Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
Transamerica has affordable senior burial insurance that accepts health issues common among seniors.
Their application is a bit lengthy but worth the effort if you can qualify.
Learn how their coverage works, the approximate cost, pros & cons, and if their final expense insurance is worth buying.
How Does Transamerica Final Expense Insurance Work?
Transamerica final expense life insurance, aka funeral or burial insurance, is a no-exam required whole life policy meant to cover your end-of-life expenses.
To qualify, you only need to answer health questions.
In addition to the health questions, Transamerica will review your prescription history because that gives them a clear picture of your overall health.
If you die while the policy is in force, Transamerica will pay out the death benefit directly to your beneficiaries (or funeral home if you’d like).
The money is paid tax-free and comes with no restrictions. That means they can spend the money on medical bills, outstanding credit card debts, funeral costs, or anything else.
Also, any money left over is theirs to keep.
Transamerica funeral insurance has three health ratings that might qualify for:
- Preferred: This is their least expensive option and has no waiting period. You must be able to answer no to all health questions to qualify for the preferred plan.
- Standard: This option is more costly than the preferred plan, but it still has no waiting period. The standard rating will only be offered if you have specific health issues mentioned in the application.
- Graded: This is their most expensive option and has a full two-year waiting period. The modified plan will only be offered if you have very high-risk conditions which appear in the application.
You cannot buy Transamerica burial insurance directly from them. It’s exclusively sold via licensed agencies such as Choice Mutual.
| Coverage Details | Preferred | Standard | Graded |
|---|---|---|---|
| Policy Type | Whole Life Insurance | ||
| Policy Duration | Lifetime | ||
| Fixed Premiums | Yes | ||
| Builds Cash Value | Yes | ||
| State Availability | All states | ||
| New Applicant Age Range | 45-85 | ||
| Minimum Coverage Amount | $1,000 | ||
| Maximum Coverage Amount | 0-55: $50k 56-65: $40k 66-75: $30k 76-85: $25k | $25,000 | |
| Free Built In Riders | Terminal illness | ||
| Optional Riders | Accidental Death (2X the payout for accidental death) | ||
| Where to Apply | Agencies licensed to sell Transamerica Life products (you can't buy this plan directly from them) | ||
| Phone Number to Apply | 1-800-644-2926 | ||
| Medical Exam Required | No | ||
| 2-Year Waiting Period | No (subject to underwriting approval) | Yes | |
| Application Approval Time | 15 Minutes | ||
| Brochure | Transamerica Final Expense Brochure | ||
| Sample Application | Transamerica Final Expense Application | ||
How Much Does Transamerica Funeral Insurance Cost?
The cost of Transamerica funeral life insurance is based on your exact age, health, gender, state of residence, tobacco usage history, and the amount of coverage.
Below is a table that shows some sample final expense prices for their coverage.
The rates shown in this table are monthly premiums for a $10,000 death benefit.
| Age | Preferred | Standard | Graded |
|---|---|---|---|
| 50 | F: $24.23 M: $30.55 | F: $27.67 M: $34.66 | F: $62.75 M: $75.79 |
| 55 | F: $27.60 M: $35.76 | F: $34.12 M: $42.37 | F: $72.63 M: $91.43 |
| 60 | F: $32.71 M: $43.49 | F: $39.42 M: $51.11 | F: $83.12 M: $106.90 |
| 65 | F: $40.77 M: $53.97 | F: $49.35 M: $66.43 | F: $101.79 M: $136.46 |
| 70 | F: $52.88 M: $69.78 | F: $69.68 M: $101.90 | F: $125.55 M: $177.08 |
| 75 | F: $70.94 M: $97.30 | F: $93.74 M: $135.00 | F: $155.88 M: $231.67 |
| 80 | F: $101.26 M: $136.34 | F: $135.32 M: $190.34 | F: $218.84 M: $334.63 |
| 85 | F: $158.59 M: $213.94 | F: $202.25 M: $280.60 | N/A |
Pros & Cons Of Transamerica Final Expense Life Insurance
- Both the preferred and standard plans have no waiting period
- No exam is required to qualify (only health questions)
- Approvals are typically 15 minutes or less
- You can pay with a Direct Express credit card
- Low prices, especially the cost of burial life insurance for seniors over 70
- Available in all 50 states, including D.C.
- Lifelong coverage that won’t expire or increase in cost
- Favorable underwriting that will accept (with on waiting period) a variety of high-risk health issues such as COPD, kidney disease, or Parkinson’s’ to name a few
- High coverage amounts up to $50,000 for applicants 55 and younger
- At some ages, there are cheaper carriers available
- The graded plan is grossly overpriced
- Any antipsychotic medications, regardless of why they were prescribed, will result in the graded plan being offered
- No guaranteed acceptance option
- The application is longer than most burial insurance companies.
Is Transamerica Burial Insurance Worth Buying?
Yes, Transamerica burial insurance is worth buying if you qualify for their preferred or standard plan.
Transamerica made our list of the top 12 best funeral insurance companies because of their low prices and favorable underwriting.
Overall, Transamerica has one of the least expensive final expense plans, similar to Mutual of Omaha.
And despite risky medical issues, most seniors will still qualify.
Their graded plan is not worth buying because it’s too expensive.
Financially, Transamerica is very sound, and you can trust that they will be around and able to pay your claim when that day comes.
The table below outlines many typical health issues where you’d still be eligible for no waiting period coverage with Transamerica.
Common conditions still eligible for no waiting period coverage: Afib Angina (chest pains) Aneurysm (if surgically repaired) Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 4 years ago Chronic bronchitis Circulatory surgery > 1 year ago COPD Crohn’s disease Depression Diabetes (type 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis High blood pressure High cholesterol Kidney disease (no dialysis) Lupus Multiple sclerosis Pacemaker (installed > 1 year ago) Parkinson’s disease Schizophrenia Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors |
Transamerica Company Background
Transamerica started doing business in 1906. They offer a multitude of life, annuity, investment, and retirement products throughout the nation.
They currently have an A (Excellent) rating with A.M. Best.
Their contact information is below:
- Website: www.transamerica.com
- Phone: 1-800-527-9027
- Mailing address: PO Box 189 Cedar Rapids, IA 52406-0189
Transamerica earned 4 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.
Learn about our rating methodology.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
