Term Life Insurance Rates By Gender – As an independent life insurance agency, JRC Insurance Group works directly with dozens of reputable insurers. Having hands-on experience enables us to provide our readers with detailed and objective reviews that are based on our real-life experiences.
Working with so many different operators allows us to see where each of their strengths and weaknesses lie. We are particularly familiar with Transamerica and often recommend their insurance products for certain types of applicants.
Term Life Insurance Rates By Gender
In this Transamerica life insurance overview, we’ll walk you through Transamerica’s history, underwriting facilities, and current product offerings.
Why Women Talk Themselves Out Of The Life Insurance They Want/need?
If you know the San Francisco skyline, you know the iconic Transamerica Pyramid. Located at 600 Montgomery Street in SF’s Financial District, the uniquely shaped skyscraper was commissioned by Transamerica CEO John R. Beckett and completed in 1972. The building served as Transamerica’s headquarters until the company moved to Baltimore in 2011. Transpymericaid still uses as its logo today despite having a minimal presence on it.
Transamerica Corporation was formed by Amadeo Giannini in 1928. Giannini was also the founder of Bank of Italy, which became Bank of America. After acquiring Occidental Life Insurance Company in 1930, Transamerica continued to grow into a conglomerate, eventually separating its financial and life insurance businesses in 1956. The life insurance business retained the Transamerica name and continued to grow. The Transamerica website tells the story:
“A flurry of creativity and acquisition activity in the 1960s and 1970s resulted in Transamerica owning interests not only in life insurance and financial services, but also in film distributor United Artists, Trans International Airlines and Budget Rent A Car. In the mid-1980s, Transamerica refocused its core business on its founding mission of making insurance and financial tools available to more people. And in July 1999, Transamerica began a new chapter in its history when it became part of one of the world’s leading international financial organizations: Aegon N.V. The page continues:
“Today, Transamerica companies are as committed to helping people as we were 100 years ago. Customers now have access to an even wider range of services, from life insurance to retirement plans, to secure their financial future. Since our inception, we have been committed to helping you build a strong financial foundation for now and the future. And we will continue to do so with insurance and financial products that are as affordable as they are exceptional.”
Women’s Health Insurance Coverage
Transamerica has an “A+” (Superior) rating from AM Best, and they are one of the most retiree-friendly life insurers. First, they offer extended life policies for older applicants and are one of the only companies that will give a 30-year term to someone over the age of 55. In fact, they are also one of the few companies that will offer a 20-year tenure to applicants aged 66, 67 or 68 as well. For a complete guide to buying life insurance over 50, click here.
Additionally, Transamerica is one of the few companies that will offer less than $100,000 in short-term coverage. In some cases, Transamerica will offer up to $25,000 in coverage. These types of policies can be ideal for funeral and final expenses, depending on your life expectancy. To learn more about whole life coverage and affordable alternatives to traditional whole life insurance, please see our article here.
Lastly, Transamerica does not offer medical exam life insurance for applicants up to age 70. These no-exam policies can provide up to $100,000 in affordable coverage for applicants who are 60 years of age or older and in fair or better health. Between the long terms, short term policies, and no medical exam option, Transamerica is a great company for senior applicants to consider.
Like most life insurance companies, Transamerica offers several competitive coverage areas. These points are specific health and lifestyle issues that Transamerica tends to be more lenient with than other higher rated insurance providers. Here are some situations where we’ve found Transamerica to be the least expensive option:
What Is Term Life Insurance?
If any of these descriptions fit you, Transamerica may be your best bet for affordable life insurance. Call JRC toll-free at: 855-247-9555 and we’ll be happy to quote you rates from Transamerica and other leading insurers that offer comparable underwriting facilities and coverage options.
Term life is the most affordable type of life insurance coverage available. It does not require an investment value and your rates cannot increase, regardless of changes in your occupation or health.
Transamerica offers a variety of industry standard options for 10, 15, 20, 25 and 30 year policies with coverage amounts up to $25,000. During the “term” of your policy, your rates and coverage are guaranteed not to change, but you can cancel your policy at any time without penalty.
The downside of term insurance is that it is not designed to provide lifetime coverage, which is why it is so affordable. Most term policies will expire by age 80, leaving you with no affordable options for coverage. However, with Transamerica, it is possible to secure a short-term policy that provides coverage up to age 88.
What Are Life Insurance Premiums?
Transamerica is one of the few companies that offers a 30-year term to age 58, a 20-year term to age 68, and a 10-year term to age 78. In addition, most Transamerica term policies offer a “conversion option” which allows you to convert a portion of your existing term policy to permanent or lifetime coverage. Options to convert your term to lifetime coverage
What’s great about a conversion option is that they are available to almost anyone with a short-term policy from Transamerica, regardless of their current health. When you convert your policy, you will automatically qualify for the health class you were originally approved for, no health exam required.
The only catch is that Transamerica won’t let you convert your coverage after age 70 or 75, depending on the rate class you originally qualify for. In addition, you must convert your existing policy before your term expires, which is one of the many reasons we recommend reviewing your policy annually.
Term life insurance is ideal for income replacement or family protection because it provides a “death benefit,” or money paid to your spouse or heirs in the event of your death.
Annuity Vs. Life Insurance: Similar Contracts, Different Goals
We usually recommend buying a term that will extend your cover beyond the age you expect your children to be out, your mortgage paid off, your pension or all of the above. You can always cancel a term policy in the future if your needs change.
Below we have provided some sample monthly quotes for Transamerica term life insurance policies to help you estimate the cost of your coverage.
Whole life insurance is permanent, meaning it lasts your entire life. Whole life policies usually come with a “cash value” component that acts as an investment attached to your life insurance policy. In addition to standard whole life policies for $50,000 of coverage or less, Transamerica also offers minimalist funeral and final expense policies with a guaranteed payout.
Transamerica’s traditional whole life insurance policies don’t build significant cash value, but they do offer guaranteed rates and coverage up to age 100 without a medical exam. However, in our experience, all Transamerica life insurance policies tend to be more expensive than other options from comparably rated companies.
How To Calculate Insurance Premiums
Transamerica also offers various types of universal life insurance. Universal life offers lifetime protection with greater flexibility than whole life insurance, but it can also be very complicated and even risky. Transamerica does not provide much information about universal life insurance on their website, so if you are considering purchasing a universal life policy, we recommend that you read this article first.
Universal variable life insurance is a form of permanent life insurance that provides death benefit protection. In addition to the death benefit, there is also a cash value portion of the policy that you can invest to grow your wealth. This exposure to underlying investments, such as stocks and bonds, provides the opportunity for cash value to accumulate over time. Keep in mind that the policy owner bears the investment risk for the investment options, including potential loss of principal. Similar to universal life, universal universal life insurance allows the policyholder to adjust the premium payments or death benefit as needed to meet their changing circumstances. There are fees and charges associated with variable universal life insurance that are not applicable to other types of policies.” To be honest, we’re not big fans of variable universal life in general because of the fees and market risk. The universal life product we recommend most often has guaranteed universal life insurance. These policies offer affordable cover at tiered rates and can be customized up to age 90, 95, 100, 105, 110 or 120. You can learn more about guaranteed universal life insurance here.
Did you know that according to the US Department of Health and Human Services, approximately 70% of Americans over the age of 65 will eventually need some type of long-term care? Unfortunately, traditional health insurance and Medicare do not cover the cost of long-term care expenses, leaving the financial burden on loved ones. To avoid this