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TIAA Life Insurance

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TIAA Life Insurance

Updated: May. 31, 2018

Ranked 8th of 10 life insurance with a Quid Score of 72.

Buy Now Leave a Review

TIAA Life Insurance

Ranked 8th of 10 life insurance with a Quid Score of 72.

Product Details

Product Details

Ranks 8th overall.

Other Information
  • Online Quote: Yes
  • Other Features: N/A
  • Smoking Policy: Yes- smokers rates and non-smokers rates (four tiers)
  • Customer Service System: Phone, message, FAQ, local agent
  • Medical Exam Requirement: Yes
  • Other Financial Services: The only insurance type TIAA offers is life. It also provides investment plans, IRAs, mutual funds, annuities, education savings plans, home loans, and direct banking in partnership with EverBank.
  • Online Portal/Smartphone App: Both
  • Other Life Insurance Policies: Yes - permanent life
  • Age Requirement at Time of Application: 20 - 90
Policy Information
  • Term Options: Yes - 10, 15, 20, or 30 years
  • Annual Premium: MALE: $216.60, FEMALE: $160.20 (based on monthly quote)
  • Face Value Policy: Tiered - $250,000 - <$500,000, $500,000 - <$1,000,000, and $1,000,000+
  • Payment Frequency: Monthly
  • Fixed or Fluctuating Premium: Fixed
  • Riders/Supplementary Coverage: Yes - Charitable Giving Benefit Rider gives 1% of your policy's face value amount to a charity of your choice; accelerated death benefit available
Key Product Information
  • Online Quote: Yes
  • Term Options: Yes - 10, 15, 20, or 30 years
  • Annual Premium: MALE: $216.60, FEMALE: $160.20 (based on monthly quote)
  • Face Value Policy: Tiered - $250,000 - <$500,000, $500,000 - <$1,000,000, and $1,000,000+
  • Fixed or Fluctuating Premium: Fixed

Expert Rating: 80%

Ranks 6th among competitors.

Expert Rating: 80%

Ranks 6th among competitors.

Experts like that policyholders receive surplus profits through annuities. Receiving a life insurance quote is simple using the website’s quote calculator. While the company does write life insurance to individuals, most of its investment products are only available through an employer. Some experts report difficulty in making a claim.

Full Expert Breakdown
  • Premium Rates - Below average
  • Agent Responsiveness - Average
  • 24-Hour Telephone Support - No
  • Standout Incentive - Non-profit status, surplus returned to policyholders
  • Financial Strength - Above average
  • Policy Options - Average
Notable Positives
  • Non-profit company shares surplus with customers through annuities
  • Strong philanthropic engagements
  • No agents/brokers
  • Offers annual renewal term life policies
  • Getting a quote is easy
Notable Negatives
  • Most products are only available through employers
  • Difficult to make a claim
Full Expert Breakdown
  • Premium Rates - Below average
  • Agent Responsiveness - Average
  • 24-Hour Telephone Support - No
  • Standout Incentive - Non-profit status, surplus returned to policyholders
  • Financial Strength - Above average
  • Policy Options - Average

Customer Rating: 60%

Ranks 10th among competitors.

Customer Rating: 60%

Ranks 10th among competitors.

Customers like that TIAA term life plans are reasonably priced, flexible, and have understandable terms. Term life plans can be converted into whole life policies. The medical exam is an easy process, and the company’s financial advisors are helpful. The signup process can be long, while communication with reps can be difficult.

Ideal for people:

Applicants who work in the academic, research, and medical fields who are in the market for low-cost life insurance with the option for annuities; those who want their investments and life insurance to be managed by the same company.

Not ideal for people:

Those who want a fast, entirely electronic signup process .

Notable Pros:
  • Can convert term life policies into whole life
  • Helpful TIAA financial advisors
  • Clearly stated terms
  • Reasonable rates
  • Flexible
  • Easy health screening process
Notable Cons:
  • Poor website functionality
  • Sign-up process is long
  • Online communication is poor
  • Can be hard to get in touch with customer service reps

Brand Score: 64%

Ranks 9th among competitors.

Brand Score: 64%

Ranks 9th among competitors.

The Teachers Insurance and Annuity Association of America (TIAA) offers life insurance as its only insurance option. The company acquired Nuveen, a private asset manager company, in 2014.

Heritage - 5/5

TIAA was established in 1918 by the Carnegie Foundation for the Advancement of Teaching. The initial aim of the association was to provide educators with retirement income security and life insurance.

Innovation - 3/5

In 1936, TIAA launched Collective Decreasing Insurance, a new form of life insurance that sees coverage decrease over the term of the policy at a fixed rate. In 1952, TIAA offered the nation's first variable annuity aimed at mitigating investment inflation. It was one of the first large-scale pension funds to invest in foreign stock exchanges in 1979.

Reliability - 3/5

TIAA offers a chat contact form and a call number, as well as a TIAA agent locator system. There are FAQ pages for expediting service.

Social Good - 3/5

To mark the company's centennial anniversary, it pledged to donate $1 million in total to 100 individual "Difference Makers" leading nonprofits. It offers a Charitable Giving Benefit Rider with life insurance wherein policy holders choose a charity to receive 1% of their policy amount at no additional cost.

Relevance - 3/5

TIAA has Twitter, Facebook, LinkedIn, Google Plus, and YouTube social accounts. It posts insights and research on personal finances management and promotes its charitable involvement.

Retail: Best Price $207.00

Ranks 4th in value among competitors.

Retail: Best Price $207.00

Ranks 4th in value among competitors.

TIAA offers a term life insurance “Quick Quotes” calculator on its website. After receiving the quote, customers may choose to begin the application process online. The real premium will be decided after approval and underwriting.

Best Purchase Options
TIAA - $207.00
Best Purchase Option
TIAA - $207.00

Ranked by Quiddity

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