Transamerica Funeral Insurance Review: The Top 10 Facts

Transamerica Funeral Insurance Review
Transamerica Funeral Insurance Review: The Top 10 Facts

Transamerica black and white logo

Researching what happens after a parent, grandparent, or loved one passes away is usually a new area of learning. Typically this is not something we are taught in school or even in everyday life.

When beginning to look into these costs you may start wondering the following:

  • Who pays for my funeral?
  • Will I be responsible to pay for my parent’s funeral?
  • How do you find a policy for end of life expenses?
  • How much does a funeral cost?
  • Can I buy a policy for a loved one?

The questions can go on and on.

Funeral Insurance fits this specific financial need and is a necessity for many families. These plans are market towards people over 50 who are coming up on retirement.

But this is why you are researching whole life policies and Transamerican financial products, to find the answers to your questions and we are here to help!

Transamerica Funeral Insurance Review

Transamerica was started in 1904 by Amadeo P. Giannini. It was originally a bank known as The Bank of Italy. In 1928 the bank was put into a holding company called Transamerica Corporation. It was founded to make financial service products available to everyone.

In San Francisco during the year 1972, the Transamerica Pyramid Skyscraper was built that served as the company’s headquarters for many years.

This insurance company offers several financial service products but for this Transamerica life insurance review, we will focus exclusively on the life insurance policies that are intended to pay for funeral expenses.

Company Details:

  • Established: 1928
  • Financial Rating: A-
  • Headquarters: Cedar Rapids, Iowa

Plan types

Plans: Immediate & Easy Solution

The immediate solution and easy solution plans are meant for seniors and can cover a wide variety of health conditions. There are three types of classifications for this plan (Preferred, Standard, & Graded) that you can qualify for depending on your health.

Quick facts about this plan

  • Available in all 50 states
  • Age Eligibility: 0 – 85 (18-80 Easy Solution)
  • Coverage amount: $1,000-$50,000 (depending on age and plan)
  • Premiums never increase
  • Coverage is locked and never changes
  • No waiting period (Preferred & Standard only)
  • Builds cash value
  • Accelerated Death Benefit Rider (Preferred & Standard only)
  • Accidental Death Benefit Rider (Preferred & Standard only)
  • Children’s and Grandchildren’s Benefit Rider (Preferred & Standard only)

Quotes:

These charts show the price range you can expect to pay. Pricing on the lower end is for healthy applicants while pricing on the higher end is for applicants who have had serious medical conditions.

Male

*Monthly Premiums

Age$10,000$15,000$20,000
45$29 – $83$41 – $123$54 – $163
50$32 – $96$46 – $143$60 – $189
55$36 – $117$53 – $173$69 – $229
60$44 – $136$65 – $203$85 – $269
65$57 – $174$84 – $260$111 – $345
70$76 – $213$112 – $317$147 – $422
75$101 – $274$150 – $409$199 – $545
80$142 – $376$211 – $562$280 – $748
85$223 – $299$332 – $446$442 – $594
Female

*Monthly Premiums

Age$10,000$15,000$20,000
45$24 – $72$34 – $106$44 – $140
50$26 – $80$38 – $118$49 – $156
55$30 – $92$42 – $137$55 – $181
60$34 – $106$49 – $157$65 – $208
65$42 – $130$61 – $193$81 – $256
70$55 – $160$80 – $239$106 – $317
75$74 – $199$109 – $297$144 – $395
80$105 – $266$156 – $397$207 – $528
85$165 – $211$246 – $314$326 – $417

*These are non-smoking rates
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10 Things To Know

1. Price and Coverage will Never Change

This is so critical when it comes to securing a life insurance policy. When looking at this specific product niche it is important to understand that many different products will be marketed to you.

You will see two main types of products in the market today.

The first option is a Whole Life product which is what we are discussing in this Transamerica life insurance review.

What Whole Life means is that the product will last your entire life with premiums that will never increase and coverage that will never decrease. This is one of the best life insurance options for seniors and exactly what is needed when looking into end-of-life policies.

The second option is a Term Life product. These products are cheaper at first but the product typically raises in price every five years and eventually terminates altogether, which one of the main cons. You will see term life products marketed by companies like AARP.

2. Additional Rider Benefits

There are a few very useful rider benefits that are offered.

a) Accelerated Death Benefit Rider with Nursing Home Benefit

If you were to be diagnosed with a qualified diagnosis or confined into a nursing home this benefit would pay the face amount of the policy minus any loans or administrative charges.

This is very useful if you have a major diagnosis or health decline.

b) Accidental Death Benefit

This additional accidental death benefit is meant for anyone 18-70. This rider provides a payment that is in addition to the coverage amount. This additional payment would be distributed to your beneficiary if you were to pass away from a death deemed accidental.

Once the accident happens death must occur within 90 days from the accident and also while the policy is still in force.

c). Children’s and Grandchildren’s Benefit Rider

This product is meant to cover a child or grandchild of the policyholder. The parent or grandparent must be between 18-75 years old.  This rider provides term life coverage for the child named in the rider.

*Easy Solution Plan offers no additional riders

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3. Different Ages, Different Coverage Amounts

Depending on the age at application, the amount of coverage that is allowed changes. Once the policy is in force, the coverage does not change.

  • Age 0-55: $1,000-$50,000
  • Age 56-65: $1,000-$40,000
  • Age 66-75: $1,000-$30,000
  • Age 76-85: $1,000-$25,000

4. This Product Matures at 121 Years Old

What this means is as long as you make your monthly payments your family will be covered. If you were to live to 121 years old you would no longer be obligated to make monthly payments and would still be entitled to the death benefit.

5. The Policy Builds a Cash Value

For each monthly payment you make, a small portion of that money will be directed towards the cash value of the policy. Once you build up enough cash value you can borrow from your policy.

The interest rate is variable but will never rise above 8%. This is a small feature and we do not recommend borrowing from the policy but the cash is there if you need it.

6. A “10 Pay Solution” is Available

What this means is that your monthly premiums will be substantially higher than the typical payment plan but you will only be paying for the policy for 10 years.

10 pay solution

 

Once you have made your payments for 10 years you are free and clear and have your policy and no more payments are necessary. This is a great option to limit expenses in retirement.

7. No Medical Exams

This is a standard feature in all Simplified Issue Whole Life products but very important to understand. You will just need to answer a series of simple yes or no health questions with your agent to be able to qualify for this plan.

8. Transamerica Offers 3 Plan Types

Depending on health you could qualify for one of the following:

a. Immediate Solution PreferredGreen Checkmark

This plan has the best price point and awards day one coverage. To qualify for this product you will need to be a very healthy individual with no major medical history.

b. Immediate Solution StandardGreen Checkmark

When it comes to qualifying for this product you will need to be in good to average health and may have a condition that has given you trouble before. This is also a day one coverage plan but the premiums are going to be higher than what you can find with another carrier.

c. Easy SolutionGreen Checkmark

This product is meant for someone who is in average to poor health and has had some major health concerns or conditions in the past few years. The maximum coverage amount for this plan is $25,000.

This product has a two year waiting period. If you were to pass away within the first two years of the policy issue date then your beneficiary would receive all the premiums you paid plus 10%.

Now, 10% interest is better than you would receive in a bank however there is a good chance that if you work with an independent agency, you will be able to find a cheaper plan with immediate coverage.

Steer clear of the Easy Solution as there are more cons than pros.

9. Direct Express Social Security Billing

Along with the traditional bank draft method this carrier offers Direct Express Billing. When looking at the industry as a whole very few companies allow this type of payment method.

If you do not have a bank account and only a Direct Express MasterCard, this company could be your best option to obtain coverage.

Direct Express Card

10. You Can Apply Over the Phone

This is a new decade and technology just keeps changing and advancing. Lucky for you and me, we no longer have to drive to an office to do business. Everything can be done from the comfort of your own home.

Also, one of the best features that Simplified Issue Whole Life products offer is the ability to receive an immediate decision on your application. This is helpful and a very efficient way to obtain coverage.

The telephone application process takes about 20 minutes and typically comes with an instant approval decision.

At Willamette Life, we have mastered the craft of helping clients gain policies over the phone.

Call us at 844-576-0019

What Does it Take to Qualify?

You will need to answer a series of yes or no health questions. Depending on your answers you will either be eligible for Immediate Solution, Easy Solution, or not eligible for a plan with this company.

Health Conditions

This is a detailed list of what you may and may not qualify for depending on your health conditions.

What Plan Do You Qualify For?
Health IssuePlan Type
AIDS/HIV/ARCDecline
AlcoholismWithin 2 years – Graded
Within 2–4 years – Standard
Recovery (no drinks) > 4 years – Preferred
ALSDecline
Alzheimer’sDecline
AmputationDecline
AnemiaWithin last 2 years – Standard
AneurysmPresent or surgically corrected within 1 year- Graded
Surgically corrected between 1–2 years – Standard
Surgically corrected > 2 years – Preferred
AnginaOnset within 1 year – Graded
Onset 1–2 years – Standard
Onset > 2 years – Preferred
AngioplastyOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Over 2 years – Preferred
ArrhythmiaTreatment within 2 years – Standard
2 years – Preferred
Assisted LivingCurrently – Decline
Within 2 years – Graded
Asthma (Chronic)Standard
Atrial FibrillationTreatment within 2 years – Standard
Greater then 2 years – Preferred
Attempted SuicideWithin 2 years – Decline
AutismCurrent age 0–17 – Decline
Mild (Highly Functional): Preferred
All others – Decline
BipolarCurrent age 0–17 – Decline
Current age 18–85 – Standard
Black LungStandard
Blood ClotsDiagnosed and treated within 2 years – Standard
Diagnosed and treated > 2 years – Preferred
Blood DisorderDiagnosed and treated within 2 years – Standard
No current treatment greater then 2 years – Preferred
Bone Marrow TransplantDecline
Bronchitis (Chronic)Standard
BypassOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 years – Preferred
CancerAny onset Within 2 years – Decline
Metastatic – Decline
Recurrent – Decline
Multiple cancers – Decline
Including lymph node involvement – Decline
Within last 4 years – Graded
Prior age 45 (other than Basal Cell) – Standard
Cardiac SurgeryOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 years – Preferred
CardiomyopathyStandard
Cerebral PalsyDecline
Chest PainSee Angina
Chronic PainCurrently unemployed/disabled due to pain – Graded
Diagnosed with/treated for within 1 year – Graded
No disability due to pain or treatment over 1 year – Preferred
Circulatory DisorderOnset of PVD, PAD, or CAD prior to age 45 – Graded
Diagnosed and treated within 2 years – Standard
No current treatment, last treatment > 2 years – Preferred
CirrhosisGraded
Clotting DisorderSee Blood Clots
Cognitive DisorderDecline
Congestive Heart FailureOnset prior age 45 – Decline
Onset age 45–80 – Graded
Coronary Artery DiseaseSee Circulatory Disorder
COPDStandard
Crohn’s DiseaseOnset prior to age 26 – Graded
Onset age > 26 – Standard
Cystic FibrosisDecline
Defibrillator ImplantSee Pacemaker Implant
DementiaDecline
DepressionCurrent age 0–17 – Decline
Current age 18 and older – Preferred
DiabetesOnset prior age 20 (other than Gestational Diabetes) – Graded
Onset > age 20 with insulin use within 2 years – Standard
Onset > age 20 oral or diet within 2 years – Preferred
Diabetic ComaDecline
DialysisReceived within 1 year – Graded
Received within 4 years – Standard
Diastolic Heart FailureSee Congestive Heart Failure
Donor Stem-Cell TransplantDonor stem cells – Decline
Self-donated stem cells – Preferred
Down’s SyndromeDecline
OWI/DUIWithin 2 years – Decline
Within 2–4 years – Standard
Greater than 4 years – Preferred
Drug Use/AbuseUsed or received treatment for within 2 years – Graded
Used or received treatment for within 4 years – Standard
Electric Cart/ScooterSee Wheelchair
EmphysemaStandard
EncephalitisPresent/treatment within 1 year – Graded
EpilepsySee Seizures
Felony ConvictionAwaiting Trial – Decline
Convicted within 2 years – Decline
Heart AttackOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than2 years – Preferred
Heart FailureSee Congestive Heart Failure
Heart MurmurSee Atrial Fibrillation
Heart Valve ReplacementOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater then 2 years – Preferred
Hepatitis A,BSee Liver Disorder
Hepatitis CCurrently have or been treated within 24 months – Graded
Cured, treatment over 24 months – Standard
Hodgkin’s LymphomaSee Cancer
Home Health CareSee Assisted Living
HospiceDecline
Huntington’s DiseaseDecline
Illegal DrugsUsed or received treatment for within 2 years – Graded
Used or received treatment for within 4 years – Standard
IncarcerationWithin 2 years – Decline
Iron Deficiency AnemiaPreferred
Irregular HeartbeatSee Arrhythmia
Kidney Disease/DisorderAny treatment within 4 years or Stages 1–3 – Standard
Stages 4–5 – Graded
Kidney FailureSee Renal Failure
Liver DiseaseDiagnosed and/or treatment within 1 year – Graded
Diagnosed and/or treatment within 2 years – Standard
Treated and resolved greater than 2 years – Preferred
Long Term CareSee Assisted Living
LupusSee Systemic Lupus Erythematosus (SLE)
MarijuanaUsed within 2 years – Graded
Used within 4 years – Standard
Memory LossSee Alzheimer’s
Mental IncapacityDecline
Mental RetardationDecline
Multiple SclerosisDecline
Muscular DystrophyGraded
Myocardial InfarctionOnset prior age 45 – Graded
Onset over age 45: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 years: Preferred
Organ TransplantDecline
OxygenWithin 1 yr – Graded.
Last used >1 yr Preferred.
PacemakerPrior to age 45 – Graded
Within 1 year – Graded
Within 1–2 years and still present –Standard
PancreatitisDiagnosed and/or treatment within 2 years – Standard
Treated and resolved > 2 years – Preferred
Parkinson’s DiseaseOnset prior age 45 – Graded
Onset 45–85 – Standard
Parole/ProbationWithin 2 years – Decline
Peripheral Artery DiseasePrior age 45 – Graded
Peripheral Vascular DiseasePrior age 45 – Graded
PhlebitisSee Blood Clot
Pulmonary FibrosisDecline
Pulmonary HypertensionSee Circulatory Disorder
Renal FailureStages 4–5 – Graded
Respiratory DiseaseSee Asthma
SarcoidosisStandard
SchizophreniaCurrent age 0–17 – Decline
Current age 18–85 – Standard
Seizures6+ episodes/attacks within 1 year – Graded
6+ episodes/attacks within 2 years – Standard
Sickle Cell AnemiaDecline
Sleep ApneaCPAP/treatment with supplemental oxygen – Graded
CPAP/treatment without supplemental oxygen – Preferred
Spina BifidaPresent and surgically corrected within 2 years – Standard
Surgically corrected > 2 years – Preferred
Stent ImplantOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 Years – Preferred
StrokeOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 Years – Preferred
Upcoming SurgeryDecline
Systemic LupusDiagnosed with or been treated within 2 years – Graded
Remission, no treatment within 2 years – Standard
Terminal IllnessDecline
Tissue TransplantDonor stem cells – Decline
Self-donated tissue transplant – Preferred
Transient Ischemic AttacOnset prior age 45 – Graded
Onset age 45 and above: Within 1 year – Graded
Within 2 years – Standard
Greater than 2 Years – Preferred
TuberculosisCurrent – Standard
Treated and Resolved greater than 2 years – Preferred
Ulcerative ColitisStandard
Vascular DisorderDiagnosed and treated within 2 years – Standard
No current treatment, last treatment > 2 years – Preferred

Should I Apply for one of the plans in this Transamerica Funeral Insurance Review?

The simple answer that is you can find better prices on the market for each plan type and health condition niche.

When it comes to the Immediate Solution product we would steer you in the direction of Mutual of Omaha’s Living Promise product or Foresters PlanRight product.

In terms of the Easy Solution plan that is offered, you can find a wide variety of plans that are cheaper and have a better payout structure then this product. You should look towards the Royal Neighbors Graded plan or Guarantee Trust Life’s Heritage plan.

The bottom line is to speak with an independent agent to help navigate you through the different companies. Each carrier accepts a different health niche.

green lock and key

A great agent will help you find the key to unlock the best plan and prices for you.

Final Thoughts

a. After reading this Transamerica Funeral Insurance review, it is clear that this life insurance company is well established, legitimate, and trusted in the industry. The main point that we keep coming back to is that there are products on the market that will beat this carrier’s best life product for funeral, immediate solution.

b. When it comes to the lower tier products it’s not even close, a better value can be found by taking your business to a different carrier.

c. Always work with an independent agent. There are many life policies on the market today and having an expert to match your specific health conditions with the right company is essential.

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