Transamerica Life Insurance Review (2023)

Who is Transamerica Life?

Transamerica is an insurance company with over a century of experience helping people feel better about the future. Since its establishment in 1904, Transamerica has been built on the idea that everyone has a right to financial security. The organization has remained innovative to deliver various solutions to achieve this noble goal through the years. The company offers retirement, life insurance, and investment solutions to over 11 million Americans.

According to their official website, Transamerica is helping Americans live well by empowering them to create a better future through the health and financial-related habits they form today. The company aims to help people achieve a lifetime of financial security by offering the appropriate services, tools, and strategies.

Attribute	Details
Founded	1928
Address	6400 C Street SW Cedar Rapids, IA 52499
Email	NA
Phone	800-797-2643
Website	https://www.transamerica.com/contact-us
BBB Rating	B
A.M. Best Rating	A

Transamerica’s final expense life insurance solutions are designed to help protect your family from unexpected burial expenses when a loved one passes. The products are meant to help make life easier for your loved one when you die by helping fund your end-of-life costs.

The insurance policies are available to people between 15 days and 85 years. Unlike most final expense insurance policies that set the minimum age as high as 50 years, Transamerica is available to babies as young as 15 days.

There are three Transamerica final expense life insurance plans:

Plan Name	Immediate Solution	10-Pay Solution	Easy Solution
Issue Ages	0-85	0-85	18-80
Coverage Amount	$1,000-$50,000	$1,000-$50,000	$1,000-$25,000
Death Benefit	Immediate Coverage	Immediate Coverage	2-Year Waiting Period
Riders	Accelerated Death Benefit Rider Accidental Death Benefit Rider Child/Grandchild Rider Accidental Death Benefit Rider Children’s and Grandchildren’s Benefit Rider (CGR)	Accelerated Death Benefit Rider Terminal Illness Accelerated Death Benefit Rider	No riders available on this plan

Transamerica Immediate Solution Brochure

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Transamerica Final Expense Immediate Solution Overview

This is an easy and fast option that helps protect your family from unexpected funeral expenses. The Transamerica Life Immediate Solution offers guaranteed death benefits, level premiums, and coverage ranging between $1,000 and $50,000 for people of different ages, health levels, and lifestyles.

Level premiums mean that the premium amount will never change regardless of the insured’s changes in health and age.

State Eligibility

This plan is available in all states, meaning that every American who meets the age eligibility requirements can apply for a Transamerica Life Immediate Solution policy.

Age Eligibility

Immediate Solution by Transamerica is available to all Americans aged between 15 days and 85 years. That means that it is available to children and adults alike.

Coverage Amounts

The coverage amounts for the Immediate Solution policy range between $1,000 and $5,000. Although the $1,000 minimum coverage is constant across all age groups, the maximum coverage varies with age. The maximum coverage amount is $50,000.

Age	Coverage Amount
0-55	$1,000 – $50,000
56-65	$1,000 – $40,000
66-75	$1,000 – $30,000
76-85	$1,000 – $25,000

Death Benefit Terms

This plan is available in all states, meaning that every American who meets the age eligibility requirements can apply for a Transamerica Life Immediate Solution policy.

Cash Value

The plan accumulates cash value from every premium you pay. The cash value is a savings account that allows you to borrow loans from the insurers at an interest rate not exceeding 8%. The loan interest rate is variable but will never exceed 8%.

Available Riders

In the table above you’ll find the additional benefits/riders with the Transamerica Life Immediate Solution final expense insurance plan.

Transamerica Final Expense 10-Pay Solution Overview

Transamerica’s final expense insurance plan guarantees death benefits, cash value, and level premiums. As the name suggests, the plan lets you pay the policy’s premium over 10 years. 10-Pay is an affordable plan if you do not have money to make a single lump sum premium payment.

Being a level plan, your premiums will never change regardless of changes in your age and health.

State Eligibility

Like the Immediate Solution plan, the Transamerica 10-Pay Solution final expense insurance plan is available in all states.

Age Eligibility

Transamerica’s 10-Pay Solution is available to people aged 0-85 years. Zero, in this case, represents infants of 15 days through 12 months.

Coverage Amounts

The plan’s coverage ranges between $1,000 and $50,000 for people of varying ages. The $1,000 minimum is constant for everyone, but the maximum coverage amount varies depending on your age group. Below is a breakdown of the maximum coverage amounts for different age groups:

Age	Coverage Amount
0-55	$1,000 – $50,000
56-65	$1,000 – $40,000
66-75	$1,000 – $30,000
76-85	$1,000 – $25,000

Death Benefit Terms

After the death of the insured or policyholder, the full death benefit will be paid to surviving beneficiaries to help with burial costs. The death benefit is paid less any unpaid loan or any other charge. Death benefits are paid promptly.

Cash Value

Like with Transamerica’s Immediate Solution final expense insurance, your 10-Pay Solution insurance policy will accumulate a cash value after every premium payment.

This somewhat saving account allows you to borrow money from the insurance company for everyday expenditures. The loan interest rate is variable but will never exceed 8%.

Available Riders

Unlike the several riders from the Immediate Solution plan, the 10-Pay Solution only offers two. The Accelerated Death Benefit Rider will pay the face amount should you meet a qualifying event. For example, you can use your life insurance death benefit while confined in a nursing home facility. The Terminal Illness Accelerated Death Benefit Rider is only offered in California. This rider will allow you to receive 100% of the face amount if death is expected within 12 months. Both riders provide additional protection for you and your family from the financial burden.

Transamerica Final Expense Easy Solution Overview

Unlike the first two plans, Easy Solution’s final expense insurance policy by Transamerica does not cover children. It is a graded death benefit plan only available to adults with more severe health conditions.

However, it is not available to senior citizens who are over the age of 80 years. It is also a level premium plan, meaning your premiums will never change, no matter what.

State Eligibility

Like the Immediate Solution and the 10-Pay Solution, Transamerica’s Easy Solution end-of-life expense insurance plan is available in all states and Washington, DC.

Age Eligibility

In most states, the plan is available to people aged between 18 and 80. In New York, however, the age eligibility is 50-75 years.

Coverage Amounts

The coverage amounts for this final expense insurance plan by Transamerica range between $1,000 and $25,000. This plan’s maximum coverage amount is relatively lower than the other two plans because the policy targets people with serious health conditions.

Age	Coverage Amount
18-80	$1,000 – $25,000

Death Benefit Terms

The policy’s death benefit during the first two years is based on the face amount for accidental death. When death is not accidental, the death benefit is limited to 110% of the premiums paid, less the loan balance. After the first two years of the policy, the death benefit is based on the face amount less the loan balance, regardless of the cause of death.

Cash Value

A part of your premiums will contribute to your policy’s cash value, a form of savings account. If you ever need financial help, you can borrow loans from Transamerica against your cash value.

Available Riders

Transamerica Life Insurance Company has no riders for this end-of-life expense insurance policy.

Transamerica Insurance Application Process

The application process is pretty straightforward. You can secure a whole life insurance policy without lab tests or medical examinations, provided you meet the insurer’s eligibility requirements.

With the company’s electronic application process, you can get same-day approval, which will be confirmed via an MRAS email notification.

Transamerica Final Expense Application

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How Transamerica Will Decide On Your Approval

Although no medical examination or lab tests are required for Transamerica’s final expense insurance products, you will be asked a series of health questions to help determine your eligibility. In other terms, your eligibility will depend on how you answer the said health questions.

Transamerica employs an underwriting program known as Express Protect Underwriting. This system helps review and verify your medical history using third-party data, explaining the potential for same-day approval. For instance, the company can access your Medical Information Bureau (MIB) record to analyze your health condition.

Once the underwriter has reviewed your application form, you will receive a notification confirming your status.

Paying Your Premiums

After completing the application process and getting approved, you must schedule your first premium payments. You can have the first premium drawn from your account immediately or schedule for another day within the first month after approval of your policy.

You can pay the first premium via a personal check, bank draft, or credit/debit card. However, all recurring payments are made via bank draft (EFT).

Transamerica Ratings & Customer Reviews

What Does The BBB Say About Transamerica Life?

As of this writing, Transamerica Life Insurance Company holds a B rating with the Better Business Bureau (BBB). According to the bureau, the reasons or justifications for a B rating is that the company has 5 unresolved complaints filed against the business. Transamerica is not BBB accredited.

Transamerica Life A.M. Best Ratings

A.M Best is a global credit rating agency, data analytics provider, and news publisher focusing on the insurance industry. As of this writing, Transamerica holds an A financial strength rating with A.M Best.

Frequently Asked Questions