Transamerica No Exam Life Insurance Review

Written by The Life Insurance Blog

Life insurance can be a key component to most any complete financial plan. To qualify for this type of coverage, it may be necessary to undergo a medical examination, which typically requires meeting with a paramedical professional, and submitting a blood and urine sample.

However, in some cases, a medical exam is not necessary for approval – which in turn can help to speed up the process of approval, ultimately resulting in coverage being issued much more quickly.

Before you purchase a no medical exam life insurance policy, it is important to make sure that you are moving forward with the proper type and amount of protection. It can also be beneficial if you review the insurance carrier you’re considering buying the policy through in order to make sure that it is strong and stable from a financial standpoint, and that it has a good, positive reputation for paying out its claims. One company that fits these criteria is Transamerica.

About Transamerica

transamericaTransamerica has been in the business of offering financial protection since the year 1904. The company was founded by a young entrepreneur by the name of Amadeo Giannini, who founded the Bank of Italy in a converted San Francisco saloon. The goal of Giannini’s company was to make financial services available to everyone, and not for just a wealthy few.

Throughout the years, the company grew and expanded – even in tough times, such as the 1906 San Francisco earthquake. The company also expanded its product line so as to help with covering the many financial needs that its customers have.

Today, Transamerica has several subsidiaries, including:

  • Transamerica Life Insurance Company
  • Transamerica Financial Life Insurance Company
  • Transamerica Advisors Life Insurance Company
  • Transamerica Premier Life Insurance Company
  • Transamerica Casualty Insurance Company

Transamerica is also well known for its sponsorships, as well as its community involvement. Just some of the entities that the company offers sponsorship funds to include the American Heart Association, Habitat for Humanity, the Alzheimer’s Association, the PGA and LPGA (as well as the America Junior Golf Association), and the Colorado Rapids Major League Soccer team.

In addition, the Aegon Transamerica Foundation is committed to improving the wellness of Transamerica’s customers. Grant money from this foundation go to non-profit organizations in the following categories:

  • Arts and Culture
  • Civic and Community
  • Education and Financial Literacy
  • Health and Wellness
  • Human Services
  • United Way

The Transamerica Pyramid has for many years been a symbol of the company’s strength. And, even though the pyramid building was constructed more than four decades ago, it still stands as an example of environmental leadership and engineering. For example, the pyramid is one of the “greenest” buildings in the United States, and it was awarded LEED Platinum status in 2012, which is the highest level possible. One of the reasons for this is because an on-side co-generation plant is responsible for producing roughly 70 percent of the building’s electricity. The building also generates 100 percent of its heating and domestic hot water needs.

As of year-end 2017, Transamerica Life Insurance Company held assets under management of $131,790 million, and total capital and surplus of more than $6,000 million. The company held $1,055 billion of life insurance in force as of December 31, 2016.

Just as it did in the past, Transamerica has a mission of helping people to attain and protect their wealth. Transamerica Life Insurance Company is headquartered in Cedar Rapids, Iowa.

Transamerica Insurer Ratings and Better Business Bureau Grade

Due to the company’s financial strength and stability, Transamerica Life Insurance Company has earned high ratings from the insurer rating agencies. These include a(n):

  • A+ from A.M. Best Company
  • A+ from Fitch Ratings
  • A1 from Moody’s Investor Services
  • AA- from S&P Global

These ratings are all as of mid-2017.

In addition, Transamerica is not an accredited company through the Better Business Bureau (BBB). However, the BBB has given the company a grade of C – which is on an overall grading scale of A+ to F.

One key reason for this rating is that, over the past three years, Transamerica Life Insurance Company has closed out 401 customer complaints (of which 133 have been closed out within the past 12 months).

Of these 401 total complaints, 242 had to do with problems with the company’s products and/or services, another 82 were related to advertising and/or sales issues, 61 were in relation to billing and/or collection issues, 14 were related to delivery issues, and 2 were in relation to guarantee / warranty issues.

No Exam Life Insurance Offered Through Transamerica

Transamerica offers several different life insurance policy options. In many cases, approval will be dependent upon the applicant taking a medical exam. However, if an applicant for coverage is under a certain age – and they are applying for less than a certain dollar amount of coverage – then they may not be required to do so, and their approval will be based primarily on the health questions that they answer on the application.

Transamerica also offers a final expense life insurance policy option. Final expense is a type of life insurance that is geared primarily towards helping to pay for one’s funeral and other related costs, such as a headstone and burial plot, uninsured end-of-life medical expenses, and/or unpaid debts. Typically, these policies are purchased by those who are between the ages of 50 and 85. Depending on the age of an applicant when he or she applies for final expense life insurance coverage, there may not be a medical exam involved.

Another type of coverage offered through Transamerica that will not require a medical exam is Accidental Death Insurance. This type of coverage will pay out a benefit if the insured dies as the result of a covered accident. (It will also pay a benefit in case of a covered accident that leaves the insured without hearing, vision, or a limb).

Anyone is eligible to purchase an Accidental Death Benefit policy through Transamerica. There is no medical examination or evaluation required. Also, this coverage may be purchased on its own as a stand-alone policy, or in combination with another type of life insurance coverage.

Other Products and Services that are Available

Transamerica Life Insurance company offers an extensive list of products – including fully underwritten life insurance coverage. These plans include both term and permanent options, such as whole life, universal life, and variable universal life. In addition, the company also offers a wide range of other insurance and financial products and services to its customers. These are inclusive of the following:

  • Long-term care insurance
  • Medicare Solutions
  • Dental Insurance
  • Mutual Funds
  • Annuities (Including fixed, fixed index, and variable annuity products)
  • Retirement Solutions (including IRAs)

How to Get the Best Premium Rates on No Exam Life Insurance with Transamerica

If you have been looking for a way to obtain the very best premium rates on no exam life insurance through Transamerica Life Insurance Company – or for that matter, from any life insurer – then it is recommended that you work in conjunction with an independent life insurance agency or broker who can show you plans and quotes from many different insurance companies. Then, once you have reviewed your options, you can choose the policy – and the premium – that will work the best for you.

When you are ready to move forward with the purchase of a no medical exam life insurance policy, we can help. We are an independent life insurance brokerage, and we work with many of the top no exam life insurance providers in the marketplace today. We can provide you with all of the key details that you require – and we can do this for you very quickly, easily, and conveniently, all from your computer, and without the need for you to meet in person with an insurance agent. In order to get this process started, all you need to do is just simply take a moment to fill out the quote form on this page.

Should you find that, after reviewing our website, you still have questions or concerns about the purchase of a no exam policy, please feel free to reach out to us directly. We have experts on staff who can walk you through any of the information you need. We can be reached directly via phone, toll-free, by dialing 800-277-3098.

We understand that the purchase of any life insurance coverage can seem a bit overwhelming. This can particularly be the case if you have ever applied in the past and been turned down. But the good news is that today, you have many options that may be available to you – and by working with an ally on your side, the process of finding them can be so much easier. So, contact us today – we’re here to help.

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