Western Reserve Life Insurance Company Review

By - November 17, 2024
western reserve life insurance

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

Transamerica Premier Life was previously known as Monumental Life Insurance Company.

As a result of this merger, policyholders are now managed by Transamerica.

If you have an existing policy with Western Reserve and need to update billing information, etc., you may contact them at 800-797-2643.

Western Reserve Life Insurance Products

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

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

Whole life insurance products and companies like AuguStar Life, Guardian, Mass Mutual, Nationwide, and Northwestern Mutual were competitors to WRL.

Western Reserve Underwriting

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.

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New life insurance or converting your current policy?

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 the best life insurance companies available.

If your insurance product was variable universal life insurance, please get in touch with Transamerica directly at the above number.

Western Reserve Life Insurance Conversions

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.

If you want to see additional information about conversions, our Banner Life and American General articles provide details.

How to ensure you choose the best option

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 prior to 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.

New Life Insurance Comparison

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

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