Transamerica Life Insurance Review 2026: Pricing, Pros & Cons

Transamerica sells term, whole life, indexed universal life and final expense policies. Unlike health insurance, life insurance policies don't have deductibles. Beneficiaries receive the full death benefit amount.

Riders let you tailor your base policy with targeted benefits beyond standard coverage. Not every Transamerica rider is worth adding. Rider availability also varies by policy type and state.

Accelerated Death Benefit

The accelerated death benefit is the most valuable rider for most Transamerica buyers. A terminal illness diagnosis or nursing home admission triggers an early payout of part of the death benefit, which can cover hospice costs, medical debt or final expenses. Trendsetter LB includes accelerated death benefit coverage for chronic, critical and terminal illness at no additional premium. Trendsetter Super buyers can add it as a paid rider. Most buyers should have this coverage on their policy.

Disability Waiver of Premium

The disability waiver of premium waives premium payments and keeps the policy active for as long as the policyholder is disabled. This rider is available on the Trendsetter Super. Buyers with physically demanding jobs or a family history of disability should add it. Trendsetter LB buyers should confirm availability with their agent before assuming it is included.

Income Protection Option

The income protection option pays a monthly disability income if the policyholder becomes disabled. It covers a different need than the disability waiver of premium: the waiver covers premium payments to keep the policy active; the income protection option pays income. Buyers who want income replacement, not just policy continuity, need both riders.

Children's and Grandchildren's Rider

The children's and grandchildren's rider converts to a permanent individual policy when the child reaches adulthood, without new medical underwriting. The conversion locks in the child's insurability regardless of future health. It converts to a standalone permanent policy, not an extension of the parent's term. Parents who want to guarantee their children's future insurability should add this rider.

Guaranteed Insurability

The guaranteed insurability rider lets policyholders increase coverage at specified life events, such as marriage and the birth of a child, without new medical underwriting. This rider fits buyers whose income or financial obligations are likely to grow.

Accidental Death Benefit

The accidental death benefit rider pays a second death benefit if death results from a covered accident. It covers a narrow cause of death. Add this rider only if you work in a documented high-risk occupation. Most buyers don't need it.

Rider availability varies by state and policy type. Confirm which riders are available on your specific policy before purchase.

Transamerica's term life rates are below the national average across all coverage levels in our 2026 analysis. The savings are largest in the $500,000 to $750,000 coverage range for buyers between 35 and 55. Final expense rates rank 5th 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.

For a 40-year-old nonsmoker in average health on a 20-year term policy, Transamerica's savings vs. the national average aren’t uniform across coverage levels. At $100,000, women pay $13 per month, 15% below average. At $500,000, women pay $37 per month, and men pay $46 per month, 21% to 22% below average. The savings narrow at $1 million: women pay $70 per month, and men pay $88 per month, 19% below average. Buyers in the $500,000 to $750,000 range capture the largest relative savings. At $100,000, the 15% advantage is the smallest gap in our analysis; buyers at that coverage level should compare carriers with lower NAIC complaint indexes before choosing Transamerica.

Rates shown are averages based on a 40-year-old nonsmoker in average health with a 20-year term policy.

For a $500,000, 20-year term policy on a nonsmoker in average health, Transamerica's rate advantage peaks at age 40. Women pay $37 per month, and men pay $46 per month, 21% to 22% below the national average, tied with Banner Life as the cheapest carrier in our analysis. The advantage narrows at 30, to 18% for women and 12% for men, and falls to 3% at 20. At 70, Transamerica is above the national average. Women pay $893 per month, 6% above average; men pay $1,181 per month, 4% above average. Buyers between 35 and 55 capture the greatest savings. Under 25 or over 65, the advantage shrinks or reverses; compare other carriers before choosing Transamerica at those ages.

* Rates shown are for nonsmokers in average health with a 20-year, $500,000 policy.

Transamerica ranks 5th in affordability among the 20 final expense insurance companies in our 2026 analysis. Its rates are below the national average across all coverage levels. The largest savings fall in the $10,000 to $25,000 coverage range. A 65-year-old nonsmoking woman buying a $25,000 policy pays $97 per month, 20% below the national average. At $25,000, men age 65 pay $130 per month, 18% below average. The Transamerica Final Expense Immediate Solution pays the full death benefit from day one with no waiting period. This matters for applicants with health issues who may otherwise qualify only for a graded final expense plan.

Rates shown are averages based on a 65-year-old nonsmoker in average health.

Transamerica's pricing advantage narrows at higher coverage amounts. At $30,000, women's savings drop from 20% to 11% and men's from 18% to 8%.

Rates shown are for nonsmokers with a $20,000 final expense policy.

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 review also confirms that all premiums were paid and no exclusions apply.

Transamerica pays death benefits directly to named life insurance beneficiaries. Beneficiaries choose between a lump sum and a structured settlement. Lump sum pays immediately. Structured settlements pay out over months or years as guaranteed income; most beneficiaries choose the lump sum.

Transamerica's NAIC complaint index of 3.86 means it receives complaints at nearly four times the expected rate for a company its size. Buyers who expect to need active support during the claims process should weigh this against the rate savings.

Banner Life ties Transamerica at $37 per month for women and $46 for men at the 40-year-old, $500,000, 20-year benchmark profile. It holds a MoneyGeek score of 4.5 compared to Transamerica's 4.4 and offers terms up to 40 years, 10 years beyond Transamerica's maximum. Buyers who want equivalent rates and a stronger overall score should compare Banner Life first.

Mutual of Omaha charges $49 per month for women and $60 for men at the same profile, $12 to $14 more per month than Transamerica. Its J.D. Power score of 707 is 103 points above Transamerica's 604. Buyers who expect active claims support or frequent customer service contact should consider Mutual of Omaha; the $12 to $14 monthly difference buys a 103-point J.D. Power improvement.

Nationwide charges $45 per month for women and $56 for men at the same profile, $8 to $10 more per month than Transamerica, with a MoneyGeek score of 4.3 versus Transamerica's 4.4. The higher rate and lower score don't favor Nationwide in a direct comparison at this profile.

Rate-first buyers should start with Transamerica and Banner Life, which tie at $37 per month for women and $46 for men. Buyers who expect to need active customer support should compare Mutual of Omaha, which costs $12 to $14 more per month. Transamerica isn't available in New York; residents there should compare Guardian or New York Life, both of which carry AM Best A++ ratings.

Transamerica is the cheapest term life insurance company for 40-year-old buyers in MoneyGeek's 2026 analysis, tied with Banner Life, and ranks 5th in affordability among 20 final expense insurers. Buyers who expect frequent customer service contact should compare other carriers: its J.D. Power score of 604 places it 18th out of 22 carriers, and its NAIC complaint index of 3.86 is nearly four times the industry average of 1.0.

Choose Transamerica if you:

• Are 40 to 55, buying $500,000 or more in term coverage, and will manage the policy independently. A 40-year-old nonsmoking woman pays $37 per month, 21% below the national average. A man the same age pays $46 per month, 22% below average.
• Need $1 million to $2 million in coverage without a medical exam. Trendsetter Super allows up to $2 million without an exam. Most carriers cap no-exam coverage at $500,000 to $1 million.
• Are a foreign national. Transamerica accepts applicants from 40 or more qualifying countries. Most major U.S. carriers don't offer coverage to foreign nationals.
• Are shopping for final expense coverage in the $10,000 to $25,000 range. Transamerica ranks 5th in affordability among 20 final expense insurers and runs 18% to 20% below the national average in that range.

Compare other carriers if you:

• Are under 25 or over 65. At 20, the rate advantage is 3%. At 70, Transamerica charges $893 per month for women and $1,181 for men, both above the national average. Compare Banner Life, Mutual of Omaha or Nationwide at those ages.
• Live in New York. Transamerica doesn't sell life insurance in New York. Compare Guardian or New York Life, both with AM Best A++ ratings.
• Prioritize customer service over rate savings. Transamerica's J.D. Power score of 604 ranks 18th out of 22 carriers. Mutual of Omaha scores 707 at $49 per month for women and $60 for men, $12 to $14 more per month than Transamerica.
• May want to convert to permanent coverage after age 70. Transamerica requires conversion before the term ends or before age 70. Buyers who may need conversion after that cutoff should compare carriers that don't impose this restriction.