2024 TransAmerica Burial Insurance Review – Pros & Cons
last updated on July 22, 2024Are you looking for a Transamerica burial insurance review on the web? Our Transamerica burial insurance review will provide you with everything you need to know about their final expense insurance product offerings, their features, and underwriting.
Transamerica three final expense products. Their underwriting is trickier, but you can often qualify for first-day coverage even if you have some health issues. Their plans are available from newborn through age 85.
This article will look at the pros and cons of Transamerica burial insurance products to help you decide if it’s best for you.
| TRANSAMERICA FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| 1st Day Coverage | ★★★★★ |
| Ease of Approval | ★★★ |
| Coverage Amount | ★★★★★ |
| Pricing | ★★★ |
| Riders | ★★★★ |
FOR EASIER NAVIGATION:
- Does Transamerica Offer First-day Coverage?
- Pros of Transamerica Burial Insurance
- Cons of Transamerica Burial Insurance
- Transamerica Burial Insurance Products
- Transamerica Burial Insurance Riders
- When Does Transamerica Burial Insurance Make the Most Sense?
- Transamerica Underwriting Guidelines
- Transamerica Pricing Examples
- Getting Approved for Transamerica Burial Insurance
- The Best Payment Option
- Transamerica Company Overview
- How Can Funeral Funds Help Me?
- Additional Questions & Answers On TransAmerica Burial Insurance Review
Does Transamerica Offer First-day Coverage?
Yes. Transamerica offers first-day burial insurance products, but they tend to be more expensive than other companies.
If you qualify, their Immediate Solution and 10-Pay Solution comes with 1st-day coverage. You will be 100% covered from the first day, and your beneficiary will receive your full death benefit when you pass away.
Pros Of Transamerica Burial Insurance
No height & weight chart – No height and weight chart; you can qualify even if you are on the heavier side
Coverage amount – Higher coverage amount available
Pricing – Competitive premium rates for the Immediate Solution preferred plan
Cons Of Transamerica Burial Insurance
Higher rates – Higher premium rate on Immediate Solution standard plan
Underwriting – The company may ask for the attending physician’s statement if they want to clarify something about your health
Waiting period – Higher premium rate on Easy Solution plan with a waiting period
Transamerica Burial Insurance Products
Transamerica offers two primary burial insurance products, namely:
- Immediate solution
- Easy solution
These plans from Transamerica don’t require a medical exam, and you only need to answer some questions about your health. The type of plan you will be eligible for will depend on your general health. These burial insurance products are available in all U.S. states. However, some riders are not available in some selected areas.
IMMEDIATE SOLUTION PRODUCT OVERVIEW
| TRANSAMERICA IMMEDIATE SOLUTION FEATURES | |
|---|---|
| Issue Age | 0-85 years old |
| Payout Schedule | 1st day full coverage |
| Coverage Amount | $5,000 to $25,000 |
| Age & Coverage | 0-55 - $50,000 |
| Age & Coverage | 56-65 - $40,000 |
| Age & Coverage | 66-75 - $30,000 |
| Age & Coverage | 76-85 - $25,000 |
| Level Premium | Price Never Increases |
| Level Benefit | Coverage Never Decreases |
| Lifetime Coverage | Last Until Age 121 |
EASY SOLUTION (GRADED PLAN)
This burial insurance comes with a graded death benefit. It is the only plan that does not begin on the first day and has a two-year waiting period.
| EASY SOLUTION (GRADED PLAN) FEATURES | |
|---|---|
| Issue Ages | 18-80 age last birthday (PA Male 18-70 Female 18-76) |
| Minimum Issue Amount | $1,000 (in PA - $5,000) |
| Maximum Issue Amount | $25,000 |
| Level premiums | premium never increase |
| Policy loans | premium never increase |
| Payout Schedule | graded in the first two years |
If you die within the first two years, 110% of the premiums you paid minus any loan balance will be given to your beneficiary. Some states pay 30% of the death benefit in year one and 60% in year two. In year three, 100% of the death benefit will be given to your beneficiary.
Transamerica Burial Insurance Riders
IMMEDIATE SOLUTION RIDERS
Additional Riders at no extra cost
1. Accelerated death benefit rider – this benefit will be available when you are diagnosed with a qualifying event like a terminal illness.
2. Accelerated Death benefit rider with Nursing home rider – You won’t qualify for the nursing home benefit if you already need assistance with daily living activities, including eating, dressing, bathing, toileting, continence, and transferring.
(Riders not available in New York)
Optional rider:
Children’s and Grandchildren’s Benefit rider is available at an additional cost of $2.00 per year for each $1,000 coverage amount. The parent or grandparent must be between 18 and 75, and the child must be at least 15 days old and under 18. Coverage is available for up to 9 children, from $1,000 to $5,000.
With this burial insurance plan, you only need to pay a premium for 10 years, and your coverage is guaranteed to age 121. After the first ten years of paying, you stop paying for the succeeding years.
OTHER BENEFITS:
POLICY LOANS – you can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.
When Does Transamerica Burial Insurance Make The Most Sense?
Based on our Transamerica burial insurance review, we found that Transamerica is an excellent option if your health will qualify you for their Immediate Solution preferred plan. Their rate is comparable with other insurance companies offering first-day coverage.
Their Immediate Solution standard plan accepts many health conditions but is more expensive. Their premium rate for this plan is more expensive than most.
Stay away from their Easy Solution because it comes with a waiting period. If you have some pre-existing medical condition that only qualifies you for this plan, we can get you approved with another company at a lower rate.
Transamerica Burial Insurance Underwriting Guidelines
To determine what burial insurance plan to offer you, Transamerica will check the following:
- Your answer to the health questions on the application
- Your prescription history
- Medical Information Bureau file
Transamerica does not conduct personal health interviews. They only do this if you left something on the application, and they need to verify your health.
Here are some areas for which Transamerica may be more lenient or strict with underwriting:
1. COPD or emphysema without oxygen use will qualify for an Immediate Solution standard rate. Mild COPD is eligible for the preferred rate.
2. They don’t care for mental health problems of 45-85 years old. Bipolar disorder and depression using one medication without hospitalization and no loss of school or work may qualify for an Immediate Solution preferred rate.
Bipolar patients using two medications with two episodes or a two-week loss of school or work will be offered a standard rate. Bipolar or depression patients on disability will qualify for Easy Solution.
3. People with diabetes on insulin can be eligible for the Immediate Solution standard rate. Diabetics with complications like retinopathy, neuropathy, diabetic coma, or insulin shock will qualify for standard rate immediate coverage.
4. Mild to moderate cases of Parkinson’s disease more than two years ago after the age of 30 would be eligible for Immediate Solution at a standard rate.
5. Atrial fibrillation of more than two years could get an Immediate Solution standard. It is occurred more than five years ago preferred rate.
6. Mild autism for ages 6 and older will qualify for the preferred rate.
7. Applicants with heart attack, TIA, angina, angioplasty, stent, bypass pacemaker implant, kidney disease treatment, or diagnosis within 12 months or longer will qualify for the standard rate.
8. Marijuana users that use it less than three times a week can be eligible for an Immediate Solution preferred rate.
9. Alcohol or drug abuse in recovery for 2-5 years qualifies for Easy Solution, while those in recovery for 5-8 years will be eligible for Immediate Solution standard rate.
10. Transamerica takes Direct Express card payments.
HEALTH QUESTIONS
The answer to the health questions is the biggest factor in determining your eligibility for coverage. Here are the three sets of questions Transamerica uses to know about your health condition.
KNOCKOUT QUESTIONS
If you respond YES to any question in this Section, you do not qualify for coverage.
1) Is the proposed Insured hospitalized, bedridden, residing in a nursing home or long-term care facility, receiving hospice or home health care, confined to a wheelchair, been advised or planning to have inpatient surgery, or currently waiting for an organ transplant?
2) Has the proposed insured ever:
- Been diagnosed with, been treated for, or advised to receive treatment for Alzheimer’s disease, senile dementia, organic brain disease, mental incapacity, Lou Gehrig’s disease (ALS), Downs Syndrome, Huntington’s disease, sickle cell anemia, Spina Bifida not surgically corrected, cystic fibrosis, cerebral palsy or any terminal medical condition?
- Tested positive for the antibodies to the AIDS (HIV) virus or been medically diagnosed with or received treatment for HIV, Acquired Immune Deficiency Syndrome (AIDS), or AIDS Related Complex (ARC)?
- Been in a diabetic coma or had or been advised to have an amputation due to disease or disorder?
3) Within the past two years has the proposed Insured:
- Been diagnosed with, treated for, or advised to receive treatment for cancer (other than basal cell carcinoma)?
- Undergone testing by a medical professional for which the results have not been received?
If all your answer is NO in the knockout section, proceed to the standard section.
STANDARD SECTION
4) Has the proposed Insured been diagnosed with, been treated for, or advised to receive treatment for diabetes (other than gestational diabetes) before the age of 18?
5) Within the past four years has the proposed Insured been diagnosed with, been treated for, or advised to receive treatment for cancer (other than basal cell carcinoma)?
6) Within the past one year has the proposed Insured:
- Used illegal drugs or been diagnosed with, been treated for, or advised to receive treatment for alcohol abuse, drug abuse, or muscular dystrophy?
- Had more than 12 seizures or been diagnosed with, been treated for, or advised to receive treatment for congestive heart failure, cirrhosis, hepatitis B or C, or other liver diseases?
- Been diagnosed with, been treated for, or advised to receive treatment for heart attack, stroke (CVA), transient ischemic attack (TIA), aneurysm, angina, or had or been advised to have heart surgery of any kind including bypass surgery or pacemaker implant?
- Used oxygen to assist in breathing due to a disease or disorder, received kidney dialysis, or been diagnosed with, been treated for, or advised to receive treatment for kidney failure due to a disease or disorder?
If One Question in the standard section is answered “Yes,” Transamerica will offer you their Easy Solution graded death benefit plan.
If two or more Questions in this section are answered “Yes,” you are not eligible for any coverage.
GRADED SECTION
7) Within the past two years has the proposed Insured:
- Had or been treated for a heart attack, angina (chest pain), stroke (CVA), transient ischemic attack (TIA), aneurysm, circulatory or blood disorder, heart surgery including bypass or irregular heart rhythm such as atrial fibrillation?
- Had more than 12 seizures, taken insulin shots, or been diagnosed with, been treated for, or advised to receive treatment for congestive heart failure, cirrhosis, hepatitis B or C, or other liver diseases?
- Used illegal drugs or been diagnosed with, been treated for, or advised to receive treatment for alcohol abuse or drug abuse?
8) Within the past four years has the proposed Insured been diagnosed with, been treated for, or advised to receive treatment for kidney disease?
9) Has the proposed Insured ever been diagnosed with, been treated for, or advised to receive treatment for Parkinson’s disease, multiple sclerosis, chronic obstructive pulmonary disease (COPD) including emphysema, chronic asthma, black lung, or other chronic respiratory diseases?
10) Is the proposed Insured currently under the age of 50 and if so, has the proposed Insured within the past five years been diagnosed with, been treated for, or advised to receive treatment for any mental disorder such as manic or clinical depression, schizophrenia, bipolar disease or post-traumatic stress syndrome?
Transamerica will offer you its Immediate Solution Standard plan if you say yes to only one question in this section.
Transamerica would offer you their Easy Solution with a graded death benefit if you answered yes to two or more of these health questions.
Transamerica Pricing Example
| FEMALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $13.92 | $24.23 | $34.55 | $44.86 | $55.17 |
| 55 | $15.60 | $27.60 | $39.59 | $51.58 | $63.58 |
| 60 | $18.16 | $32.71 | $47.25 | $61.80 | $76.35 |
| 65 | $22.19 | $40.77 | $59.35 | $77.93 | $96.51 |
| 70 | $28.25 | $52.88 | $77.52 | $102.15 | $126.79 |
| 75 | $37.28 | $70.94 | $104.61 | $138.27 | $171.94 |
| 80 | $52.44 | $101.26 | $150.09 | $198.92 | $247.74 |
| MALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $17.08 | $30.55 | $44.01 | $57.48 | $70.95 |
| 55 | $19.69 | $35.76 | $51.83 | $67.91 | $83.98 |
| 60 | $23.55 | $43.49 | $63.43 | $83.37 | $103.31 |
| 65 | $28.79 | $53.97 | $79.15 | $104.34 | $129.52 |
| 70 | $36.70 | $69.78 | $102.86 | $134.95 | $169.03 |
| 75 | $50.46 | $97.30 | $144.14 | $190.99 | $237.83 |
| 80 | $69.98 | $136.34 | $202.71 | $269.08 | $335.44 |
*Pricing for illustration purposes only and are subject to change without notice.
Getting Approved For Transamerica Burial Insurance
Applying for burial insurance with Transamerica is straightforward. It can be done by phone or computer with a licensed agent.
- Your independent agent will pre-qualify you over the phone and will assist you in filling out your e-application. Your agent will ask you for basic information such as date of birth and social security number.
- Your agent will ask for your beneficiary information
- You will be required to submit your payment information
- You will need to provide a voice signature or email signature
- They will verify your payment options
- After you make your first premium payment, your policy is active
- You will receive your policy in the mail within 5-10 business days after you pay your first premium.
The entire application process can be completed electronically in several minutes. To make your application quicker, have your important information readily available such as your social security number, beneficiary, and payment information.
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Transamerica Company Overview
Transamerica was founded in 1905 in San Francisco by an Italian American entrepreneur, Amadeo Giannini. Transamerica was created as a holding company after the merger of Bank of Italy with Bank of America in 1928.
In 1930, the company purchased Occidental Life Insurance and started offering life insurance. Life insurance became their flagship product and remained the biggest part of the company’s operation. Their life insurance products include term life, whole life, final expense, and other supplemental products like long-term care and accidental death insurance.
In 1956, the company became Transamerica Corporation. It became a part of one of the world’s leading financial institutions Aegon in 1999. The company recently acquired two other life insurance companies, Monumental Life and Stonebridge Life. These companies are now offering Transamerica Premier Life Insurance burial insurance products.
Today, Transamerica is involved in banking, airlines, movies, and the car rental business.
FINANCIAL RATING
When evaluating a life insurance company, it’s important to look at its financial strength. You will be more confident knowing your beneficiary can get its claim when you’re gone.
Transamerica has the highest A.M. Best rating of A+ today. Many other financial rating agencies have awarded Transamerica very high ratings. Some of the other rating agencies have given Transamerica high marks, including:
- A A.M. Best
- A+ Fitch
- A1 Moody’s
- A+ Standard & Poor’s
How Can Funeral Funds Help Me?
Finding a policy if you want Transamerica burial insurance needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies because we will do the dirty work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search all those companies and match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Transamerica funeral insurance, Transamerica burial insurance, or Transamerica life insurance.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.
Additional Questions & Answers On Transamerica Burial Insurance Review
Is TransAmerica Life Insurance still in business?
Yes, TransAmerica Life Insurance is still in business. The company was founded in 1928 and is currently headquartered in Baltimore, Maryland.
Is TransAmerica Insurance legitimate?
Yes, TransAmerica Insurance is a legitimate life insurance company. The company is licensed to sell life insurance in all 50 states and has an A+ rating from the Better Business Bureau.
Who owns TransAmerica insurance?
TransAmerica is owned by the Aegon Group, multinational insurance and financial services company.
How long has TransAmerica been in business?
TransAmerica Life has been in business since 1928.
What is TransAmerica’s financial rating?
A.M. Best gives TransAmerica an A+ rating.
What is TransAmerica’s website?
The TransAmerica website is www.transamerica.com.
What is TransAmerica insurance phone number?
The customer service phone number for TransAmerica Life is (800) 797-2643.
What is TransAmerica’s email address?
The email address for TransAmerica is info@transamerica.com.
What is TransAmerica’s members’ login?
The members’ login for TransAmerica is https://www.transamerica.com/login
Where is TransAmerica located?
TransAmerica is located in Baltimore, Maryland.
What is TransAmerica corporate address?
100 Light Street
Baltimore, MD 21202
Where can I find TransAmerica insurance reviews?
Keep reading to learn how TransAmerica measures up to the competition.
Where can I find TransAmerica BBB reviews?
You can find TransAmerica BBB reviews at the following link: https://www.bbb.org/us/md/baltimore/profile/insurance-companies/transamerica-life-insurance-company-0011-23593
How can I get a TransAmerica insurance quote?
Fill in the quote form on this page to get a quote from TransAmerica.
How can I make TransAmerica insurance online payment?
You can make TransAmerica insurance online payment by logging in to your account at https://www.transamerica.com/login
How can I access TransAmerica’s life insurance claim form?
You can access TransAmerica’s life insurance claim form by logging in to your account at https://www.transamerica.com/login
What is TransAmerica’s mailing address for claims?
The mailing address for TransAmerica insurance claims is:
Transamerica
P.O. Box 15880
Wilkes-Barre, PA 18703-5880
Where can I check TransAmerica insurance complaints?
Check out complaints here https://www.bbb.org/us/il/chicago/profile/insurance-companies/transamerica-0654-16001786/complaints
What are the different life insurance products offered by TransAmerica?
TransAmerica offers a variety of life insurance products, including:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Final expense insurance
- Group life insurance
- Disability income insurance
How old do you have to be to apply for TransAmerica insurance coverage?
You must be 18 years old to apply for TransAmerica life insurance coverage.
What is the maximum age limit for TransAmerica life insurance?
The maximum age limit for TransAmerica life insurance is 89 years old.
Are there any restrictions on who can apply for TransAmerica life insurance?
Yes, some restrictions exist on who can apply for TransAmerica life insurance. You must be 18 years old and no more than 89 years old to apply. You must also be a U.S. citizen or permanent resident.
Can you get first-day coverage with TransAmerica?
Yes, TransAmerica offers first-day coverage for some of its life insurance policies.
What are the pros and cons of TransAmerica insurance?
Keep reading for a summary of the pros and cons of TransAmerica life insurance.
PRO:
- TransAmerica has been in business for over 90 years.
- A.M. Best gives TransAmerica an A+ rating.
- TransAmerica offers a variety of life insurance products.
- First-day coverage is available for some policies.
CON:
- There are some restrictions on who can apply for TransAmerica life insurance.
- You must be a U.S. citizen or permanent resident to apply.
- Some of TransAmerica’s life insurance products have high premiums.
How much life insurance can you get with TransAmerica insurance?
Your life insurance with TransAmerica depends on your life insurance product. Some of TransAmerica’s life insurance policies have high coverage limits, while others have lower limits.
What does TransAmerica life insurance cost?
TransAmerica life insurance costs depend on the life insurance product you choose. Some of TransAmerica’s life insurance policies have high premiums, while others have lower premiums.
Where can I get TransAmerica insurance pricing?
You can get TransAmerica insurance pricing by filling out the quote form on this website page.
Is TransAmerica insurance expensive?
TransAmerica life insurance costs depend on the life insurance product you choose. Some of TransAmerica’s life insurance policies have high premiums, while others have lower premiums.
Do you need a medical exam to qualify for TransAmerica insurance?
No, you do not need a medical exam to qualify for most TransAmerica life insurance plans. However, you may be required to answer questions about your health and medical history.
Does TransAmerica ask health questions?
Yes, TransAmerica asks health questions as part of the application process. You may be required to answer questions about your health and medical history.
Does TransAmerica have a waiting period?
TransAmerica Easy Solution plan comes with a waiting period.
Does TransAmerica insurance accumulate cash value?
Some of TransAmerica’s life insurance products accumulate cash value.
What is the surrender charge with TransAmerica life insurance?
The surrender charge with TransAmerica life insurance depends on your life insurance product. Some of TransAmerica’s life insurance policies have a high surrender charge, while others have a lower one.
What other benefits does TransAmerica offer?
TransAmerica offers riders additional benefits to policyholders.
Does TransAmerica life insurance expire?
TransAmerica’s whole life insurance products do not expire. However, their term life insurance expires.
How can I find a replacement for my TransAmerica insurance policy?
If you are looking for a replacement for your TransAmerica life insurance policy, you can contact us, and we can help you find a new policy.
How do I cancel my TransAmerica insurance policy?
You can cancel your TransAmerica life insurance policy by contacting customer service.
