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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
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
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
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.
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 Preferred
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 Standard
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 Solution
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.
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 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 then 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 then 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 then 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 |
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.
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.
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.