Choice Mutual Rating

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 DetailsPreferredStandardGraded
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Builds Cash ValueYes
State AvailabilityAll states
New Applicant Age Range45-85
Minimum Coverage Amount$1,000
Maximum Coverage Amount0-55: $50k
56-65: $40k
66-75: $30k
76-85: $25k
Free Built In RidersTerminal illness
Optional RidersAccidental Death (2X the payout for accidental death)
Where to ApplyAgencies licensed to sell Transamerica Life products (you can't buy this plan directly from them)
Phone Number to Apply1-800-644-2926
Medical Exam RequiredNo
2-Year Waiting PeriodNo
(subject to underwriting approval)
Application Approval Time15 Minutes
BrochureTransamerica Final Expense Brochure
Sample ApplicationTransamerica 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.


50F: $24.23
M: $30.55
F: $27.67
M: $34.66
F: $62.75
M: $75.79
55F: $27.60
M: $35.76
F: $34.12
M: $42.37
F: $72.63
M: $91.43
60F: $32.71
M: $43.49
F: $39.42
M: $51.11
F: $83.12
M: $106.90
65F: $40.77
M: $53.97
F: $49.35
M: $66.43
F: $101.79
M: $136.46
70F: $52.88
M: $69.78
F: $69.68
M: $101.90
F: $125.55
M: $177.08
75F: $70.94
M: $97.30
F: $93.74
M: $135.00
F: $155.88
M: $231.67
80F: $101.26
M: $136.34
F: $135.32
M: $190.34
F: $218.84
M: $334.63
85F: $158.59
M: $213.94
F: $202.25
M: $280.60


Pros & Cons Of Transamerica Final Expense Life Insurance

The Good
  • 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
  • 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
The Bad
  • 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.

Even though Transamerica is a great company, it’s still important to compare multiple providers before making a final decision. All companies have different pricing and underwriting, and no single company is the best option for everyone.

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:

Angina (chest pains)
Aneurysm (if surgically repaired)
Bipolar disorder
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
Crohn’s disease
Diabetes (type 2)
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
High blood pressure
High cholesterol
Kidney disease (no dialysis)
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago


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:
  • Phone: 1-800-527-9027
  • Mailing address: PO Box 189 Cedar Rapids, IA 52406-0189


The Bottom Line

4.0/5 rating
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.

Policy rates relative to other carriers
Financial Strength
Credit ratings from A.M. Best
Customer Reviews
Consumer feedback from third-party websites like Facebook, Yelp, and Trustpilot
NAIC Complaint Ratio
Up-to-date complaint score from the National Association of Insurance Commissioners
Advertising Practices
Accuracy and trustworthiness of marketing
Available Products
Number of policy types, including no-exam options

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 are known to provide accurate information. You can learn more about our editorial standards, which guides our mission of delivering factual and impartial content.

  1. Transamerica.
  2. A.M. Best.