Founded in 1904, Transamerica could probably stake a claim to be among the best final expense insurance (opens in new tab) companies off the back of its rich history alone. And thanks to its parent company, Aegon, it also enjoys the backing and stability offered by an organization with more than 170 years of history and a strong capital position.
A highly regarded insurer and a likely familiar name, Transamerica is a popular destination for later life planning, offering a range of retirement solutions and annuities, and for investors searching for mutual funds. However, protection is at the core of its offerings too, with life insurance (opens in new tab) available in its many guises and variations.
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Transamerica review: What is on offer
Transamerica offers three final expense insurance options: Immediate Solution, 10 Pay Solution and Easy Solution. The Immediate Solution is a whole life policy that can be purchased at any time before age 85 and is valid for the policyholder’s life up to age 121. The 10 Pay Solution must also be purchased before age 85, but on this plan, premium payments are payable over a period of 10 years, either monthly or annually. The third option - the Easy Solution - can be purchased between the ages of 18 and 80, and is a graded death benefit policy, meaning it is an option for those who may have difficulty qualifying for other policies, due to their health.
Potential buyers have the option to call and speak to a phone-based agent or enter their postcode to find an agent local to them with whom they can meet. Note that a medical examination is not required for any of Transamerica’s final expense insurance policies, with an automated underwriting system making same-day approval possible.
Transamerica review: The finer details
For the Immediate and 10-Pay solutions, benefits can range from a minimum of $1,000 up to a maximum of $50,000, depending on your age when taking out either of the two plans. Up to the age of 55, you can take the full cover of $50,000 if you wish, with the maximum then falling to $40,000 for ages 56-65, $30,000 for 66-75 and $25,000 if you're between 76 and 85.
On the Easy Solution plan, the benefits are limited to a maximum payout of $25,000 full stop. All of the plans start immediately, with no wait for coverage to begin, and guarantee that premiums will not rise once the policy begins.
Also on offer is a number of accelerated death benefit riders that allow for customizable protection. For the Immediate and 10-Day Solutions, for instance, there is a nursing home benefit available at no extra cost that would be due following confinement to a nursing home facility. An optional accidental death benefit rider is also available on the Immediate solution that provides for the payment of an amount in the case of accidental death.
Transamerica review: Service
The website is accessible and contains a good amount of information to help prospective customers make their choice. There is also a helpful downloadable brochure that lists the potential costs of final expenses and encourages you to assess your financial situation to determine the coverage you might need.
Support is available online and over the phone, and while customer reviews on Better Business Bureau (opens in new tab) are mainly negative, Transamerica still receives an A- rating from the bureau overall.
Should you use Transamerica final expense insurance?
Transamerica has many of the hallmarks of an excellent final expense insurance company, including a number of plan options, clear information, a welcoming approach to applying, and the chance of same-day approval. There are the riders to consider as well and the undoubted financial strength of the company is in its favor too. Holding it back slightly are the negative customer reviews, but as an all round final expense insurance solution, Transamerica has both the pedigree and the products to make it worth a look.
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