Transamerica Life Insurance Company, a carrier with over 100 years of history, offers life insurance with no exam – in certain circumstances.
Most of our policies require a medical exam, but if a person is under a certain age and coverage amount, they may be able to get term life insurance without a medical exam.– Transamerica Life Insurance Company
Before applying, you will want to have a clear understanding of your life insurance options – not just with Transamerica, but with multiple no physical life insurance carriers.
That way, you can move forward with a life insurance purchase feeling comfortable that you’ve found the best policy at the best price.
Here, you will find everything you need to know about Transamerica Trendsetter Living Benefits no exam life insurance.
Table Of Contents
Transamerica’s roots began in 1904. Amadeo Giannini, “a young entrepreneur”, founded the Bank of Italy in a San Francisco saloon.
During those first years, Giannini offered financial assistance to all – including merchants and farmers.
In 1906, a destructive earthquake, and ensuing fire, hit the San Francisco area. Giannini stepped up to help.
Instead of collateral, he gave residents loans to rebuild, secured with only a handshake.– Transamerica, Company History
By 1928, Giannini consolidated his bank into what is now known as Bank of America. By 1930, he had acquired the Occidental Life Insurance Company – through the Transamerica Corporation holding company.
In 1956, Transamerica transitioned to solely focusing on insurance. And, in 1999, they became part of their parent company, Aegon N.V.
Transamerica is now headquartered out of Cedar Rapids, IA. Yet, their iconic building remains in the skyline of San Francisco.
Financial Strength Rating: A+ (A.M. Best)
Interesting fact – Giannini loaned Walt Disney money to make the film, Snow White and the Seven Dwarfs.
There are five important features about Transamerica’s no exam term life insurance you need to know.
There are five important features to a no exam life insurance policy to evaluate:
- Wait time – The turnaround time for your policy’s issuance.
- Issue ages – The ages the life insurance carrier will provide coverage to.
- Policy amount – Called face value, the dollar amount of life insurance available.
- Term length – How long your policy’s original term will last.
- No exam – The application process that skips the medical exam.
Each carrier is different, so you’ll want to be familiar with Transamerica’s specifics.
How does Transamerica measure up?
1. Wait Time
Generally, Transamerica issues a no medical exam policy within about a week.
While not nearly as long as fully underwritten life insurance (those take weeks), there are quite a few carriers with shorter turn around times.
If you are interested in lightning-fast turnaround times, consider:
- Foresters Financial – often within minutes
- Sagicor Life Insurance – often within minutes
- Banner Life Insurance – often within hours
- Phoenix Life Insurance – often within 24 hours
- Fidelity Life Insurance – often within 48 hours
- Lincoln Financial – often within 48 hours
- American National Life Insurance – often within 72 hours
2. Issue Ages
Transamerica issues no exam policies to people between the ages of 18 years to 60 years.
60 years is a fairly typical age cutoff point for no medical exam term coverage.
However, if you are older than age 60, be sure to evaluate all no exam life insurance for seniors.
Also, note – there are some top-rated no physical life insurance companies that issue term policies up to age 80.
3. Policy Amount
Through its Standard Express process, Transamerica offers policies ranging from $25,000 to $249,000.
Sometimes, a $25,000 policy is the perfect fit for your needs.
However, in many cases, the financial needs of your loved ones will be significantly larger.
In fact, some no exam life insurance companies will offer $500,000 in life insurance.
It’s best to conduct a financial needs analysis before applying for a particular face amount:
- Annual income
- Number of years until retirement
- Debts (mortgage, loans, credit cards)
- Monetary needs of beneficiaries
- Charitable giving
4. Term Length
Transamerica offers a wide range of term lengths to select from:
You will want your life insurance policy to last as long as your financial obligations last.
In other words, as long as someone depends on you financially, you need life insurance. Sometimes, that need is permanent. In that case, evaluate no exam whole life insurance.
5. No Exam
Transamerica has specific requirements for an applicant to qualify for no medical underwriting (Express).
- You must be between the ages of 18 – 60
- Your policy cannot be more than $249,000
- You will need to be in at least decent health
In all other circumstances, plan to take the medical exam with Transamerica.
Familiarize yourself with Transamerica’s riders, or any carrier for that matter, before moving forward with an application.
What are riders?
Often disregarded, riders are contractual features to your life insurance contract, in addition to the death benefit (face value).
Riders make all the difference if you are diagnosed with a qualifying health condition.
Transamerica provides important riders with its no exam term life insurance policies.
Accelerated Death Benefit
At no additional cost, the accelerated death benefit rider is included with your policy purchase.
If you are diagnosed with a qualifying chronic illness, terminal illness, or critical illness, Transamerica will allow you to accelerate (access) a percentage of your death benefit.
What does this mean? You may use some of your policy amount to help pay for your financial needs during a serious illness.
The amount of money accelerated will be deducted from the death benefit.
You may choose to add the income protection rider (IPO) at no additional cost.
This rider allows you to structure your life insurance death benefit to provide monthly paychecks to your family.
The IPO lets you structure your death benefit by controlling the payment amounts, who receives them, and for how long. Should you pass too soon, it can help replace a monthly paycheck for your family.– Transamerica
Rather than one lump sum, the IPO option lets you choose:
- One initial lump sum
- Guaranteed monthly income for up to 25 years
- A final lump sum
For an added cost, the following riders may be placed on your life insurance contract:
- Waiver of Premium – under qualifying circumstances, your premium payments can be waived while your policy remains in force.
- Children’s Insurance – your children may be added to your policy.
- Accidental Indemnity – assists in medical costs associated with an accidental injury.
- Disability Income – should a qualifying disability occur, you can receive monthly payments for living expenses.
Each life insurance company’s process for underwriting no medical exam life insurance varies.
Let’s examine Transamerica’s to make sure you feel comfortable with their steps.
You can easily submit online or over the phone with the help of an independent agent.
Further, an independent agent will help you verify whether or not Transamerica is the best carrier to apply with.
Plan to participate in a phone conversation, lasting approximately 20 – 30 minutes.
The interview will include questions about –
- Basic information: full name, date of birth, address
- Your medical and prescription history
- The medical history of close, blood-related family members
- Your occupation
- Military status
- Lifestyle questions
- Alcohol and tobacco use
Your online databases will be checked:
- Medical Information Bureau (MIB) – a database of previous insurance applications
- Prescription History – lists your prescription history for approximately the last 10 years
- Motor Vehicle Report (MVR) – your driving record
Transamerica’s underwriter will review your application, phone interview, and databases.
Expect the process to take about a week.
Your application decision is made and, if you qualify, you will be issued your no exam life insurance policy.
Keep in mind, it’s possible that something will pop up on your application that will require a medical exam. (For example, you are a cancer survivor.)
For a general idea of Transamerica’s no exam life insurance rates, let’s take a look at some sample quotes:
Samples are for 10 year term no exam life insurance for healthy, non-tobacco individuals.
Transamerica No Exam Quotes Male
|20 year old||$8.84||$15.09||$23.22||$53.97|
|30 year old||$6.99||$11.40||$16.08||$36.20|
|40 year old||$10.04||$17.50||$25.20||$58.90|
|50 year old||$17.89||$33.20||$51.94||$125.50|
|60 year old||$43.37||$84.15||$135.28||$333.00|
Transamerica No Exam Quotes Female
|20 year old||$5.35||$8.13||$13.07||$28.71|
|30 year old||$5.74||$8.90||$14.96||$33.42|
|40 year old||$8.30||$14.02||$20.21||$46.48|
|50 year old||$13.76||$24.94||$40.24||$96.80|
|60 year old||$35.97||$69.36||$109.31||$268.33|
Of note – Transamerica’s no exam rates are often not the most competitive. Be sure to compare quotes by filling out our free instant quote form.
Plan to do two things in order to find the best no exam policy to fit your needs.
- Find your partner. Collaborate with an independent agent. Transamerica might be an excellent fit for you, but you will want to collaborate with an independent agent to verify.
- Do a little homework. Gather your important information, including your medical history, so that the application process is streamlined.