before it is paid off, a 20-year term policy would be an option. You can renew after the level term expires but prepare for a significant increase in premiums.
Term life insurance does not build cash value, and, as a result, it is often the cheapest life insurance to purchase.
Transamerica, included in Forbes Advisor’s best life insurance companies list, offers two term life insurance policies:
Transamerica’s Trendsetter Super Series policy offers a minimum of $25,000 in coverage for terms of 10, 15, 20, 25 or 30 years. You can get up to $2 million in coverage without a medical exam if you qualify.
The Trendsetter Super Series policy includes an automatic terminal illness accelerated death benefit endorsement. You can also further customize this policy with one of four available riders:
Transamerica’s Trendsetter LB policy was named “Best Overall” in our Forbes Advisor review of the best term life insurance. The policy offers $25,000 to $2 million in coverage with terms of 10, 15, 20, 25 or 30 years. Like the Super Series term policy, qualifying applicants may be able to forgo a medical exam if they are purchasing $2 million dollars or less in coverage.
The Trendsetter policy automatically includes three health-based riders that make a portion of the death benefit available if the insured becomes terminally, chronically or critically ill. Trendsetter LB customers have access to the same optional riders made available through the Super Series policy with the addition of a monthly disability income rider.
Those who want term coverage with the option to add ridersThose who want term coverage with living benefit riders built in for chronic, critical and terminal illness
Death benefit $25,000 to $2 million $25,000 to $2 million Term options 10, 15, 20, 25 or 30 years 10, 15, 20, 25 or 30 years How to apply Through an independent broker, or online depending on the product Through an independent broker, or online depending on the product Available for applicants 18 to 80 years old 18 to 80 years old Option to convert to a permanent policy Rider optionsAccidental Death, Children’s Term, Disability Waiver of Premium, Income Protection, Terminal Illness (included)
Accidental Death, Children’s Term, Disability Waiver of Premium, Income Protection See More See LessIf you’re looking for a life insurance policy with a guaranteed death benefit, guaranteed minimum rate of return on cash value and fixed premiums, whole life insurance works as an option for you.
With Transamerica’s Lifetime whole insurance policy, you can purchase between $25,000 and $2 million in coverage.
All policies come with a terminal illness accelerated death benefit rider that pays out a portion of your death benefit if you’re diagnosed with a terminal illness.
You can further customize your coverage by adding one or more of the nine riders currently available. These include a children’s benefit rider as well as an income protection option (IPO) that allows you to control how and when your beneficiaries receive their death benefit.
If you’re considering Transamerica whole life insurance, you can use the company’s iGO e-App to take advantage of its streamlined application process. The company also uses Express Protect Underwriting, making it possible for some applicants to get same-day approval.
Indexed universal life insurance (IUL) is a permanent life insurance policy with an investment-focused approach to cash value accumulation. There are several characteristics that differentiate indexed universal life insurance from other permanent policies:
Transamerica’s Financial Foundation IUL policies are available with coverage between $25,000 and $2 million. The maximum coverage amount of $2 million is only available to individuals between ages 18 and 45. Applicants ages 46 and 55 can apply for up to $1 million in coverage.
The cash value of an IUL policy grows tax deferred and transfers between accounts within a policy are tax free.
Cash value accumulation is based on the three primary indexes: S&P 500, EURO STOXX 50, and the Hang Seng Index. The portion of premiums invested in the index funds can be allocated to three separate account options:
Financial Foundation IUL policies include a terminal illness rider. You can choose to add other riders, including a base insured rider or the Concierge Planning Rider. The Concierge Planning Rider is exclusive to the Financial Foundation IUL. It provides help with funeral planning, access to tools that can help draft wills and document storage services.
Transamerica’s Financial Choice IUL is a new policy created for those with high income who seek flexibility and the potential for tax-free supplemental income. Cash value accumulation is based on the performance of a variety of domestic and global index options. The minimum coverage amount is $250,000, and your cash value can be invested in various index options:
Transamerica’s Trendsetter Super costs an average of $190 a year for a 20-year, $500,000 policy for a healthy 30-year-old female, based on Forbes Advisor’s analysis. That’s only slightly higher than most other top companies’ rates.
Here’s a comparison of Transamerical’s term life insurance rates and other top competitors.
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