Transamerica Burial Insurance Review(Good or Bad)?

Yes, this is a Transamerica burial insurance review and it is one of the best and most competitively priced final expense insurance life insurance products on the market next to Mutual of Omaha. They are also very liberal in their underwriting for the product itself meaning it is easy to qualify for.

Out of most life insurance companies, Transamerica is one of the best as far as pricing on both their final expense insurance and term life insurance products. Transamerica burial insurance does not require a medical exam to qualify for their whole life insurance product. In this review, we are going to focus primarily on their final expense insurance but we will also provide information on their other life insurance policies like their term products and more.

Transamerica Life Insurance Review Products

Transamerica life insurance company has several products depending on an individual’s life insurance needs. This is why when looking into a life insurance policy with them it is important to know what your needs are. If you are looking to make sure your final expenses are covered like a burial then Transamerica burial insurance is perfect for you.

Now if you are looking to make sure a mortgage is covered or to replace your income if you die unexpectedly then Transamerica term is the product for you. That being said you can get a term policy for covering a mortgage and a Transamerica burial insurance policy to cover the burial. Yes, you can have multiple life insurance policies at once it does not matter to any life insurance companies if you have more than 1 life insurance policy.

Transamerica Final Expense Product

Transamerica burial insurance has 3 different plan levels for their final expense policy. Transamerica offers the following life insurance coverage. These are whole life plans that do build cash value in addition to the policy’s death benefit.

  • Immediate Solution Preferred
  • Immediate Solution Standard
  • Easy Solution Graded

Immediate Solution Preferred Death Benefit

  • Premiums are locked in for life and never increase
  • No waiting periods
  • Death Benefit Never Decreases
  • Face Amounts for Ages 0-55: $55,000 Max Amount, Ages 56-65: $40,000 Max Amount, Ages 66-75: $30,000, Ages 76-85 Max Amount $25,000

Getting the preferred rate requires you to answer all application health questions with a “no”. If your medical information bureau health report and prescriptions line up with your answers on the application you will be approved at the preferred rate.

Since this Transamerica life insurance has no waiting period this means the full death benefit is paid to your beneficiary right away upon your death.

Immediate solution Standard Death Benefit

  • Premiums are locked in for life and never increase
  • No waiting periods
  • Death Benefit Never Decreases
  • Face Amounts for Ages 0-55: $55,000 Max Amount, Ages 56-65: $40,000 Max Amount, Ages 66-75: $30,000, Ages 76-85 Max Amount $25,000

Their Standard plan is the same as their preferred plan just slightly more expensive if you answer a “yes” to any of the C3 questions we have displayed below. If you have any medications consistent with the C3 health questions this will also kick your policy from preferred to Standard. That being said it is still the same plan just with a higher premium with an immediate death benefit payout.

Easy Solution Graded Death Benefit

  • Premiums are Locked in for Life and Never Increase
  • Has a Waiting Period
  • Death Benefit Never Decreases
  • Available to Ages 18-80
  • Face Amount $1,000 – $25,000 (5k minimum in PA)

If you answer a “yes” to any of the C4 questions below you will only qualify for their graded product which we do not recommend because one of our agents can easily find a different life insurance company for you with an immediate benefit if that happens. The reason our agent would pivot with you to find a different life insurance company is because if you answer more than one C4 health question as “yes” you cannot qualify for any Transamerica burial insurance.

This is why we work with multiple life insurance companies because they all have different underwriting niches for our agents to get you the best option and avoid a waiting period if possible.

With the graded death benefit, you will have to be in your final expense policy for 2 years before any benefits would be paid to your beneficiary. If you die before then your beneficiary will receive the premiums you paid into the plan plus 10%. Now the policy still does build cash value so it is not all for naught but our agents would find you a bettered priced guaranteed issue policy with no medical exam or health questions.

We have also covered: Worst Life Insurance Companies for Seniors, among them is Colonial Penn Burial Insurance, Lincoln Heritage, Globe Life, AARP Burial Insurance

Transamerica Term Life Insurance Review Product

Transamerica life insurance company has 2 different term life products. Now these products and any term product with other insurance companies is going to require a medical exam 100% percent of the time which means you must be in great health to qualify for these products. In addition to this term products do not build cash value because they are temporary life insurance products.

That being said Transmarica life insurance term is fairly liberal on their underwriting, depending on what kind of medical conditions you have had in the last 5 – 10 years. This can determine if you will be rated on a higher table and still get coverage which basically means you could still qualify for Transamerica life insurance but the premium will be more expensive depending on what your medical exam shows.

Trendsetter Super

  • Premiums Locked in for the Duration of the Term
  • Face Amounts $25,000 – $10,000,001

Trendsetter LB

  • Premiums Locked in for the Duration of the Term
  • Face Amounts $25,000 – $10,000,001

Both Transamerica life insurance plans are virtually the same with one difference between the 2. The Trendsetter LB is a term life policy with living benefits which means if the insured becomes terminally ill with a terminal illness they can withdraw funds from their policy face amount to pay for things they may need. This is what is called living benefits in life insurance policies.

Does Transamerica Offer Whole Life Insurance

Yes, Transamerica life insurance company does offer whole life insurance. Their Transamerica burial insurance product is whole and they do offer universal life insurance as well.

Who Owns Transamerica Life Insurance

Transamerica is a subsidiary of Aegon N.V. that is who owns them.

What is The Grace Period for Transamerica Life Insurance

Transamerica burial insurance grace period is 31 days for their final expense life product from the date of the missed premium payment.

The grace period for Transamerica’s term product is 31 days from the date of the missed premium payment.

Can I Withdraw Money from Transamerica Life Insurance?

Yes if you have Transamerica burial insurance you can withdraw money from the cash value it has built over time from making your premium payments.

Transamerica Life Insurance Background

Transamerica insurance is based out of Cedar Rapids,IA.

Transamerica Life Insurance Riders Final Expense & Term Products

Both the Transamerica burial insurance and term products have individual policy riders that a consumer can add on in addition to their policy.

Transamerica Burial Insurance Riders

The following Transamerica burial insurance riders are available in most states.

Accelerated Death Benefit Rider

  • Available for Immediate Solution and 10 Pay Solution
  • Allows insured to use the policies death benefits while they are alive

Terminal Illness Accelerated Death Benefit Rider

  • Insured can receive 100% of the death benefit early if death is expected within 12 months.

Accidental Death Benefit Rider

  • Provides an additional amount of coverage if the insured dies from an accident

Childrens and grandshildren’s benefit rider

  • Provides level-term insurance with conversion for children or grandchildren named on the rider
  • Can be issued to children or grandchildren ages 15 days – 18 years old

As you can see Transamerica offers exceptional riders like the accelerated death rider. When it comes to final expense life insurance products these riders are among the best to make sure you or your family are taken care of.

Final expense is designed to protect your family from your funeral expenses. As experts working with life insurance products for over 10 years in the industry we are confident Transamerica offers superior final expense for the right consumer that fits their criteria.

Transamerica Term Riders

Transamerica offers riders for their term products as well that add additional benefits. Much like their final expense product a lot of similar riders are found on their Trendsetter plan.

The following riders are:

  • Accidental Death Rider
  • Children’s Insurance Rider
  • Disability Waiver of Premium Rider
  • Termianl Illness Accelerated Death Benefit Rider

Conclusion

We give Transamerica final expense a 4 out of 5 in our review the only reason it did not get a 5 star rating is because their underwriting can be hard to pass for certain individuals on their final expense product. That being said if you cant pass for their final expense product our agents can easily find you a different final expense plan among our other insurance companies.

Our agency works with the top rated insurance companies nationwide which means no matter your health situation we can match you with the perfect insurance company for your unique health situation. If you decide not to work with us please make sure whatever agency you choose has access to at least 10 different insurance companies so they can find you the best rate.

When agents work with multiple insurance companies this means they can find an underwriting niche within those insurance companies to increases your chances of avoiding any waiting periods. We help 90% of our clients get coverage with no waiting periods so this means Transamerica insurance could be right for you or it could not be contact us to find out.