Transamerica earned a MoneyGeek score of 4.4 out of 5. Average rates for $500,000 coverage are $37 per month for women and $46 per month for men for 40-year-old nonsmokers with average health.
Read our full Transamerica life insurance review below.
Updated: June 1, 2026
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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.
Offers standard term life coverage with level premiums. You can buy coverage from $100,000 to $10 million if you complete a medical exam. Trendsetter LB includes conversion options that let you switch to permanent coverage later without new underwriting.
Same term lengths as Trendsetter LB but with simplified underwriting for healthy applicants. You can get up to $2 million in coverage without a medical exam. The accelerated application process works well when you need coverage quickly.
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 coverage for your family's needs.
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, making it accessible for seniors with pre-existing conditions. Death benefits range from $5,000 to $50,000, depending 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 |
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.
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.
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.
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.
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 a good fit for buyers who prioritize affordability and coverage flexibility. Its term life rates are 21% below the national average for 40-year-olds, and it's one of the few carriers offering up to $2 million in no-exam coverage. Its J.D. Power score of 604 and NAIC complaint index of 3.86 are weak compared to top-rated competitors. If you value customer service, you should compare alternatives before deciding.
Transamerica sells term life insurance with 10- to 30-year terms, whole life insurance, indexed universal life insurance and final expense policies. Term life provides affordable financial protection for specific periods. Permanent policies last your entire life and build cash value.
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 without exams. No-exam policies carry higher premiums because the insurer prices in greater uncertainty without medical underwriting.
Most Transamerica term policies include conversion options that let you switch to whole or universal life insurance without new underwriting. Conversion must occur before the term ends or before you reach 70 years old.
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.
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.
About Patrick Bryant
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.
