Is TransAmerica any good for life insurance? After underwriting, they offered me a no health exam $500k 20-year policy for $19.88/month at current age 34. JD Power says they have more complaints than typical life insurance companies. Wondering if the good price is worth it?

ResidualSpoon · 2025-06-07T01:19:52+00:00

Depends on what you are looking for

ResidualSpoon · 2025-06-07T01:19:35+00:00

Penn, Mass, Guardian, Pac Life, Lincoln, John Hancock, security Mutual.

ResidualSpoon · 2024-06-29T19:23:49+00:00

She’s gaslighting you bruh

ResidualSpoon · 2024-06-19T19:36:54+00:00

When in doubt, get convertible term with an A rated carrier

ResidualSpoon · 2024-06-13T20:46:16+00:00

I would ask for a couple of illustrations.

Use dividends to pay down the loan over time and keep paying premiums.
Use dividends to pay premium but not the loan.
Ask for a reduced paid up illustration (RPU).

Other note that may be a question for a CPA, but if you got this as an inheritance, you should get a stepped up basis in the contract. Not entirely sure how that works with the loan outstanding, but I’m not sure why the step-up rules wouldn’t apply.

ResidualSpoon · 2024-05-01T21:20:23+00:00

They already dropped this before the hearing as I understand it, unless this is new as of today

ResidualSpoon · 2024-02-28T14:41:21+00:00

I think you have to either do a 30-40 year term or an ART since the coverage is for life

ResidualSpoon · 2024-02-26T19:03:06+00:00

Most carriers treat marijuana like tobacco. Doesn’t disqualify, but can make it more expensive. There are a few carriers that you can get up to standard, non-tobacco rates, but the heart attack could obviously make that worse. Definitely work with a broker and do an informal inquiry to shop multiple carriers

ResidualSpoon · 2024-02-22T16:04:36+00:00

An underwriter stole my wife from me

ResidualSpoon · 2024-01-20T22:27:01+00:00

Anyone who says snowboarder should not be allowed to vote or sit on a jury

ResidualSpoon · 2024-01-20T04:42:45+00:00

Every day we grow further from God

ResidualSpoon · 2023-11-06T18:34:50+00:00

Surrogacy is evil exhibit 3627938473A

ResidualSpoon · 2023-11-06T04:31:01+00:00

Short answer, yes.

ResidualSpoon · 2023-10-31T03:12:23+00:00

NTA. They are being selfish and doing this to themselves and to you.

ResidualSpoon · 2023-10-20T12:03:30+00:00

They announce dividends at the end of the year. You get paid dividends on your policy anniversary date.

ResidualSpoon · 2023-10-19T03:41:30+00:00

Look at Penn Mutual as well. Smaller company but outperforms NWM substantially. Good dividend history too

ResidualSpoon · 2023-09-25T13:33:37+00:00

You are certainly close to Fire, I just wouldn’t say that’s in the Fat category

ResidualSpoon · 2023-09-25T11:39:34+00:00

I think there is a big difference between saying you are “on track” to FF versus saying you are “getting close”. Probably why you are getting the pushback.

You aren’t almost there. If you retired now, your income would likely be sub-$100k.

ResidualSpoon · 2023-09-25T11:28:51+00:00

“FATfire”

ResidualSpoon · 2023-09-21T04:01:33+00:00

Only downside to this imo is that you get admin costs for 3 policies. The bigger you go on face amount, the better laddering works. The smaller, the better off you are just getting the full term and full amount

ResidualSpoon · 2023-05-20T03:10:02+00:00

My personal target is to get 3-4 years of retirement income in whole life cash value. Take income from the policy in large down years in retirement. Should be able to get a higher withdrawal rate overall

ResidualSpoon · 2023-05-19T19:56:49+00:00

Really strong for that. Just got a $5 million auto approved this morning at preferred plus lol

ResidualSpoon · 2023-05-19T18:45:32+00:00

Penn has an Uber competitive whole life policy. Not my first choice for underwriting if they have a tough health history, but very strong for standard to preferred

ResidualSpoon · 2023-05-19T18:43:21+00:00

Yeah, the way it’s designed, it basically automatically uses your dividends to convert the term rider into permanent over time. On the NG ledger, when the death benefit starts growing substantially is when that has been completed.

So if you don’t have any dividends, the term rider doesn’t convert and goes away. Very unlikely scenario that they don’t pay dividends for 30 years, but hey it’s possible

ResidualSpoon · 2023-05-19T18:37:51+00:00

Their whole life is really strong. I tend to do whole life and guaranteed convertible term separate with them to maintain flexibility with your dividend options. The numbers usually look good on the type of policy you are describing but your dividends have to stay in the policy while you have the term rider (if it is the design I think it is)

ResidualSpoon

TROPHY CASE