Transamerica Burial Insurance Review

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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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.

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.

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.

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.