Transamerica vs. Nationwide Life Insurance for 2025 (Which is Best?)
When comparing Transamerica vs. Nationwide life insurance, Nationwide will be the better choice for customers. While Transamerica is slightly cheaper, with life insurance rates starting at $50/mo, it has poorer business and customer ratings than Nationwide.
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Chris Abrams
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Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
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UPDATED: Jan 28, 2025
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We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Jan 28, 2025
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
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3,019 reviewsWhen comparing Transamerica vs. Nationwide life insurance, Nationwide will be the better life insurance choice for most customers.
Choosing the right life insurance provider can be a daunting task. With so many options available, it’s important to take a closer look at each company’s offerings before making a decision.
Transamerica vs. Nationwide Life Insurance Rating| Rating Criteria |  |  |
|---|---|---|
| Overall Score | 3.4 | 4.5 |
| Business Reviews | 3.7 | 4.5 |
| Claim Processing | 3.5 | 3.5 |
| Company Reputation | 4.0 | 4.5 |
| Coverage Availability | 4.5 | 5.0 |
| Coverage Value | 3.6 | 4.3 |
| Customer Satisfaction | 3.3 | 4.0 |
| Digital Experience | 4.2 | 4.5 |
| Discounts Available | 3.9 | 5.0 |
| Insurance Cost | 3.5 | 4.5 |
| Plan Personalization | 4.0 | 4.5 |
| Policy Options | 4.5 | 4.7 |
| Savings Potential | 3.8 | 4.7 |
| Transamerica Review | Nationwide Review |
In this article, we will compare Transamerica and Nationwide Life Insurance to determine which is better suited for your needs. If you want to find the best life insurance company in your area quickly, enter your ZIP in our free quote tool.
- Nationwide is the best life insurance company for most customers
- Both companies offer several types of life insurance
- Nationwide has fewer NAIC complaints than Transamerica
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Transamerica vs. Nationwide Life Insurance Rates
Life insurance can be expensive, so we want first to break down the rates of Transamerica and Nationwide to see who offers the better deal on life insurance. Rates will vary depending on what type of life insurance policy you choose, as well as your age. Let’s start by looking at term life rates at both companies.
Transamerica vs. Nationwide Term Life Insurance Monthly Rates by Age & Gender| Age & Gender | | |
|---|---|---|
| Age: 16 Female | $18 | $20 |
| Age: 16 Male | $22 | $24 |
| Age: 30 Female | $14 | $16 |
| Age: 30 Male | $16 | $18 |
| Age: 45 Female | $32 | $35 |
| Age: 45 Male | $36 | $38 |
| Age: 60 Female | $60 | $65 |
| Age: 60 Male | $68 | $72 |
Term life insurance will be the cheapest option available at Transamerica and Nationwide, as it is coverage set for a fixed period of time. If you want coverage that lasts the duration of your life, then you can get a whole life insurance policy from both companies.
Transamerica vs. Nationwide Whole Life Insurance Monthly Rates by Age & Gender| Age & Gender | | |
|---|---|---|
| Age: 16 Female | $50 | $55 |
| Age: 16 Male | $55 | $60 |
| Age: 30 Female | $65 | $70 |
| Age: 30 Male | $70 | $75 |
| Age: 45 Female | $85 | $90 |
| Age: 45 Male | $90 | $95 |
| Age: 60 Female | $120 | $130 |
| Age: 60 Male | $130 | $140 |
On average, Transamerica will be the cheaper option for customers who are shopping for life insurance, whether you are 60 or 25 (Learn More: How much life insurance coverage does a 25-year-old need?). However, cost is just one factor of a company. Customers should also consider coverage, discounts, reputation, and more.
Life Insurance Coverage Options at Transamerica vs. Nationwide
When comparing term life insurance options between Transamerica and Nationwide, both companies offer policies with flexible coverage terms and customizable premium payment options. It’s essential to compare the rates, underwriting guidelines, and additional riders provided by each company to determine which aligns better with your specific needs and budget.
Comparison of Term Life Insurance Rates and Features: Transamerica vs. Nationwide| Feature | Transamerica | Nationwide |
|---|---|---|
| Policy Names | Trendsetter Super and Trendsetter LB | YourLife Guaranteed Level Term |
| Term Lengths | 10, 15, 20, 25, or 30 years | 10, 15, 20, or 30 years |
| Coverage Amounts | $25,000 to over $10 million for Trendsetter Super; up to $2 million for Trendsetter LB | Minimum of $100,000; no specified maximum, subject to underwriting approval |
| Medical Exam Requirement | No medical exam for up to $2 million for qualifying applicants | May require a medical exam; offers a no-exam option for certain term lengths and coverage amounts |
| Policy Conversion | Option to convert to a permanent life insurance policy during the conversion period | Option to convert to a permanent life insurance policy before a specified deadline |
| Living Benefits | Trendsetter LB includes living benefit riders for critical, chronic, and terminal illnesses | Offers living access benefits, such as accelerated death benefit riders for terminal, chronic, and critical illnesses |
| Premiums | Premiums increase annually after the initial term period | Guaranteed level premiums for the duration of the term |
For individuals seeking lifelong coverage and potential cash value growth, both Transamerica and Nationwide offer solid options with their whole life insurance policies.
Life Insurance Coverage Options From Transamerica & Nationwide| Coverage | |  |
|---|---|---|
| Term Life | ✅ | ✅ |
| Whole Life | ✅ | ✅ |
| Universal Life | ✅ | ✅ |
| Variable Life | ✅ | ❌ |
| Final Expense | ✅ | ✅ |
Comparing the cost, coverage amounts, and potential dividends or cash value growth of a whole life insurance provider can help determine which provider offers the best fit for your financial goals and circumstances.
Universal life insurance policies at both companies offer flexibility and long-term coverage, combined with the potential for cash value accumulation. Comparing the premium payment options, policy customization features, and investment opportunities associated with each provider can help in making a prudent choice between Transamerica and Nationwide.
Read More: Universal Life Insurance vs. Variable Life Insurance
Ultimately, determining which life insurance provider is better, Transamerica or Nationwide, depends on your individual needs, preferences, and budget. It’s essential to thoroughly evaluate their policy options, rates, financial strength, and customer reviews to make an informed decision.
Remember, life insurance is a significant investment that serves as a safety net for your loved ones. By understanding the basics, exploring the options of reputable providers like Transamerica and Nationwide, and considering your unique circumstances, you can secure the right life insurance coverage that offers true peace of mind.
Transamerica Life Insurance Policies
Transamerica offers a variety of life insurance policies to suit different needs. Their term life insurance policies provide customizable coverage options and flexible premium payment terms. Policyholders have the freedom to choose the duration of coverage and the amount of death benefit they require.
In addition to term life insurance, Transamerica also offers whole life insurance policies that provide lifelong protection and the potential for cash value accumulation.
Ty Stewart Licensed Insurance Agent
For those seeking more flexibility, Transamerica offers universal life insurance policies. These policies allow policyholders to adjust their coverage and premiums to fit their changing circumstances. With the ability to increase or decrease coverage amounts and adjust premium payments, universal life insurance provides a versatile solution for individuals with evolving financial needs.
Read More: Best Indexed Universal Life Insurance Life Insurance Policies
Transamerica also offers a range of optional riders and benefits that can be added to their life insurance policies. These riders, such as accelerated death benefit riders or long-term care riders, provide additional protection and customization options. Policyholders can tailor their coverage to include benefits that address specific concerns, such as critical illness coverage or coverage for long-term care expenses.
Nationwide Life Insurance Policies
When it comes to life insurance, Nationwide offers a range of comprehensive policies to meet varying needs. Whether you’re looking for coverage for a specific period or lifelong protection, Nationwide has you covered.
One of the options available to policyholders is term life insurance. This type of policy offers affordable coverage for a specific period, allowing individuals to protect their loved ones during critical years. With term life insurance from Nationwide, you can have peace of mind knowing that your family will be financially secure in the event of your untimely passing.
In addition to term life insurance, Nationwide also offers whole life insurance policies. These policies provide lifelong protection and the potential for cash value accumulation. With whole life insurance, you can ensure that your loved ones are protected throughout your lifetime and beyond.
For those looking for long-term coverage with potential growth opportunities, Nationwide offers universal life insurance policies. These policies combine the benefits of lifelong coverage with the potential for cash value accumulation. With universal life insurance, you can have the flexibility to adjust your coverage and premiums as your needs change over time.
Nationwide’s life insurance policies often come with additional features that can enhance their value. These features may include living benefits, which allow policyholders to access a portion of their death benefit while they are still alive in the event of a qualifying terminal illness or chronic condition.
Read More: Is there a tax on life insurance benefits?
Additionally, Nationwide offers various coverage riders that can be added to policies to provide additional protection for specific needs.
Transamerica vs. Nationwide Life Insurance Discounts
Both Transamerican and Nationwide offer discounts on life insurance, with discounts for healthy lifestyle habits or paperless billing.
Comparison of Life Insurance Discounts: Transamerica vs. Nationwide| Discount | | |
|---|---|---|
| Healthy Lifestyle | 11% | 9% |
| Non-Smoker | 16% | 17% |
| Multi-Policy | 13% | 10% |
| Automatic Payment | 6% | 5% |
| Loyalty | 8% | 8% |
| Paid-in-Full | 7% | 6% |
| Senior Discount | 9% | 8% |
| Paperless Billing | 5% | 6% |
Transamerica has a bigger discount for a healthy lifestyle. However, we recommend getting quotes from both companies to see which discount will actually give you the better deal, as discounts are just one factor of your life insurance rates (Read More: What factors determine the cost of life insurance premiums?) .
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Customer Reviews of Transamerica vs. Nationwide Life Insurance
Customer reviews offer valuable insights into the customer experience with a particular life insurance provider. Reading reviews can help you gauge the company’s reputation for customer service, claims processing, and overall satisfaction.
Positive reviews from policyholders who have had positive experiences can give you peace of mind that you are choosing a reliable provider, while negative reviews about customer service, discrimation, and more can be a red flag.
Learn More: Life Insurance Discrimination Laws
Nationwide life insurance reviews are mixed, with some customers asking if they should continue with Nationwide on Reddit. You can see an example of one of these Nationwide life insurance review questions on Reddit below.
Posts from the personalfinance
community on Reddit
The main reason customers seem to question their Nationwide life coverage is the cost versus the benefits, which is a common concern when buying life insurance. You will see similar questions about Transamerica on Reddit when searching for Transamerica insurance reviews online.
You want to choose a company that is responsive, knowledgeable, and committed to providing excellent service. Life insurance is a long-term commitment, and having a supportive and helpful customer service team can make the process smoother and more enjoyable.
Business Reviews of Transamerica vs. Nationwide Life Insurance
Just as important as customer reviews are business ratings of Transamerica and Nationwide. Both companies have large market shares, which means they will have been rated by several top businesses.
Take a look at Nationwide versus Transamerica business ratings below for financial strength, customer satisfaction, and more.
Insurance Business Ratings & Consumer Reviews: Transamerica vs. Nationwide| Agency | | |
|---|---|---|
 | Score: 775/1,000 Average Satisfaction | Score: 855/1,000 Above Avg. Satisfaction |
 | Score: A+ Excellent Business Practice | Score: A+ Excellent Business Practices |
 | Score: 70/100 Average Satisfaction | Score: 75/100 Positive Customer Feedback |
 | Score: 0.90 More Complaints Than Avg. | Score: 0.78 Fewer Complaints Than Avg. |
 | Score: A+ Excellent Financial Strength | Score: A+ Superior Financial Strength |
Nationwide’s ratings are better than Transamerica’s in most areas, although both A.M. Best and BBB ratings are the same.
Kristen Gryglik Licensed Insurance Agent
A.M. Best ratings are determined by independent rating agencies that evaluate the company’s financial stability, including its ability to pay claims and annuities.
Pros and Cons of Transamerica Life Insurance
Transamerica has been in the insurance industry for over a century, providing a range of financial products and services. With a strong reputation and ratings from reputable agencies, Transamerica stands as a reliable player in the life insurance market.
The main pros of Transamerica life insurance include:
- A.M. Best Rating: The company has consistently received high ratings from agencies such as AM Best, indicating its financial stability and ability to honor policyholder claims.
- Policy Options: Transamerica’s policies often come with additional benefits and riders that can enhance their value, providing added peace of mind for policyholders.
- Discount Options: Transamerica has a healthy lifestyle and a nonsmoker life insurance discount.
Over the years, Transamerica’s commitments to customer satisfaction has built a reputation for the company. With a focus on transparency and ethical business practices, the company has gained the trust of millions of policyholders. Transamerica’s dedication to providing excellent customer service during claims has earned it numerous accolades and industry recognition.
Read More: How do you file a life insurance claim with Transamerica Life Insurance Company?
However, there are cons to Transamerica, such as:
- Lower Customer Satisfaction Ratings: Transamerica’s satisfaction ratings aren’t as high as Nationwide.
- Underwriting Process: Transamerica’s underwriting process may be more stringent, making it slightly more challenging for individuals with health issues to obtain coverage.
While the company’s comprehensive coverage options may justify the higher cost for many policyholders, it is important to consider and compare rates from multiple providers to ensure the best value for money. While rates may be higher and the underwriting process more stringent, the additional benefits and riders offered by Transamerica can make their policies a valuable investment in the long run.
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Pros and Cons of Nationwide Life Insurance
Now, let’s turn our attention to Nationwide Life Insurance. Founded in 1926, Nationwide is a well-known insurance company that offers a wide range of insurance and financial products. It has built a strong reputation and serves millions of policyholders across the United States.
Nationwide’s strengths lie in its longstanding reputation, comprehensive policies, and extensive network of financial professionals. When you choose Nationwide for your life insurance needs, you can benefit from the company’s reliable customer service and the option to work with knowledgeable agents who can guide you through the process. The main pros of Nationwide are:
- Add-On Options: Nationwide has riders that can be added to life insurance policies.
- Customer Satisfaction: Nationwide has good customer satisfaction ratings from BBB and J.D. Power.
- Life Insurance Discounts: Nonsmoker discounts, multi-policy disounts, and more offer a better deal on life insurance at Nationwide (Read More: Can I get a multi-policy discount on my life insurance policy?).
However, it’s important to consider some potential drawbacks when considering Nationwide as your life insurance provider. One potential drawback is that Nationwide’s premiums may be higher compared to some competitors, like 21st Century vs. Nationwide or Nationwide vs. The General.
Other drawbacks of Nationwide include:
- Coverage Options: Nationwide doesn’t offer as many life insurance options as Transamerica.
- Higher Rates: One potential drawback is that Nationwide’s rates may be higher compared to some competitors.
Nationwide’s underwriting process can also be rigorous, which may make it more challenging for individuals with certain health conditions to secure coverage. It’s important to be aware of this factor and explore other options if you anticipate difficulties in obtaining coverage due to pre-existing health conditions.
By carefully evaluating your needs and considering the pros and cons, you can make an informed decision about whether Nationwide is the right choice for your life insurance needs. If you are already have Nationwide but have decided it isn’t right for you, read our guide on how to cancel your Nationwide life insurance company life insurance policy.
Understanding Life Insurance
Now that we’ve delved into the specifics of Transamerica and Nationwide Life & Annuity Insurance Co, let’s go into the basics of life insurance. Life insurance is a financial product that provides a lump sum payment, such as one million, to the designated beneficiaries upon the policyholder’s death. It serves as a safety net, offering financial protection and peace of mind to loved ones left behind.
Learn More: Is $1,000,000 enough life insurance coverage?
Life insurance can come in various forms, but the main types are term life insurance, whole life insurance, and universal life insurance. Each type has its own features and benefits, which we will explore further in this article.
The Basics of Life Insurance
Term life insurance provides coverage for a specific period, usually 10 to 30 years. It offers a death benefit to the beneficiaries if the policyholder passes away during the term.
Jimmy McMillan Licensed Insurance Agent
Whole life insurance, on the other hand, provides coverage for the entire lifetime of the insured individual. It also includes a cash value component that grows over time. Whole life insurance premiums are higher than term life premiums but can be a valuable investment that offers lifelong protection and potential financial growth. You can also add on riders to customize coverage.
Learn More: Are life insurance riders permanent, or can I remove them later?
Universal life insurance combines the death benefit of life insurance with an investment component. It allows policyholders to adjust their premium payments and death benefit amount throughout their lifetime. Universal life insurance offers flexibility and potential cash value growth, making it an appealing choice for individuals seeking long-term coverage with investment opportunities.
Importance of Choosing the Right Provider
Now that we have a solid foundation of life insurance, let’s explore why choosing the right provider is crucial, whether you are shopping for life insurance for the military or parents. Life insurance is a long-term commitment, and you want to ensure that the company you choose is financially stable, reputable, and offers the coverage options that align with your needs.
When evaluating life insurance providers, factors such as financial strength ratings, customer reviews, policy options, and customer service become key considerations.
It’s essential to assess these factors to make an informed decision and select a provider that will be there for you and your loved ones in times of need.
Policy options are another crucial factor to consider when choosing a life insurance provider. Different companies may offer various coverage options, riders, and additional benefits. It’s important to assess your specific needs and goals to find a provider that offers the right combination of coverage and flexibility.
Whether you prioritize a higher death benefit, cash value accumulation, or the ability to adjust your premium payments, finding a provider that aligns with your priorities is essential.
Choosing Between Transamerica and Nationwide Life Insurance
Nationwide will be the better choice when you compare Transamerica and Nationwide life insurance. Nationwide has better satisfaction ratings, although Transamerica will be the better choice for those looking to purchase variable life coverage, as Nationwide doesn’t offer Nationwide variable insurance trust coverage (Learn More: How much does it cost to get a variable universal life insurance policy?).
By considering these factors and conducting thorough research, you can make an informed decision and choose a life insurance provider that meets your needs and offers the peace of mind you deserve.
Remember, life insurance is not just a financial product; it’s a way to protect your loved ones and provide for their future. So take the time to choose wisely and secure the financial well-being of those who matter most to you. Shop for the best life insurance today with our free quote tool.
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Frequently Asked Questions
What is the difference between Transamerica and Nationwide life insurance?
Transamerica Corporation and Nationwide Life & Annuity Insurance Co are both reputable insurance companies offering life insurance policies. However, they differ in terms of coverage options, pricing, financial strength, and customer service. It is recommended to compare their policies, features, and reviews to determine which better suits your specific needs and preferences.
Is Transamerica a reputable insurance company?
Yes, Transamerica life insurance reviews show that Transamerica is a reputable company. However, it may not be the best for you. Make sure to compare companies, such as Prudential Life vs. Transamerica or Metlife vs. Nationwide to find the best company for you.
What is Transamerica?
Transamerica is a company that offers life insurance, health insurance, retirement investments, and more. Make sure to read Transamerica reviews before committing to the company. If you have Transamerica insurance and want to cancel, read our guide on how to cancel your Transamerica Life Insurance Company life insurance policy.
Is Nationwide a good life insurance company?
Yes, Nationwide is a good life insurance company with good ratings from customers and businesses. However, it can be a bit more expensive and offers fewer coverage options, so it may not be the best choice for everyone. Use our free tool to find affordable life insurance today.
What is a Transamerica IUL lawsuit?
The Transamerica was sued for increasing rates. Make sure to read Transamerica IUL reviews before buying indexed universal life insurance. These lawsuits are increasingly common however, and you may even find a Nationwide IUL lawsuit in your online search.
Can I switch my life insurance policy from Transamerica to Nationwide or vice versa?
Yes, it is possible to switch your life insurance policy from Transamerica Life Insurance Company to Nationwide or vice versa. However, before making any changes, it is crucial to thoroughly compare the policies, features, pricing, and potential impacts on your coverage.
Additionally, consider consulting with a licensed insurance professional to ensure a smooth transition and avoid any gaps in coverage (Read More: Is it bad to switch insurance companies?).
What types of life insurance policies does Transamerica offer?
Transamerica Life Insurance Company offers various types of life insurance policies, including term life insurance, whole life insurance, universal life insurance, and indexed universal life insurance. Each policy type has its own features and benefits, catering to different individuals’ financial goals and circumstances.
What types of life insurance policies does Nationwide offer?
Nationwide offers a range of life insurance policies, such as term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Each policy type has unique characteristics and can be customized to meet the specific needs and preferences of policyholders.
Which company provides better customer service, Transamerica or Nationwide?
Both Transamerica Corporation and Nationwide strive to offer excellent customer service to their policyholders, but the overall Transamerica Life Insurance rating is poorer than that of Nationwide. However, customer experiences may vary depending on individual interactions and preferences.
It is advisable to research customer reviews and ratings to get a better understanding of each company’s customer service reputation (Learn More: 10 Worst Insurance Companies in America According to AAJ).
How do Transamerica and Nationwide compare in terms of financial strength?
Both Transamerica and Nationwide Mutual Insurance Company have strong financial ratings, indicating their ability to meet their policy obligations. Transamerica Financial Life Insurance Company is known for its financial stability and has consistently received high ratings from reputable rating agencies. Nationwide also boasts a solid financial standing, ensuring policyholders’ peace of mind.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
