Where do I go to create my Transamerica account?
Your account will be available to access online in the Transamerica customer service portal within 24 to 48 hours of your policy being active.
Click “Sign up,” followed by “Individual” and then “Life insurance.” When it asks if you’re a first-time user, select “Yes.” After that, you’ll be prompted to verify your identify with the following information:
Country of policy issue
Policy number
Owner’s Social Security number
First and last name
Insured’s date of birth
Email address
Phone number
You’ll then be prompted to create a user ID and password and answer security questions to complete the signup process.
Need help along the way? Call 800-852-4678.
There’s incorrect information on my initial application that I need to update. How can I fix this?
Typically, if the information you’re looking to update won’t affect the underlying approval of your policy (i.e. employer address, home address, length of occupation), you can make these changes after signing the policy. That’s because any adjustments will require a reissue to reflect the changes and can take anywhere from five to seven business days for the new policy to be revised and ready for review.
However, there are certain instances where it’s important to update information right away, including if:
There’s been a significant change in your health
You remember doctor’s visits or travel plans that were not previously disclosed
This type of information will need to be submitted and sent back to the insurer for review and added to the policy before it’s signed and activated.
How do I review and sign my policy documents?
Your policy documents will be sent to you via DocuSign and can be accessed with the last four digits of your Social Security Number.
When will my Transamerica policy be active?
Transamerica determines your policy effective date, or the date that you officially have life insurance coverage, as the date you sign all of your policy documents and submit your first premium payment.
I may want a whole life policy in the future. Can I convert my term life policy to a whole life policy ?
Yes, you can convert your term life policy to a permanent policy at any point before you reach age 70. If you were assigned the top health classification (Preferred Plus), you can convert at any point before you reach age 75.
How long you’ve had your term life policy with Transamerica will determine which policy choices you have when you convert, and whether you can choose between whole life insurance or indexed universal life insurance.
If you are interested in converting your policy and learning more about your choices, you can call Transamerica at 800-741-7973 or schedule a consultation.
What changes can I make on Transamerica’s online portal?
You can make updates to the following information online:
Contact details (address, phone, email)
Beneficiary
Payment
Initiate a loan request
Download change forms
Upload completed change forms
Can I make changes to the owner or beneficiary after my policy has been activated?
Yes — the required forms can be found on your Transamerica portal. You can also contact Policygenius for assistance filling out the required forms.
How do I make changes to my policy’s beneficiaries?
In order to add additional beneficiaries to your policy, your insurer will require some additional information. Specifically:
The full name(s) of the individual(s), date of birth, and their relationship to you
Whether they will be added as a primary or contingent beneficiary
Each beneficiary allocation should total up to 100% (primary or contingent). For example, if adding three of your children as beneficiaries: Child 1 - 33%, Child 2 - 33%, Child 3 - 34%.
Alternatively, you can activate your policy first and make these changes at a later date by completing and uploading a change of beneficiary form on the Transamerica website. This ensures that there’s no delay in your coverage. When changing the beneficiary information before signing, the policy will be reissued to reflect these changes. This process normally takes five to seven business days.
How does my beneficiary file a claim for a death benefit?
Your beneficiary can file a life insurance claim online by filling out the following form on Transamerica’s website or by calling 800-238-4310, option 2.
Learn more >> How to file a life insurance claim
How often do I make premium payments?
You can pay monthly, annually, quarterly or semi-annually with most insurers.
If you’re paying monthly, you w’ll be required to set up automatic payments from a checking or savings account.
If you’re paying annually, quarterly or semi-annually, you can either set up automatic payments or direct billing in which Transamerica mails you a hard copy of your bill to the address on file a month before it’s due.
What payment methods can I use?
Transamerica accepts credit card payments in all states except New York (Mastercard, Visa and debit cards are accepted). However, an additional service fee of $9.95 is required for each premium you pay with a credit card. You’ll also have to obtain a token number on the Transamerica website.
For these reasons, many people choose to provide bank information and pay via recurring electronic funds transfer (EFT) instead.
While Transamerica doesn’t accept checks as payment for the first monthly payment, checks are accepted for future payments.
Why haven’t I seen a payment draft yet?
If you made your initial payment via EFT, you may not see the premium drafted yet. Sometimes, banks don’t process drafts right away.
Where do I mail recurring premium checks or forms for a policy change request?
You can mail premium payments or policy forms to:
Transamerica — 6400 C Street SW, Cedar Rapids, IA 52499
Can I change my payment type after my policy goes active?
Yes, you can change your payment type after your policy is active.
Can I decrease coverage once my policy has been activated?
Yes, the minimum face amount you must maintain is $25,000.
What happens if my term life insurance policy lapses?
If you’re the owner of a term life insurance policy and you haven’t paid your premium by the end of your insurer’s grace period, your policy will lapse and you’ll lose your life insurance coverage. If you die after your policy has lapsed, your beneficiaries won’t receive the death benefit, no matter how much you’ve previously paid in premiums.
How long is Transamerica’s grace period?
Every state’s Department of Insurance requires life insurance companies to provide a grace period following a missed premium payment. That grace period is usually 30 or 31 days, and begins the day that a payment is due and isn’t received.
During the grace period, you’re still fully covered by your policy, meaning that if you were to die during this time, your insurance company would still pay out the death benefit to your beneficiaries. But if you want to keep your coverage, you’ll need to pay your missed premium before the grace period ends. You may also have to pay a late fee.
How do I reinstate my Transamerica policy if it has lapsed?
If you still haven’t paid your premiums by the time your insurance carrier’s grace period ends, your policy has officially lapsed and you no longer have life insurance coverage. At this point, you’ll have to contact your insurer to reinstate your policy, a process that varies by carrier.
Reinstatement is typically granted on a case-by-case basis depending on the situation. Applying for reinstatement of a policy might involve signing a document stating that your health has not changed. Plus, you’ll need to pay backdated premiums to the date that the policy lapsed.
Depending on your insurer, how long your policy has been lapsed, and whether you had any red flags in your medical history when you first applied for life insurance, reinstatement might also require new underwriting. Some companies won’t require new underwriting if the policy has been inactive for less than six months; others may require only a limited underwriting process.
Despite these extra steps, it’s worth doing what you can to reinstate an existing policy that has lapsed rather than taking out a new one. The reason is that your rates are very likely to be higher if you apply for a new policy, because you’ll be older than you were when you last applied for insurance, and may have new medical conditions.
How do I cancel my Transamerica policy?
You can cancel your Transamerica policy at any time during your term period without paying a cancellation fee by contacting your insurance company or Policygenius to get the process started.
How to get in touch with Transamerica
You can get in touch with Transamerica a few ways:
Fax: 800-297-9120
Email: TII.CustomerService@transamerica.com
Phone: 800-852-4678
Online: Transamerica customer portal
Mail: Transamerica, 6400 C Street SW, Cedar Rapids, IA 52499
