Transamerica Funeral Insurance Review: Details Disclosed

Transamerica Funeral Insurance Review
Transamerica Funeral Insurance Review: Details Disclosed

Transamerica black and white logo

Many burial insurance companies claim to offer top-tier products. The best way to confirm if funeral insurance is a good idea and worth the price is by looking through a full review of the best burial insurance companies.

Our final expense insurance experts have reviewed this plan and detailed the most important things to know.

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 funeral life 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.

man and woman with ipad

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

senior women smiling

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 Coverage

Monthly 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.

man with computer at table

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.

Part 1 medical questions

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?

Part 2 Medical Questions

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?

Part 3 medical questions

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 Insurance

Medical 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

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