For people seeking a good life insurance policy, plans offered by Transamerica can be a smart choice. Firstly, the wide range of policies makes sure that that every person finds a suitable plan. Secondly, the company has a strong reputation of reliability, hassle-free payouts and low claim denial statistics. Comprehensiveness of policies and formidable financial strength of Transamerica Life Insurance are two major aspects that work tremendously in favor of the company.
A bit about Transamerica
Transamerica is more than just a provider of life insurance. This corporation is a holding company which has several other life insurance companies under it. Many investment firms in America are also involved in this network. The company is based in the United States and its operations are spread across the world. The origins of the company date back to 1906. In 1999, it was taken over by AEGON N. V, a Dutch company.
The financial strength of the company was manifested during the recent recession. While several other financial organizations were dropping like a house of cards, Transamerica showed a strong balance sheet. With a strong backup of liquidities and good cash flow, the company reestablished its strength during the tough times. The company focuses on two main avenues:
- Offer affordable long term insurance policies to customers
- Reinvest premiums in developing assets that can bring in good returns
While several companies follow this ideology, Transamerica has proved beyond doubt that it is a master of strategizing and implementation. As a result of these efforts, Transamerica ratings from some of the most acknowledged firms have always been encouraging. The company has received:
- A1 rating from Moody’s
- AA- from Fitch
- AA- from Standard & Poor
With these ratings, the company becomes one of the most highly rated insurers in world. Transamerica boasts of 13 million customers and the numbers are increasing with every passing year.
What does Transamerica life insurance offer?
The company offers both term life as well as permanent life policies.
The term policy is called TransTerm and is available for people up to the age of 85. It must be noted here that very few insurers cover people up to this age limit. Three options, Term 10, Term 20 and Term 30, are available. At the end of the term, the plan can be extended without the need to reapply. Term 30 policy can be extended until the age of 100. Premiums do increase after extension for all variations but the increase is low when compared to several other companies.
Permanent insurance is termed as Universal Life Insurance. Flexible rating and customized plans are its the major highlights. A variation of this plan is Variable Universal Life Insurance. If you want to enjoy higher investment power, this choice is the best because it offers increased cash-value accumulation. Whole Life is another kind of permanent plan that is designed so that your insurance is worth the cumulative sum that you pay for it. It comes with tax-deferred benefits.
With flexible options, great service and an unshakable reputation, Transamerica life insurance is a pleasure during your lifetime and beyond it.