Western Reserve Life Insurance Company Review

Still have a Western Reserve policy? Here’s what you need to know now that Transamerica handles everything.

This review covers Western Reserve’s life insurance policies, underwriting expertise, and more.

Western Reserve Life Insurance Company merged into Transamerica Premier Life Insurance Company (TPLIC) on October 1, 2014.

Previously, Transamerica Premier was known as Monumental Life Insurance Company; both brands have now been unified under the Transamerica name.

Although Western Reserve no longer operates independently, your policy is now backed by Transamerica, one of the better-known names in the industry.

• AM Best: A
• Moody’s: A1
• Fitch: A+
• S&P: A

These ratings reflect Transamerica’s ability to meet its obligations, including servicing legacy Western Reserve policies.

Western Reserve (WRL) was known for its variable life insurance and annuity products.

Other life insurance companies that offer variable life insurance include Protective Life, John Hancock, Prudential, and Lincoln National.

Whole life insurance products and companies, such as AuguStar, Guardian, MassMutual, Nationwide, and Northwestern Mutual, were competitors to WRL.

If you bought a policy from WRL, you may have received one of the following rate classes:

• Preferred Elite
• Preferred Plus
• Preferred
• Non-Tobacco
• Preferred Tobacco
• Tobacco
• Juvenile for those under the age of 18

While table ratings were offered for those with health issues, WRL was not known for high-risk policies like Corebridge Financial or Mutual of Omaha.

If you need a new life insurance policy or want to explore conversion options with your existing term life insurance policy,

We can help you, as we have access to the best life insurance companies available.

If your insurance product is a variable universal life insurance, please contact Transamerica directly at the number above.

Most term life insurance policies offer a conversion privilege.

A conversion privilege allows you to exchange your term life insurance policy for a permanent life insurance policy.

Since Western Reserve policies are already a variable life insurance product, there is no conversion privilege.

Some Japanese life insurance companies, such as Banner Life, provide additional conversion details on their websites.

If you look at your term life insurance policy, you will usually find important details on page 3. 

Most companies list their most important details on page 3 of the policy.

You will usually see something like “conversion expiration date,” “conversion period,” “conversion period”, etc.

You have to convert the existing policy before this date.

Assuming conversion is available, we’ll obtain illustrations from Transamerica for you to review.

The illustration shows the product name, contract guarantees, premium, cash values, and other relevant product information.

We’ll discuss your current health to see if you are insurable. 

We’ll contact other companies for underwriting feedback if health issues are involved.

Once that underwriting feedback is available, we’ll prepare illustrations to compare to your Western Reserve policy.

Would you like to see how your existing Western Reserve policy compares to new term life insurance coverage?

Even though Western Reserve Life Insurance Company no longer exists, your policy is still valid and backed by Transamerica.

But just because you still have coverage doesn’t mean it’s the best coverage available today.

We’ll help you figure out:

• If conversion is worth it
• If replacing makes sense
• And which companies give you the best value for your goals and health

Need help reviewing your Western Reserve policy? Contact us today to explore your options and determine the best course of action.