Transamerica Life Insurance, an enormous corporation originating from San Francisco, offers both financial and insurance services by way of its several subsidiary companies. It was developed by merging a life insurance company with one of the U.S.’s largest banks.
Transamerica is one of the largest insurance companies in the nation and ranked among the largest in the world by Aegon, an international investment management company. Transamerica’s logo is represented by the pyramid and can be visualized at their famed offices in San Francisco.
The holding company has built a substantial financial foundation, as well as a reputation as a solid and dependable company. Aegon Transamerica Foundation is well-known for its charitable contributions and PGA golf scholarships.
Transamerica offers life insurance products ranging from budget term life insurance to more specialized life insurance and investment needs.
Transamerica Life Insurance Overview
Transamerica’s intricate past dates back to 1904 with Amadeo Giannini founding the Bank of Italy in San Francisco. Then in 1928, the Bank of Italy merged with the Bank of America. Transamerica was originally founded by Giannini as a holding company and in 1930, obtained Occidental Life Insurance.
This catapulted the company into the life insurance industry rather than the banking industry. Transamerica split its life insurance and banking companies in 1956. The insurance side of the company kept the name Transamerica, while Bank of America continued on to its own success.
Transamerica continued to transform by acquiring an interest in various companies such as United Artists and Budget Rent-a-Car in the years that followed. Diversifying the company enabled them to branch out beyond insurance and finance.
The 1980s brought about more focus on insurance and investing. In 1999, Transamerica was purchased by the Dutch conglomerate, Aegon which launched them into the international spotlight. This multi-billion dollar acquisition made Transamerica part of a large family of investment and insurance products.
Currently, Transamerica’s products include life insurance, mutual funds, retirement planning, and additional options such as dental insurance and supplements for Medicare. These products are sold by licensed agents and financial professionals nationwide, while term life insurance is available directly over the phone or online.
Transamerica Life Insurance Products
Both term and permanent life insurance are offered by Transamerica Life Insurance, as well as policies specifically for accidental death and final expenses preparation. Besides life insurance, Transamerica also provides supplemental health, retirement planning, and other financial services as needed. While most policies can only be purchased through a Transamerica agent or financial planning representative, a few can be quoted online.
Term Life Insurance
Policies range in value from $25,000 to $2,000,000. Transamerica offers a variety of term life options ranging from 10 years up to 30 years, with 5-year increments in between.
- Trendsetter Super – traditional term life insurance designed to give policyholders the most for their dollar. These policies offer a consistent premium level throughout the length of the term with a guaranteed death benefit. There is an Accelerated Death Benefit built into the policy that pays out early after a qualifying diagnosis. At the end of the term, the policy can be converted into a permanent policy except for in AL, GA, MD, NY, OR, and WV. These converted policies will be issued without taking current health into consideration.
- Trendsetter LB – term life insurance that includes living benefits. This combines the features available with a standard life insurance policy with the ability to receive a supplemental income when necessary for unexpected financial needs.
Whole Life Insurance
Policies with death benefits range in value from $2,000 to $50,000, and up to $25,000 for group benefits. Transamerica’s whole life insurance policies offer basic permanent life insurance with the benefit of an accumulated cash account. If you are seeking affordable coverage for final expenses such as funeral costs, but don’t necessitate a large amount of protection, Transamerica’s whole life is the best choice. However, if you require a higher death benefit amount, then this whole life policy would not be the right choice for you.
Universal Life Insurance
Transamerica also suggests universal life, permanent life insurance that offers lifetime protection with a guaranteed death benefit. Furthermore, universal life insurance provides a cash accumulation and a variety of investment options that will increase the cash value of the policy. This available cash value can either be added to the death benefit upon distribution, or it is available to borrow against as needed within the terms of the policy.
Transamerica Final Expense Life Insurance
Final Expense Insurance is a simply designed insurance product that mainly pays for funeral expenses. Transamerica offers the possibility of immediate issuance without a medical exam and several payment options. Premiums and death benefits generally remain level.
When it comes to life insurance, Transamerica is a large company with a significant product inventory and an extensive history. If you are seeking coverage on a budget from a financially solid company, Transamerica’s prices for term policies are below the average cost.
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