Is TransAmerica any good for life insurance? After underwriting, they offered me a no health exam $500k 20-year policy for $19.88/month at current age 34. JD Power says they have more complaints than typical life insurance companies. Wondering if the good price is worth it?
2 Likes
A no-exam life insurance policy from Transamerica can be a practical option for prompt, hassle-free coverage.
1 Like
TransAmerica offers a variety of life insurance products, including term life, whole life, and indexed universal life policies hence making it the best option for most citizens.
It has the following advantages making it the best choice:
- Affordable rates: The rate you mentioned, $19.88/month for a $500k 20-year policy, is quite competitive.
- No Health exam: This can be a significant advantage if you prefer a quicker and less invasive application process.
- Policy options: TransAmerica offers a range of policies, including those with living benefits that allow you to access part of the death benefit if you develop a chronic, critical, or terminal illness
Pros of TransAmerica’s Offer:
No Medical Exam: This offers convenience and saves time compared to traditional policies that require a medical exam.
Competitive Price: At $19.88 per month for a $500,000 20-year term life policy at age 34, the rate is highly competitive, especially considering it doesn’t require a medical exam.
Cons of TransAmerica’s Offer:
J.D. Power Rating: A lower customer satisfaction rating from J.D. Power raises concerns about service quality.
Limited Policy Options: No medical exam policies may have restrictions on coverage amount or policy types compared to fully underwritten policies.
Future Rate Increases: Term life insurance premiums typically increase with age. While the initial rate may be lower without a medical exam, future increases could be significant.
What You Can Do:
Compare Quotes: Obtain quotes from other life insurance companies, including those that require a medical exam. Compare rates, coverage options, and customer satisfaction ratings.
Consider Your Needs: Evaluate your life insurance needs. Is $500,000 sufficient coverage for 20 years? Assess whether you require policy riders (additional benefits) that may not be available with a no-exam policy.
Review Policy Details: Read through the fine print of any life insurance plan carefully to understand details, exclusions, and provisions before making a decision.
TransAmerica isn’t great. My company used to sell their policies but we ended that partnership. We recommend clients look elsewhere for better insurance options, even if they can add more coverage.
Hello, in my opinion, this is not a fantastic firm. Most people who sell Trans are also members of MLM organizations, which focus on recruiting you to be an insurance salesman or tapping into your warm market.