TIAA Life Insurance Company Review (2024)

TIAA provides term life and universal life insurance to educators in the United States. The company offers low rates and several riders to customize policies. Additionally, TIAA has been rated an A++ by A.M. Best.

Knowing more about TIAA Life Insurance will help you determine if the company is the right fit for you.

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What are the TIAA Life Insurance monthly rates?

Life insurance companies use multiple factors to determine rates. However, companies weigh these factors differently, so they can’t determine monthly rates without considering the applicant’s specific situation.

However, looking at the average affordable TIAA Life Insurance rates will help you determine if coverage is cost-effective. The following chart shows the average TIAA Life Insurance rates for a 20-year-term of a 25-year-old applicant based on gender and the death benefit amount.

Average Monthly TIAA Life Insurance Rates for a 25-Year-Old’s 20-Year Term Life Policy Based on Gender and the Death Benefit

Death Benefit	Average Monthly Male Rates	Average Monthly Female Rates
$100,000	$11	$10
$250,000	$15	$13
$500,000	$22	$19
$1 million	$38	$32

The following chart shows the same information for a 50-year-old applicant.

Average Monthly TIAA Life Insurance Rates for a 50-Year-Old’s 20-Year Term Life Policy Based on Gender and the Death Benefit

Death Benefit	Average Monthly Male Rates	Average Monthly Female Rates
$100,000	$28	$22
$250,000	$49	$36
$500,000	$84	$62
$1 million	$158	$115

As you can see, rates are higher for older applicants. Additionally, rates are usually lower for females than for males.

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What coverages are available from TIAA Life Insurance?

TIAA provides term life insurance and multiple types of universal life coverage. While term life coverage lasts for a limited time, universal life policies last for the remainder of the insured’s life. The company also offers survivorship and income replacement insurance.

TIAA provides term life insurance in 10, 15, 20, and 30-year terms. The value of these policies ranges from $100,000 to $5 million. Additionally, policyholders can convert a term life policy into a permanent plan before they turn 80 or the term ends, whichever comes first.

TIAA also offers two types of universal life insurance, both coming with a cash value. Intelligent Life UL is a traditional universal life insurance policy, providing optional benefits that can help with assisted living, nursing home care, and other long-term expenses.

Read more: Top Life Insurance Company That Offers Single Premium Life Insurance With Long Term Care Riders

The Intelligent Life UVL plan is a variable life insurance policy, allowing you to choose how to invest your cash value. However, while you can decide how you invest your cash value, there’s no guarantee that you’ll see your cash value grow.

The TIAA survivorship plan covers two people under one policy. While this plan usually covers a married couple, it can also protect business partners or close friends. The death benefit pays out after both people pass away. Additionally, versions are available for UL and UVL plans.

TIAA also offers an income replacement policy called Salary Shield. Instead of a lump-sum payment, this policy pays monthly beneficiary payments for up to 30 years. This no-medical-exam policy guarantees an income for your beneficiary and typically costs less than a term life plan.

Does TIAA Life Insurance offer riders?

Most life insurance companies offer options that customers can add to a policy. These options are called riders and allow policyholders to customize a policy for more coverage. While some riders are free, most require an additional fee.

TIAA offers 10 riders to policyholders. The following table shows the 11 riders for customers to choose from and a description of each one.

TIAA Life Insurance Riders

Rider	Description of Rider
Charitable giving benefit rider	Allows policyholders to donate 1% of the policy face value to an eligible charity.
Enhanced policy split rider	Allows a policy to be exchanged for a new one without requiring evidence of insurability.
Estate protection rider	Includes an additional death benefit during the first four years of policy ownership, totaling 123% of the total face amount.
Estate transfer protection rider	Available for last-survivor policies to offset the cost of estate taxes from a policyholder’s death.
Last survivor policy split	Splits into two new policies without proof of insurability when joint policyholders dissolve their partnership or divorce.
Level cost of insurance endorsement	Locks in rates for 10 or 20 years, so rates don’t increase based on age.
Living choices	Allows policyholders to access their death benefit if they’re diagnosed with a terminal illness.
Overloan protection endorsement	Automatically added to your policy and keeps it in force when you have an outstanding loan.
Policy split	Allows policyholders to exchange their policy without showing proof of insurability.
Waiver of monthly charge	Waives policy payments and other fees should the insured party experience total disability.

Three of these riders are available free of charge. The Charitable Giving Benefit rider is free, but you must choose it before the TIAA issues the policy. There is also no cost for the Last Survivor Policy Split or Living Choices rider. However, TIAA automatically includes the Living Choice rider with all policies.

The other eight riders require a fee. Therefore, adding these eight riders increases TIAA Life Insurance quotes.

How is TIAA Life Insurance rated?

Credit rating agencies review insurance companies and rate them based on their financial strength. These ratings allow customers to determine the likelihood of receiving a payout when they file a claim.

TIAA has been rated an A++ by A.M. Best, an AA+ by S&P, an AAA by Fitch, and an Aa1 by Moody’s. These are excellent ratings and determine the policyholders will receive a payout in most situations.

The Better Business Bureau (BBB) also rates companies based on business practices. For example, the BBB has rated TIAA a B-, indicating that the company is often trustworthy but can have transparency issues.

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Does TIAA Life Insurance have any complaints?

Examining company complaints allow you to learn from the experience of current and former customers. The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies.

At the time of this review, the BBB has received 34 complaints about the TIAA Life Insurance Company. Most of these complaints are about the organization’s products and services.

The NAIC hasn’t received any complaints about TIAA and lists the company’s complaint index ratio at 0. These numbers indicate that TIAA has far fewer complaints than similarly-sized competitors.

How can you contact TIAA Life Insurance?

If you’re looking for more information, wish to buy TIAA Life Insurance, or want to file a claim, you can reach the company by phone. The TIAA phone number is 1-800-842-2252, and representatives are available Monday through Friday between 8 a.m. and 10 p.m. (PST).

TIAA also has an online form that allows potential customers to find an office or advisor. This form is ideal for customers looking to buy a policy. The company also has a mobile app that allows customers to stay in touch while on the go.

Who should buy TIAA Life Insurance?

TIAA Life Insurance has many benefits, but the organization is better for some customers than others. Knowing which customers benefit most will help you decide if it’s right for you.

TIAA is best for those looking for no-load life insurance, couples, and educators. The company doesn’t pay agent commissions and limits other fees. Additionally, educators can pair their TIAA coverage with other teaching benefits the organization provides.

While the company has many advantages for educators, some issues could cause you to look elsewhere. Examples include the website having few details about policy options and not offering a whole life policy.

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Who is TIAA Life Insurance?

Andrew Carnegie began the Teachers Insurance and Annuity Association of America (TIAA) in 1918. The purpose was to sell retirement plans and low-cost life insurance to professors. In 1952, the organization launched the College Retirement Equities Fund (CREF).

Read more: How to Use Life Insurance in your Retirement Planning

From 1952, the organization went by the name TIAA-CREF. However, the company later shortened it to TIAA in 2016, which it still uses today.

TIAA Life Insurance: The Bottom Line

TIAA provides term life and permanent life insurance to educators. The company also offers several riders so that policyholders can customize a policy. Additionally, the company has been rated an A++ by A.M. Best.

Now that you know about TIAA Life Insurance, enter your ZIP code to find free life insurance rates in your area.

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