Transamerica Life Insurance - Grounded in Tradition
Founded in 1906, Transamerica was the vision of A.P. Giannini, a young Italian businessman who owned the Bank of Italy, which would later become Bank of America. His idea had the goal of providing his customers with a wide range of financial products and services. Giannini acquired the Occidental Life Insurance Company in 1930, allowing Transamerica Life Insurance to become the first major carrier for the west coast.
Today, Transamerica serves over forty million customers around the world. This incredibly large customer base comes from the company's 1999 acquisition by AEGON. It is also the third-largest life insurance provider in the United States.
Plans Offered By Transamerica
In addition to its selection of financial products, Transamerica offers the following policy products:
- Universal Life
- Term Life
- Survivorship Life
- Whole Life
Universal Life is a permanent policy which offers flexibility in addition to affordable pricing. Customers also have the option to grow and accumulate cash value. Because Universal has these advantages, it can be used for estate and retirement planning purposes, with a variety of options for the customer.
Term Life allows for the budgeting of your premium payments by providing a scheduled premium. This policy provides the peace of mind that all of your assets will be protected. The guaranteed level premiums offered by Term are competitively priced.
Survivorship Life insures two people in a joint policy. The death benefit is paid out following the death of the second individual. Benefits can be put toward business investments, charity support or something more for your loved ones. This type of policy is also more affordable than having two individual policies.
Whole Life will cover an individual until they pass on, provided that the premium payments have been made as specified. Beneficiaries receive payout upon your death. The accumulated cash value offered by this policy can be put toward an emergency fund or major expenses. In addition, customers aren't obligated to repay the loan.
Benefits Of Choosing Transamerica
Transamerica is an organization with very strong financial ratings. Four major rating agencies, including A.M. Best and Standard & Poor have rated this company no lower than A1 (good). The combined capital and surplus funds of both Transamerica Financial Life Insurance Company and Transamerica Life Insurance amount to $6.9 billion.
In the community, Transamerica rewards excellent performance with the Johnny Unitas Golden Arm Award, which is presented yearly to a senior football quarterback who's received a top rating by the NCAA. The award recognizes persistence and determination.
The customer service experiences by policy holders are second-to-none, according to independent reviews. Assessments of customer service representatives included expertise, attitude and accommodation of customer needs. The Transamerica web site offers would-be customers a host of information, including primers about various policy types available. There is also a simple quote request and agent locator at the site. Current Transamerica customers can maintain their accounts and coverage online.
Are You A First-Time Purchaser?
Finding the right life insurance provider can seem next-to-impossible, and especially when it's your first time. Understanding why you need coverage is probably the single most important step you can make.
It's not enough to purchase life insurance because someone told you it was a good thing to do. Having a policy will ensure the financial security of your family in the event that you pass on. This includes the payment of your mortgage, retirement funding, and even support your child's education. So if you are the primary wage earner for your household, this safety net is something you should strongly consider purchasing as soon as possible, especially if you are currently at a young age.
Using an online calculator can help you determine the amount of coverage that you need. Or, you can use the simple formula of multiplying your annual salary by 8. A more complicated method is to add up what your family expenses will be after you pass on and dividing by .07. Add the amount to money for one-time expenses to get an estimate on the amount of coverage you will need.
Finding information available from top life insurance companies just got easier with our easy to follow resource guide. We understand that your time with your family is valuable to you, so we've made it easier to understand and review your options online.