Transamerica Funeral Insurance Review: Details Disclosed
Transamerica Funeral Insurance Review: Details Disclosed
Many burial insurance companies claim to offer top-tier products. The best way to find the actual top plans is by reviewing each company and the plans that they offer.
Our final expense insurance experts have reviewed this plan and detailed the most important things to know.
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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 1972, the Transamerica Pyramid Skyscraper was built that served as the company’s headquarters for many years.
This insurance company offers a portfolio of financial service products, but we will focus exclusively on burial insurance in this Transamerica life insurance review.
Company Details:
- Established: 1928
- Financial Rating: A (excellent)
- Headquarters: Cedar Rapids, Iowa
Plan Types
- Plan 1: Immediate Solution (Preferred & Standard)
- Plan 2: Easy Solution
Each one of these life insurance plans can pay for funerals and comes with three permanent benefits.
Price Lock: The monthly premium will never increase. This allows seniors on fixed incomes to be prepared for the monthly premiums moving forward.
Coverage Lock: The death benefit will never decrease or terminate. This gives the beneficiary confidence that there will be funds available to honor the life of the deceased.
Builds Cash Value: With every payment made, a portion will go towards the cash value account. Over time this account will grow and can be borrowed from.
Plan 1: Immediate Solution – Preferred & Standard
With this plan, there are two price categories, Preferred & Standard. Both categories offer immediate coverage, but Preferred has a more detailed medical underwriting process that rewards healthier applicants with lower prices.
Plan Details
- Age Eligibility: 0 – 85
- Coverage Amount: $1,000 – $50,000 (depending on age)
- State Availability: All 50 & DC
- Medical Exam: No
- Health Questions: Yes
- Waiting Period: No
- Permanent Coverage: Yes
- Builds a Cash Value: Yes
- Smoking Rates: Yes
Immediate Coverage
The Transamerica Immediate Solution whole life plan offers day-one coverage. The medical qualifications are very detailed and will require the applicant to be in good health.
Prefered & Standard Rates & Coverage
Once you have qualified for the Immediate Solution plan, the applicant will either receive Preferred or Standard rates.
Preferred: The Preferred rates are competitive with other immediate coverage products on the market.
Standard: Even though this plan will award immediate coverage, the cost of the Standard plan is far higher than some of the competition.
Maximum Coverage Amount by Age
The age of the applicant will dictate the maximum coverage amount.
- 0 – 55: $50,000
- 56 – 65: $40,000
- 66 – 75: $30,000
- 76 – 85: $25,000
Additional Rider Benefits
There are a few beneficial rider options that are offered. A rider is an additional benefit either included with the plan or added for a small price increase.
Accelerated Death 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 benefit is included with the plan at no additional fee.
Accidental Death Benefit: 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 and while the policy is still in force. An additional cost will be required to add this benefit to the plan.
Children’s & Grandchildren’s Benefit: 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. An additional monthly cost will be required to include this benefit with the policy.
Transamerica Final Expense Quote Calculator
The Preferred plan has favorably low prices while the Standard plan is much higher. This product is comparable to competitors like Foresters Financial and Aetna/CVS Health. The Transamerica Immediate Solution quotes below are non-smoking rates.
Female$10,000 of Coverage Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | |
| 50 | $26 | $31 | |
| 55 | $29 | $37 | |
| 60 | $34 | $44 | |
| 65 | $42 | $55 | |
| 70 | $54 | $72 | |
| 75 | $73 | $96 | |
| 80 | $104 | $139 | |
| 85 | $163 | $208 | |
Male$10,000 of Coverage Monthly Premiums |
|||
|---|---|---|---|
| Age | Preferred | Standard | |
| 50 | $32 | $38 | |
| 55 | $36 | $47 | |
| 60 | $44 | $59 | |
| 65 | $57 | $79 | |
| 70 | $75 | $105 | |
| 75 | $100 | $139 | |
| 80 | $140 | $196 | |
| 85 | $220 | $295 | |
Plan 2: Easy Solution
The Transamerica Easy Solution plan has a death benefit that requires a two-year waiting period and high premiums. This plan is much easier to qualify for than Immediate Solution, resulting in a waiting period and higher monthly costs. Transamerica Easy Solution is a standard Modified funeral insurance plan.
Plan Details
- Age Eligibility: 18 – 80
- Coverage Amount: $1,000 – $25,000
- State Availability: All 50 & DC
- Medical Exam: No
- Health Questions: Yes
- Waiting Period: Yes
- Permanent Coverage: Yes
- Builds a Cash Value: Yes
- Smoking Rates: Yes
Two-Year Waiting Period
This whole life plan from the Transamerica life insurance company has a two-year waiting period. If death occurs in the first two years, a partial distribution will be paid to the beneficiary.
Death Benefit Payout:
- Year 1: All paid premiums returned plus 10%
- Year 2: All paid premiums returned plus 10%
- Year 3: Full Death benefit paid
High Premium Quotes
The monthly premiums are much higher than other carriers. There are also better plan structures on the market than this overpriced whole life plan. Guarantee Trust Life offers lower prices and simpler underwriting. The Transamerica prices shown are non-smoking rates.
$10,000 of CoverageMonthly Premiums |
|||
|---|---|---|---|
| Age | Female | Male | |
| 50 | $79 | $95 | |
| 55 | $91 | $115 | |
| 60 | $105 | $135 | |
| 65 | $128 | $172 | |
| 70 | $159 | $210 | |
| 75 | $197 | $271 | |
| 80 | $263 | $371 | |
Transamerica Burial Insurance FAQ’s
Can Transamerica be Trusted?
Policyholders have trusted Transamerica since 1928. With high praises in the customer service department, this carrier has an all-around stellar reputation in the insurance industry.
What is Transamerica Life Insurance Rating?
Transamerica’s financial rating is an A (excellent). A strong rating assures every family receives the financial payout that they are entitled to. Ratings are given by third-party organizations. The listed rating comes from AM Best, a leader in the financial rating sector.
How Does Transamerica Life Insurance Work?
The funeral life insurance products from Transamerica have two plan structures. The first plan is the Immediate Solution which will issue day-one coverage and offer the lowest premiums to the policyholder. The second plan is Easy Solution, which has a two-year waiting period with much higher premiums.
Once the life insurance policy is issued, policyholders must pay the premiums to keep the policy in good standing. Upon the insured’s death, the beneficiary will file a claim with Transamerica to get the death benefit money. The money can be spent on any necessary final expenses.
What Funeral Insurance Company Accepts Direct Express Social Security Billing?
Transamerica is one of a select few insurance carriers that accept payment using a Direct Express card. This makes it simple and easy for seniors to apply for final expense insurance coverage who do not have a checking account. The majority of senior life insurance policies require an automatic bank draft through a checking or savings account.
Is Transamerica Legit?
Transamerica is a legitimate life insurance company with over $9 billion invested assets. Most of those assets are invested in corporate and other bonds. This company has a solid A (excellent) financial rating from AM Best and is considered one of the most credible insurance companies on the market.
Transamerica Final Expense Underwriting Guide
The Transamerica underwriting process is detailed and thorough. Be prepared to answer a wide range of medical questions when applying for coverage.
If you answer “yes” to any part 1 questions, you will be denied coverage for all Transamerica final expense insurance plans.
Part 1
Have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Prior to the age of 45 with Heart Failure or Congestive Heart Failure?
Are you currently hospitalized, bedridden, residing in a nursing home, assisted or long-term care facility, receiving hospice or home health care; or been advised or planning to have surgery requiring general anesthesia?
Have you ever been diagnosed by a member of the medical profession or tested positive for Acquired Immune Deficiency Syndrome (AIDS), Human Immunodeficiency Virus (HIV), or tested positive on an AIDS/HIV-related test?
Have you ever been the recipient or been given medical advice by a member of the medical profession to be a recipient of stem-cell, tissue, bone marrow, or organ transplant (other than corneal)?
Have you ever been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Alzheimer’s, dementia, memory loss, mental incapacity, Lou Gehrig’s disease (ALS), Downs Syndrome, Huntington’s disease, sickle cell anemia, cystic fibrosis, pulmonary fibrosis, cerebral palsy, or been diagnosed by a medical professional as having a terminal medical condition that is expected to result in death within the next 18 months?
b. Diabetic coma?
c. Amputation other than at the time of an accident or trauma?
d. Metastatic cancer, recurrent cancer, multiple cancers, or cancer with lymph node involvement?
During the last 2 years, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Cancer (other than basal cell carcinoma)?
During the last 2 years, have you:
a. Had testing by a medical professional for which the results have not been received, been non-compliant with physician orders regarding treatment plans, or been advised to have any diagnostic testing (other than for routine screening purposes), treatment, hospitalization, or other procedure that has not been done?
b. Attempted suicide; been incarcerated, on probation, on parole, or convicted of or awaiting trial for a felony?
c. Been convicted for or plead no contest to reckless driving or operating while intoxicated (DWI/OWI/DUI) or had 3 or more moving violations?
If you answer “yes” to any part 2 questions, you are eligible for the Easy Solution plan.
Part 2
Have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Prior to the age of 20 with Diabetes (other than gestational diabetes)?
b. Prior to the age of 26 with Crohn’s Disease?
c. Prior to the age of 45 with Parkinson’s Disease; Coronary Artery Disease, Peripheral Vascular Disease, or Cerebral Vascular Disease; Heart Attack, Transient Ischemic Attack (TIA), or Stroke; Cardiac Surgery, Bypass Surgery, Stent Implant, Angioplasty, Pacemaker or Defibrillator Implant, or Heart Valve Replacement?
Have you ever been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Cirrhosis, heart failure, or congestive heart failure (CHF); or an aneurysm that has not been surgically corrected (still present)?
b. Hepatitis C?
During the last 4 years, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for cancer (other than basal cell carcinoma)?
During the last 2 years, have you used illegal drugs or been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for alcoholism, alcohol use/abuse, drug use/abuse (including prescription drugs), muscular dystrophy, or systemic lupus erythematosus (SLE)?
During the last 2 years, have you:
a. Required assistance with activities of daily living (ADL’s) such as bathing, dressing, eating, toileting, getting in and out of chair or bed, or do you have ongoing neurological incontinence or, has a medical professional recommended that you be confined to a Nursing Home?
b. Used a wheelchair, electric scooter, or electric cart?
During the last 1 year, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. More than 6 seizures; or been diagnosed with, been treated for, or advised to receive treatment for any liver disease (including but not limited to autoimmune hepatitis) other than cirrhosis or Hepatitis C that should have been noted in a prior question?
b. Heart attack, stroke (CVA), or transient ischemic attack (TIA)?
c. Used oxygen to assist in breathing (including for Sleep Apnea); received kidney dialysis; kidney failure or chronic kidney disease (stage 4 or 5); encephalitis; or have you been unemployed or disabled and been diagnosed with, treated for, or been given medical advice by a member of the medical profession for chronic pain?
d. Angina (chest pain); or had or been advised to have heart surgery of any kind including bypass surgery, angioplasty, stent implant, or pacemaker implant; or had an aneurysm surgically corrected?
If you answer “yes” to any of the part 3 questions, you are eligible to apply for the Transamerica Immediate Solution Standard plan. If you answer “no” to all questions, you are eligible and should apply for the Transamerica Immediate Solution Preferred plan.
Part 3
Prior to the age of 45, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for cancer (other than Basal Cell)?
Have you ever been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Bipolar disorder or schizophrenia?
b. Parkinson’s disease, multiple sclerosis, systemic lupus erythematosus (SLE), sarcoidosis, Crohn’s disease, ulcerative colitis, chronic obstructive pulmonary disease (COPD) including emphysema, chronic asthma, black lung or other chronic respiratory diseases?
During the last 4 years, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Kidney disease (stage 1, 2, or 3) or other kidney disorder?
b. Used illegal drugs; alcoholism, alcohol use/abuse, drug use/abuse (including prescription drugs)?
During the last 4 years, have you:
a. Been convicted for or plead no contest to reckless driving or operating while intoxicated (DWI/OWI/DUI) or had 3 or more moving violations?
During the last 2 years, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Heart attack, stroke (CVA), or transient ischemic attack (TIA)?
b. Used insulin; had more than 6 seizures; spina bifida cystica, pancreatitis, tuberculosis; hepatitis B or other liver disease?
During the last 2 years, have you been diagnosed with, treated for, tested positive for, or been given medical advice by a member of the medical profession for any of the following:
a. Angina (chest pain); cardiomyopathy; vascular, circulatory, or blood disorder (including anemia other than iron deficiency); heart surgery of any kind including bypass surgery, angioplasty, stent implant; irregular heart rhythm such as atrial fibrillation or heart murmur; had an aneurysm surgically corrected; or do you currently have a pacemaker/defibrillator?
Plan Acceptance by Medical Condition
This underwriting guide shows specific medical conditions and what plan an applicant can expect to qualify for with Transamerica burial insurance.
Transamerica Final Expense InsuranceMedical Condition Chart |
|
| Health Issue | Plan Type |
| AIDS/HIV/ARC | Decline |
| Alcoholism | Within 2 years – Graded Within 2–4 years – Standard Recovery (no drinks) > 4 years – Preferred |
| ALS | Decline |
| Alzheimer’s | Decline |
| Amputation | Decline |
| Anemia | Within last 2 years – Standard |
| Aneurysm | Present or surgically corrected within 1 year- Graded Surgically corrected between 1–2 years – Standard Surgically corrected > 2 years – Preferred |
| Angina | Onset within 1 year – Graded Onset 1–2 years – Standard Onset > 2 years – Preferred |
| Angioplasty | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Over 2 years – Preferred |
| Arrhythmia | Treatment within 2 years – Standard 2 years – Preferred |
| Assisted Living | Currently – Decline Within 2 years – Graded |
| Asthma (Chronic) | Standard |
| Atrial Fibrillation | Treatment within 2 years – Standard Greater than 2 Years – Preferred |
| Attempted Suicide | Within 2 years – Decline |
| Autism | Current age 0–17 – Decline Mild (Highly Functional): Preferred All others – Decline |
| Bipolar | Current age 0–17 – Decline Current age 18–85 – Standard |
| Black Lung | Standard |
| Blood Clots | Diagnosed and treated within 2 years – Standard Diagnosed and treated > 2 years – Preferred |
| Blood Disorder | Diagnosed and treated within 2 years – Standard No current treatment greater than 2 years – Preferred |
| Bone Marrow Transplant | Decline |
| Bronchitis (Chronic) | Standard |
| Bypass | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Cancer | Any 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 Surgery | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Cardiomyopathy | Standard |
| Cerebral Palsy | Decline |
| Chest Pain | See Angina |
| Chronic Pain | Currently 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 Disorder | Onset 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 |
| Cirrhosis | Graded |
| Clotting Disorder | See Blood Clots |
| Cognitive Disorder | Decline |
| Congestive Heart Failure | Onset prior age 45 – Decline Onset age 45–80 – Graded |
| Coronary Artery Disease | See Circulatory Disorder |
| COPD | Standard |
| Crohn’s Disease | Onset prior to age 26 – Graded Onset age > 26 – Standard |
| Cystic Fibrosis | Decline |
| Defibrillator Implant | See Pacemaker Implant |
| Dementia | Decline |
| Depression | Current age 0–17 – Decline Current age 18 and older – Preferred |
| Diabetes | Onset 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 Coma | Decline |
| Dialysis | Received within 1 year – Graded Received within 4 years – Standard |
| Diastolic Heart Failure | See Congestive Heart Failure |
| Donor Stem-Cell Transplant | Donor stem cells – Decline Self-donated stem cells – Preferred |
| Down’s Syndrome | Decline |
| OWI/DUI | Within 2 years – Decline Within 2–4 years – Standard Greater than 4 Years – Preferred |
| Drug Use/Abuse | Used or received treatment for within 2 years – Graded Used or received treatment for within 4 years – Standard |
| Electric Cart/Scooter | See Wheelchair |
| Emphysema | Standard |
| Encephalitis | Present/treatment within 1 year – Graded |
| Epilepsy | See Seizures |
| Felony Conviction | Awaiting Trial – Decline Convicted within 2 years – Decline |
| Heart Attack | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than2 years – Preferred |
| Heart Failure | See Congestive Heart Failure |
| Heart Murmur | See Atrial Fibrillation |
| Heart Valve Replacement | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Hepatitis A, B | See Liver Disorder |
| Hepatitis C | Currently have or been treated within 24 months – Graded Cured, treatment over 24 months – Standard |
| Hodgkin’s Lymphoma | See Cancer |
| Home Health Care | See Assisted Living |
| Hospice | Decline |
| Huntington’s Disease | Decline |
| Illegal Drugs | Used or received treatment for within 2 years – Graded Used or received treatment for within 4 years – Standard |
| Incarceration | Within 2 years – Decline |
| Iron Deficiency Anemia | Preferred |
| Irregular Heartbeat | See Arrhythmia |
| Kidney Disease/Disorder | Any treatment within 4 years or Stages 1–3 – Standard Stages 4–5 – Graded |
| Kidney Failure | See Renal Failure |
| Liver Disease | Diagnosed 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 Care | See Assisted Living |
| Lupus | See Systemic Lupus Erythematosus (SLE) |
| Marijuana | Used within 2 years – Graded Used within 4 years – Standard |
| Memory Loss | See Alzheimer’s |
| Mental Incapacity | Decline |
| Mental Retardation | Decline |
| Multiple Sclerosis | Decline |
| Muscular Dystrophy | Graded |
| Myocardial Infarction | Onset prior age 45 – Graded Onset over age 45: Within 1 year – Graded Within 2 years – Standard Greater than 2 years: Preferred |
| Organ Transplant | Decline |
| Oxygen | Within 1 yr – Graded. Last used >1 yr Preferred. |
| Pacemaker | Prior to age 45 – Graded Within 1 year – Graded Within 1–2 years and still present –Standard |
| Pancreatitis | Diagnosed and/or treatment within 2 years – Standard Treated and resolved > 2 years – Preferred |
| Parkinson’s Disease | Onset prior age 45 – Graded Onset 45–85 – Standard |
| Parole/Probation | Within 2 years – Decline |
| Peripheral Artery Disease | Prior age 45 – Graded |
| Peripheral Vascular Disease | Prior age 45 – Graded |
| Phlebitis | See Blood Clot |
| Pulmonary Fibrosis | Decline |
| Pulmonary Hypertension | See Circulatory Disorder |
| Renal Failure | Stages 4–5 – Graded |
| Respiratory Disease | See Asthma |
| Sarcoidosis | Standard |
| Schizophrenia | Current age 0–17 – Decline Current age 18–85 – Standard |
| Seizures | 6+ episodes/attacks within 1 year – Graded 6+ episodes/attacks within 2 years – Standard |
| Sickle Cell Anemia | Decline |
| Sleep Apnea | CPAP/treatment with supplemental oxygen – Graded CPAP/treatment without supplemental oxygen – Preferred |
| Spina Bifida | Present and surgically corrected within 2 years – Standard Surgically corrected > 2 years – Preferred |
| Stent Implant | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Stroke | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Upcoming Surgery | Decline |
| Systemic Lupus | Diagnosed with or been treated within 2 years – Graded Remission, no treatment within 2 years – Standard |
| Terminal Illness | Decline |
| Tissue Transplant | Donor stem cells – Decline Self-donated tissue transplant – Preferred |
| Transient Ischemic Attac | Onset prior age 45 – Graded Onset age 45 and above: Within 1 year – Graded Within 2 years – Standard Greater than 2 Years – Preferred |
| Tuberculosis | Current – Standard Treated and Resolved greater than 2 years – Preferred |
| Ulcerative Colitis | Standard |
| Vascular Disorder | Diagnosed and treated within 2 years – Standard No current treatment, last treatment > 2 years – Preferred |
Final Thoughts About The Transamerica Burial Insurance Review
a. This Transamerica funeral insurance review has detailed the two plans that are offered. The Immediate Solution Preferred plan is a fine option for those looking for coverage. The Standard rates are higher than what you can find elsewhere.
b. The Easy Solution plan has a two-year waiting period with higher premiums than the completion.
c. Work with an independent agent like Willamette Life. Our job is to find seniors the best burial insurance policies at the lowest price.
Call us at 844-576-0019
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.