Transamerica has some of the lowest term life rates in MoneyGeek's 2026 analysis. A 40-year-old woman buying $500,000 in 20-year coverage pays $37 per month, 21% below the national average. A man the same age pays $46 per month for the same policy. The company sells term, whole life, indexed universal life and final expense policies, with terms from 10 to 30 years and coverage up to $10 million or more. Its A.M. Best A (Excellent) rating confirms financial stability. Customer service is where it falls short: its NAIC complaint index of 3.86 is nearly four times the industry average of 1.0, and it placed 18th out of 22 carriers in J.D. Power's 2025 U.S. Individual Life Insurance Study.
Read our comprehensive Transamerica life insurance review to decide if it's the right insurer for your coverage needs.
Updated: August 26, 2026
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The National Association of Insurance Commissioners (NAIC) tracks consumer complaints filed with state insurance regulators and calculates an expected complaint level based on each company's size. An index of 1.0 means complaint volume matches what regulators expect. Transamerica's 3.86 means it received nearly four times that expected volume.
Transamerica sells term, whole, indexed universal and final expense policies. Each product serves different financial planning needs. Term life provides affordable coverage for a set period, while permanent policies build cash value and last your entire life.
Unlike health insurance, life insurance policies don't have deductibles. Beneficiaries receive the full death benefit amount.
Term life insurance covers you for a specific period. Premiums stay level throughout your term, and the policy expires at the end unless you renew or convert it. Transamerica's two term products, Trendsetter LB and Trendsetter Super, both offer 10- to 30-year terms, and Trendsetter Super allows up to $2 million without a medical exam.
The "LB" stands for Living Benefits. This policy includes an accelerated death benefit for chronic, critical and terminal illness as a built-in feature. You don't need to add a separate rider. Coverage is available up to $2 million, with term lengths of 10, 15, 20, 25 or 30 years. Trendsetter LB also includes conversion options that let you switch to permanent coverage without new underwriting.
Get up to $10 million in coverage with a medical exam or $2 million without a medical exam. Available riders include a disability waiver of premium, income protection option, children’s benefit rider, and accidental death benefits.
Whole life insurance lasts your entire life and builds cash value you can borrow against. Premiums stay level, and the death benefit stays guaranteed as long as you pay premiums. The Transamerica Lifetime policy guarantees level premiums for life, though it doesn't disclose cash value growth rates publicly.
This whole life policy guarantees level premiums and a death benefit that won't decrease. The policy builds cash value you can access through loans or withdrawals. You can also add riders to customize your policy for your family's needs. Coverage is available up to $2 million.
Indexed universal life insurance ties cash value growth to a stock market index like the S&P 500. You get upside potential when the index performs well, with downside protection through a guaranteed minimum return. Transamerica's Financial Foundation IUL II and Financial Choice IUL II policies both include a guaranteed minimum interest rate, so cash value won't drop below zero in a down market.
FFIUL II links your cash value to index performance with flexible premium payments. You can adjust death benefits and premium amounts as your finances change. The policy includes a guaranteed minimum interest rate even when the index performance drops.
Lets you spread cash value across different indexes to diversify growth potential. The policy provides more customization than FFIUL II for buyers who want hands-on management of their insurance investment.
Final expense insurance covers end-of-life costs like funeral services, medical bills and estate settlement. These policies have smaller death benefits and simplified underwriting designed for older adults. Premiums cost more per thousand dollars of coverage than term life, but approval is easier if you have health issues.
Coverage with a streamlined application. The policy doesn't require a medical exam, so it's an accessible option for seniors with pre-existing conditions. Death benefits range from $5,000 to $50,000, based on your age and health history.
Easy acceptance for applicants aged 50 to 80. You answer health questions but don't need an exam or lab work. The policy pays the full death benefit immediately to approved applicants, unlike graded final expense plans, which apply waiting periods.
Riders let you tailor your base policy with targeted benefits beyond standard coverage. The options available to you depend on the policy type you choose.
The accelerated death benefit rider is the most useful addition for most buyers. Terminal illness diagnoses are unpredictable, and accessing part of the death benefit early can cover hospice, medical debt or final expenses without depleting savings. The children's and grandchildren's rider is another notable rider, because it converts to permanent coverage without new underwriting, locking in insurability regardless of future health changes. The accidental death benefit rider adds a second death benefit layer but covers a narrow cause of death. Most buyers don't need it unless they work in a high-risk occupation.
Rider | Description |
|---|---|
Accelerated Death Benefit (with Nursing Home Benefit) | Pays a portion of the death benefit early if you're diagnosed with a terminal illness or require nursing home care |
Accidental Death Benefit | Pays an additional death benefit if death results from a covered accident |
Additional Insured | Adds coverage for a spouse or other family member under the same policy |
Base Insurance | Guarantees a minimum death benefit regardless of cash value performance |
Children's and Grandchildren's | Covers children or grandchildren with permanent insurance that can convert to their own individual policy |
Disability Waiver of Premium | Waives premium payments but keeps your policy active for as long as you're disabled. |
Income Protection Option | Provides monthly disability income if you become disabled. |
Chronic Illness Accelerated Death Benefit | Pays a portion of the death benefit early if you're diagnosed with a qualifying chronic illness. |
Critical Illness Accelerated Death Benefit | Pays a portion of the death benefit early if you're diagnosed with a qualifying critical illness. |
Guaranteed Insurability | Allows you to increase coverage at specified life events without additional medical underwriting. |
Rider availability varies by state and policy type. Not all riders are available on every product.
Transamerica's term life and final expense insurance rates are below the national average. Its term life pricing is especially competitive for middle-aged buyers. For final expense insurance, Transamerica ranks fifth in affordability among the 20 insurers we reviewed.
Transamerica term life insurance rates are below the national average at every coverage level in our analysis, with savings increasing as coverage amounts rise. A 40-year-old nonsmoking woman purchasing a 20-year, $500,000 policy pays $37 per month, while a man pays $46 per month. Both rates are 21% lower than the national average for their respective genders. In our review, Transamerica is tied with Banner Life as the cheapest term life insurance company for 40-year-olds, though its rates are less competitive for younger adults and seniors.
$100,000 | $13 | -$2 (-15%) | $16 | -$2 (-13%) |
$250,000 | $24 | -$4 (-15%) | $29 | -$5 (-15%) |
$500,000 | $37 | -$10 (-21%) | $46 | -$13 (-22%) |
$750,000 | $54 | -$14 (-20%) | $67 | -$18 (-21%) |
$1,000,000 | $70 | -$17 (-19%) | $88 | -$21 (-19%) |
* Rates shown are averages based on a 40-year-old nonsmoker in average health with a 20-year term policy.
20 | $29 | -$1 (-3%) | $35 | -$1 (-3%) |
30 | $25 | -$6 (-18%) | $33 | -$4 (-12%) |
40 | $37 | -$10 (-21%) | $46 | -$13 (-22%) |
50 | $83 | -$20 (-19%) | $116 | -$21 (-15%) |
60 | $255 | -$31 (-11%) | $310 | -$85 (-22%) |
70 | $893 | +$49 (+6%) | $1,181 | +$49 (+4%) |
* Rates shown are for nonsmokers in average health with a 20-year, $500,000 policy.
Overall, Transamerica ranks 5th for affordability in our analysis of 20 top final expense insurance companies. Its rates are below the national average at every coverage level in our analysis, with its strongest value concentrated between $10,000 and $25,000 in coverage. A woman purchasing a $25,000 policy pays $97 per month on average, 20% below the national average, while a man pays $130 per month for an 18% discount.
Transamerica's pricing advantage narrows at higher coverage amounts, largely because fewer insurers offer policies at those coverage levels, reducing competitive pricing pressure. At $30,000 in coverage, the discount for women drops from 20% to 11%, while the discount for men falls from 18% to 8%.
$5,000 | $22 | -$5 (-17%) | $29 | -$5 (-15%) |
$10,000 | $41 | -$10 (-19%) | $54 | -$12 (-18%) |
$15,000 | $59 | -$15 (-20%) | $79 | -$17 (-18%) |
$20,000 | $78 | -$19 (-20%) | $104 | -$22 (-17%) |
$25,000 | $97 | -$24 (-20%) | $130 | -$28 (-18%) |
$30,000 | $115 | -$14 (-11%) | $155 | -$13 (-8%) |
$40,000 | $134 | -$15 (-10%) | $180 | -$14 (-7%) |
$50,000 | $152 | -$18 (-10%) | $205 | -$16 (-7%) |
* Rates shown are averages based on a 65-year-old nonsmoker in average health.
40 | 40 | $0 (0%) | 47 | +$1 (+3%) |
50 | 45 | -$11 (-20%) | 57 | -$15 (-20%) |
60 | 62 | -$18 (-22%) | 83 | -$18 (-18%) |
70 | 102 | -$22 (-18%) | 136 | -$26 (-16%) |
80 | 199 | -$47 (-19%) | 269 | -$52 (-16%) |
* Rates shown are for nonsmokers with a $20,000 final expense policy.
Start your Transamerica application online or contact a licensed agent. Online applications walk you through coverage selection, beneficiary designation and health questions. The process takes 15 to 30 minutes for most applicants.
Answer every question accurately, as misstatements can void your coverage after a claim. Transamerica uses your answers to set eligibility and pricing.
A technician collects blood and urine samples, takes blood pressure and records basic measurements. The exam runs about 30 minutes and is free.
Straightforward cases get approved within days. Complex health histories can take several weeks, and Transamerica may pull additional records from your doctor.
Read through the coverage details, beneficiaries and riders before signing off. You have a free look period. If you cancel within that window, you get a full refund.
Transamerica accepts monthly, quarterly, semiannual and annual payments. Many Transamerica policies also include a small discount for autopay from a bank account. Confirm the discount amount when you apply.
Transamerica's online account lets policyholders view policy and billing information, and access policy documents and claim forms. Online quotes are available for Trendsetter Super and Trendsetter LB term policies. Other products may require help from a licensed agent. Transamerica doesn't advertise a dedicated life insurance app or live-chat service. Policyholders can complete some administrative changes, such as beneficiary updates, through the online account, while other requests may require submitting service forms.
Beneficiaries file claims by calling 800-523-7900 or submitting the online claims form. You'll need a certified copy of the death certificate and the policy number. Transamerica reviews the claim and verifies the policy was in force at the time of death. The company checks that all premiums were paid and no exclusions apply.
Transamerica pays death benefits directly to named life insurance beneficiaries. You can choose a lump sum payment or a structured settlement that spreads payments over time. Lump sums give immediate access to funds, while structured settlements provide guaranteed income streams. Structured settlements pay out over months or years and are less common for life insurance beneficiaries. Most choose the lump sum.
You can reach Transamerica's customer service team at 800-797-2643 on weekdays from 9 a.m. to 6 p.m. ET. Note that online quotes are available only for Trendsetter Super. All other policies require working with a licensed Transamerica agent or a World Financial Group agent.
Transamerica ranks among the cheapest term life insurance companies in MoneyGeek's 2026 analysis but sits near the bottom for customer experience. Its J.D. Power score of 604 compares to 707 for Mutual of Omaha and 697 for State Farm. Its NAIC complaint index of 3.86 is nearly four times the industry average of 1.0.
Transamerica is the right choice if price is your top priority and you're comfortable managing your policy without heavy digital or service support. If you have a complex health history, Transamerica's flexible underwriting and no-exam option up to $2 million are real advantages. But if you expect to file a claim, need strong digital tools or value responsive customer service, compare Transamerica against Mutual of Omaha or Nationwide before deciding. Both score much higher on our customer service metrics at a modest rate premium.
$37 (Female), $46 (Male) | 10-40 years | 20-75 | 4.5 | |
Transamerica | $37 (Female), $46 (Male) | 10-30 years | 18-80 | 4.4 |
$45 (Female), $56 (Male) | 10-30 years | 21-55 | 4.3 | |
$38 (Female), $54 (Male) | 10-30 years | 18-80 | 4.2 | |
$44 (Female), $58 (Male) | 10-30 years | 18-70 | 4.2 | |
$42 (Female), $54 (Male) | 10-40 years | 18-75 | 4.1 | |
$49 (Female), $60 (Male) | 10-30 years | 18-80 | 4 |
Transamerica works well for buyers who want flexibility in term length and coverage amount. We ranked Transamerica among the best final expense life insurance companies in our 2026 analysis, based on pricing, coverage options and underwriting flexibility.
Coverage amounts of $10 million or more help high-earning households replace income, cover estate obligations and fund long-term financial needs. The company also made our list of the cheapest life insurance companies.
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Transamerica is the better choice for buyers who prioritize rates over service quality. Its term life rates are 21% below the national average for 40-year-olds, and it has no-exam coverage up to $2 million, which most carriers don't match. Its J.D. Power score of 604 (18th out of 22) and NAIC complaint index of 3.86 rank near the bottom among major carriers. Buyers who prioritize responsive service should compare carriers with better J.D. Power ratings and lower NAIC complaint index scores.
Yes. Transamerica's Trendsetter Super offers up to $2 million in term life coverage without a medical exam. Final expense policies also use simplified underwriting that doesn't require an exam. No-exam policies carry higher premiums. Without medical data, the insurer prices for a wider range of possible health outcomes.
Most Transamerica term policies include conversion options that let you switch to whole or universal life insurance without new underwriting. You must convert before the term ends or before you reach age 70.
Transamerica sells life insurance in 49 states. It's not available in New York. If you live in New York, compare alternatives like Guardian or New York Life, both of which are licensed in the state and carry AM Best A++ ratings.
Transamerica sells life insurance to foreign nationals from more than 40 qualifying countries, such as those who work in the U.S., visit frequently or own U.S. property. Eligibility, available policy types and state rules vary. Confirm your options with a licensed Transamerica or World Financial Group agent.
For term life policies, cancellation returns nothing. Term policies don't build cash value, so there's no balance to recover beyond any unused portion of the current billing period.
For permanent policies (whole life and indexed universal life), Transamerica holds the cash value the policy has built up. Cancellation returns the surrender value: the cash value minus any outstanding loans, prior withdrawals and surrender charges. Surrender charges apply during the early years of the policy. After the surrender charge period ends, most of the accumulated cash value is accessible without penalty.
MoneyGeek rated Transamerica using a standard customer profile of a 40-year-old nonsmokers in average health seeking $500,000 in 20-year term coverage. We collected rate data across multiple coverage levels and age brackets from Transamerica's underwriting engine. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience draws on J.D. Power's 2025 Individual Life Insurance Study, AM Best financial strength ratings and the NAIC complaint index, which measures complaints relative to company size.
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.
