Unlike an inheritance, final expenses are something none of us want to leave behind for a loved one. The goal is to share a gift — or legacy — rather than costs and expenses.
Understanding how life insurance can help with final expenses is a good place to start. Many Americans believe Social Security will pay for their final expense needs. However, the government only pays a lump sum of $255 for those who qualify.
What’s more, the Veterans Administration final expense benefit for non-service related death (if you qualify) is only $807 for a plot, plus a $300 burial allowance if not hospitalized by the VA at time of death, or a $807 burial allowance if hospitalized by the VA at time of death.
Safe & Predictable
- Issued by a highly rated carrier
- Guaranteed fixed, budget-friendly premiums
- Can pay premiums with Social Security benefits using Direct Express, Debit MasterCard
- Policy won’t be canceled as long as you make premium payments
Flexible Protection
- Permanent whole life death benefit available at low issue amounts
- Income tax-free death benefit to your heirs
- Policy builds a tax-deferred cash value over time that can be borrowed against. Outstanding loans and previous withdrawals will reduce the death benefit by the balance due.
- Offers option for reduced paid-up policy if your situation changes
- Riders add additional protection with convenience and ease of one policy
Ease & Speed
- No exam or labs
- Automated underwriting with same-day approval possible
- Coverage can begin immediately
Expedited Claims
Transamerica’s expedited claims process can pay up to $25,000 of the total death benefit to cover funeral-related or any other expenses that may arise.
Immediate Solution and 10-Pay Solution
Death benefit (all states): Full amount on day one.
Easy Solution (Graded Death Benefit)
The death benefit during the first two policy years is based on the face amount for the accidental death of the insured or is limited to 110% of the sum of premiums paid (minus the loan balance) for the death of the insured from any other cause. The death benefit after the first two years is based on the face amount (minus the loan balance) for the death of insured regardless of cause of death.
The following riders offer customizable protection and have fees and/or require an additional premium.
ACCELERATED DEATH BENEFIT RIDERS
Available on the Immediate Solution and 10-Pay Solution at no additional premium cost:
Accelerated Death Benefit Rider with Nursing Home Benefit (NHB)
This rider pays the face amount, less an interest discount, less any loans, less administrative charge, less any premiums that would be due in the next year upon diagnosis of a qualifying event or confinement in a qualified nursing home facility. This rider is not available if you need any assistance in performing daily living activities at the time of application.
Accelerated Death Benefit Rider (ADBR). (For Florida only.)
This rider pays the face amount, less an interest discount, less any loans, less any administrative charge, less any premiums that would be due in the next year upon diagnosis of a qualifying event. Eligibility requirements apply. Accelerated death benefits will be available when the insured has been diagnosed with a qualifying event, as described in the rider, while the policy and the rider are in force. Benefits advanced under this rider may be subject to taxation. Limitations and exclusions apply. Refer to the rider for complete details.
Terminal Illness Accelerated Death Benefit Rider (Tir) for California Only
Insured can accelerate up to 100% of the face amount, less an interest discount, less any loans, less any administrative charge, less any premiums that would be due in the next year, if death is expected within 12 months receipt of a physician’s statement.
Accidental Death Benefit Rider (Adr)
Optional Rider: Available only on the Immediate Solution for issue ages 18–70. This rider provides for payment of an amount in addition to the face amount of the policy in the event of accidental death resulting directly and independently of all other causes from an accident, as defined in the rider, subject to the definitions and exclusions set out in the rider. Death must occur within 90 days from the accidental bodily injury, while the policy is in force. The additional accidental death benefit amount is equal to the base face amount.
Children’s and Grandchildren’s Benefit Rider (Cgr)
Optional Rider: This rider provides level term insurance, with conversion feature, for the children/grandchildren named in the rider. Available only on the Immediate Solution for issue ages of parent/grandparent 18–75 and child/grandchild issue ages 15 days old to 18 years. The minimum death benefit is $1,000, the maximum death benefit is equal to the base face amount or $5,000, whichever is less. No more than nine covered children/grandchildren may be covered under this rider.
Securing Tomorrow for Your Loved Ones
While no one knows when we or a loved one will pass on, we can take steps now to help ensure that funeral costs and other final expenses will be covered when the time comes, and help ensure a legacy of peace and calm.
Even if you think your age or health might make it difficult to qualify for traditional medically underwritten life insurance protection, Transamerica’s Immediate Solution, 10-Pay Solution, and Easy Solution may be able to provide you with fast, easy, predictable, and customizable coverage.
These solutions were designed to help give you and your family protection now that will be there to ease the burden when your loved ones need it most.
