Transamerica Final Expense Insurance Review [Pros, Cons & Ratings]

Sharing happiness while you’re alive is something that most people do. But did you ever think what would happen if you burden your family with all the expenses after you’re gone? And the worst thing is that you couldn’t even do anything about it, as you would have already rested beneath the soil.

That’s why it is essential to have a pre-planned funeral, or at least have solutions to pay the final debts, instead of overwhelming your loved ones with enormous liabilities. Fortunately, numerous US-based insurance companies offer final expense policies to Americans.

But as countless organizations are working on the same thing, let’s do the Transamerica final expense insurance review, to help you make the right decision.

What Is Final Expense Insurance?

If you’re not sure what final expense insurance is, then here’s a quick summary.

Final expense insurance helps your family to pay for all the post-death expenses without spending a single cent. Just like any other insurance policy, this one comes with properly identified premiums and benefits.

Moreover, the obtaining process is similar to all other insurance types, where the applicant goes through several underwritings to finally become eligible for the plan.

The final expense policy has been playing a great role in people’s lives. As per research, 54% of Americans have an insurance policy out of which 30% of the US citizens opt for the final or burial expense insurance.

About Transamerica

Transamerica is a prominent organization that deals in different kinds of life insurances in the US region. It’s a part of Aegon Group that has been providing impeccable financial solutions – in terms of pensions, insurance, and financial management – for almost 175 years now.

With more than 29 million customers in Asia, Europe, and the Americas, Aegon has paid more than $75 billion in benefits and claims in just 2019. The company is also known for its living benefits. Moreover, according to the financial report of June 2, 2020, it has a $1,134 billion revenue-generating investment with over 23,500 employees worldwide.

Although Aegon’s headquarter is in Netherland, Transamerica Corporation is fully functional from Iowa, USA, since 1904. And since its origin, this insurance company is successfully providing services to the majority of citizens.

Overview: Transamerica Insurance Products

There are several ways to understand any insurance company’s worth, and one of them is the number of insurance products it is advancing.

When it comes to Transamerica, the company is not only handling the finances, but it has been investing in several other niches, such as the film industry, banking, car rental business, and even airlines.

However, in the insurance sector, the organization has five main products:

  1. Term Life Insurance
  2. Universal Life Insurance
  3. Index Universal Life Insurance
  4. Whole Life Insurance
  5. Final Expense Life Insurance (We are discussing this one)

All these different insurance types assure that the company is serving the greater mass in the US. And among all the insurance plans, Transamerica’s Final Expense policy appears to be vital for every young and old.

Transamerica’s Reputation In The US Market

Another parameter to judge an insurance firm’s reputation is by analyzing its market share and official ranking as per their assets. These two factors are evaluated by seeing insurance product offerings, claim policies, and premium rates.

Companies with positive feedback in all the spheres are likely to gain higher market shares and a high position in the ranking queue.

According to Investopedia, Transamerica covers 3% of the market shares in the US. This signifies that the company is still a few slots behind other insurance providers. Nevertheless, people trust Transamerica’s assistance and prefer it over numerous other organizations, which are behind in terms of market share.

Another important fact is the ranking. Even some of the infamous insurance facilitators fail to make it in the top 100 US insurance companies. But surprisingly, Transamerica achieved the 11th position by assets in 2018.

Transamerica Financial Strength

Financial strength ratings are the ultimate factor to analyze the company’s overall position. In the insurance sector, these ratings verify whether or not the company is capable of providing claims. Is the organization reliable enough to manage customer finances?

Does it have a competent risk management plan to assure customers’ money protection? These are some of the most crucial things financial ratings inform to the existing and potential customers, as well as, prospects.

Despite many financial rating organizations, the most authentic ones are Moody’s, A.M Best, S&P Global, and Fitch. And fortunately, Transamerica has received positive feedback from all these credit rating agencies.


Moody’s has given ‘IFS A1 ratings’ to Transamerica in 2020 based on its remarkable services in the US life insurance sector. Moreover, these ratings are also based on Transamerica’s distribution channels, earnings, and customers’ and employees’ satisfaction.

A.M Best

Transamerica Corporation has received ‘A ratings’ by A.M Best. According to A.M Best, the company has a very strong balance sheet strength with a robust performance. Further, the company has an outstanding business profile that assures future business growth. Likewise, the risk management system is comprehensive, well-integrated, and disciplined.

S&P Global

According to deep research on Transamerica’s financial position, S&P has awarded Transamerica Corp., as well as, its parent company (Aegon) with an ‘A+ ratings’. S&P Global reports that the company has increased its net income in 2019. This reveals that Transamerica has a bright future.


Lastly, Fitch has also given ‘F1+ratings’ and ‘A+ ratings‘ to Transamerica in 2019 as per their long term and short term insurer financial strength (IFS).

So, a company with all positive ratings is surely a trustworthy institution. Furthermore, all the financial analysis assures that Transamerica is giving its best when it comes to providing insurance to the customers.

Transamerica Final Expense Insurance Review

As you have been through the overall Transamerica’s structure, financial strength, and the insurance types it offers, it is time to reveal Transamerica’s Financial Expense insurance along with its underwriting process and other important factors.

Types Of Final Expense Insurance

Transamerica has three main categories in its final expense insurance:

  1. Easy solution
  2. Immediate solution
  3. 10-Pay solution

All these three categories include different rules and eligibility criteria for the applicants.

Transamerica Final Expense Riders

Transamerica permits you to add several riders to your final expense policy, such as:

  • Accelerated Death Benefit Rider – ABDR (For Floridians Only)
  • Nursing Home Benefit – NHB
  • Accelerated Death Benefit Rider – Terminal Illness Rider – TIR (For Californians Only)

All three riders require a face amount. And all other charges are deducted in advance including the interest discount, loans, administrative charges, and premiums due in the upcoming year if diagnosed with any acceptable condition mentioned in the underwriting or, in case of death.

However, the ADBR is only for Florida citizens, whereas, NHB can be savored in the entire USA, except New York, as both ADBR and NHB are unavailable for this city. Contrarily, TIR can’t be added if you’re not living in California.

Optional Riders

There are two optional riders you can add to your Immediate Solution plan, such as:

Accidental Death Benefit Rider – ADR

If you include ADR in your policy, it will help you get the death benefit in case of your death within 90 days after your accident.

Children’s And Grandchildren’s Benefit Rider – CGR

CGR allows you to enroll your children and grandchildren in the Final Expense policy. It means you can bear all the expenses on behalf of the teenagers until they reach the age of 25.

Final Expense Policy Overview

Here’s your chance to overview what each final expense policy provides, so that you may decide what policy to take and which to forego.

Easy Solution Final Expense Insurance

Premium Payment Duration

Transamerica’s Easy Solution burial policy has no limited premium paying duration. So as long as you are living up to 121 age, you have to pay the premium until your death arrives.

That means if you have purchased the policy at age 40 and you live up to 95 years, then you have to pay the premium for all the years that come between your life and death.

Total Death Benefit

Transamerica offer death benefit from $1000 up to $25,000 max. So, if you’re fine with the maximum death claim amount, then Easy Solution could be a great pick.

Benefit Duration

This is as same as the premium payment duration. The maximum age your loved ones can claim for a benefit is 121. That means, if you die at the age of 122, there’s no way your family could ask the company to pay the dues.

Availability of Policy Loans

Yes! You can enjoy a policy loan if you choose the Easy Solution plan. The rates are changeable as per the company’s policies, but they won’t exceed more than 8%.

So, for instance, you have taken a loan on your policy, so the highest possible percentage you might need to pay on your loan is 8.

Death Benefit Policy

This is a little tricky. In the first two years, the company pays the death benefit based on your accidental death’s face value. Or it is limited to 110% of the total premiums you would have paid after deducting the loan amount (if taken).

Therefore, if you have chosen $25,000 (face value) as your death benefit, and so far you have only paid $5000 worth premiums in the two years and you have also taken a $2000 loan. Then the total amount your beneficiaries get would be around $3500 (5000 x 110% – 2000) only.

But the death benefit face value remains the same in case you die after the completion of two years. Your beneficiaries would receive the entire amount after loan deduction (if taken). So, on a $25,000 death benefit and a $2000 loan, your family might receive $23,000.

Additional Riders

Easy Solution doesn’t allow you to choose riders to experience additional benefits from your burial expense.

Immediate Solution Final Expense Insurance

Premium Payment Duration

Immediate Solution final expense is another Transamerica’s burial policy that covers many areas as compared to the Easy Solution plan, but some rules are found to be constant. For example, the premium payment duration is the same – up to 121 years.

Hence, a candidate must pay the premium amounts until the policy matures, which is only possible in case of the insured’s death or if he or she crosses the 121 age.

Total Death Benefit

The minimum death benefit anyone can claim is $1000. But the Immediate Solution plan has a variety when it comes to claiming the maximum benefit. Transamerica has divided the death benefit as per the candidate’s age.

Suppose, if a policyholder between 0 to 55 ages is offered a maximum $50,000 benefit. An applicant that falls between 56 and 66 years of age can avail up to $40,000 benefit.

Conversely, the insured person, who ages 66 to 75, can ask for a $30,000 death benefit. And lastly, someone buying the Immediate Solution policy between the 76 to 85 age ranges can expect a $25,000 benefit. And not more than that.

So, the sooner you buy this policy, the higher benefits your beneficiaries can relish. But, keep in mind that higher claims mean the candidate is young. Therefore, he or she will have to pay higher premium rates.

Benefit Duration

The maximum benefit duration is 121 age (same as Easy Solution final expense).

Availability Of Policy Loans

You can savor loans on behalf of your policy on a maximum of 8% (markup).

Death Benefit Policy

Unlike the Easy Solution plan, the Immediate Solution final expense program has standard claiming rules. In other words, your beneficiaries receive the death benefit without any ‘Two-year‘ policy.

So, whether you have purchased the policy today and you die tomorrow, the company will pay the entire benefit amount (after deducting the loan, if availed) to your family members.

That means if you bought this plan at age 30 with a $50,000 death benefit along with a $10,000 loan. So after your demise, the beneficiaries will get $40,000 (expected death benefit – loan = total death benefit). Also, the Immediate

Additional Riders

If you have the Immediate Solution policy, you can add different riders to it including ADR, NHB, TIR, ADR, and CGR.

10-Pay Solution

Premium Payment Duration

While the Easy Solution and Immediate Solution policies remain for the rest of your life, the 10-Pay Solution plan is fixed up to 10 years.

Total Death Benefit

In 10-Pay Solution, the lowest possible premium you can keep is $1000, whereas, the highest death benefit you can relish is $50,000. Nevertheless, again, it depends upon your age.

For instance:

  • Policyholder between 0 to 55 ages is issued with $50,000 max benefit
  • Policyholder between 56 to 65 ages can gain a $40,000 benefit
  • Policyholder between 66 to 75-ages are given up to $30,000 death benefit
  • Policyholders above 76 and up to 85 years can claim up to $25,000

Benefit Duration

The benefit duration is the same as the immediate solution and easy solution policies (121 age)

Availability Of Policy Loans

It comes with a variable rate but the markup doesn’t increase more than 8% (same as the previous final expense variants)

Death Benefit Policy

This final expense program is similar to term life insurance where you are required to pay premiums for predefined years (10, 20, or 30). And in case of death within the duration, or if the policy is matured, you or your beneficiaries get the benefit.

The only difference is that the 10-Pay solution cannot be enhanced for more than 10 years. Besides, you can also include the following riders to it.

  • ADBR
  • NHB
  • TIR

But, this policy lacks the addition of ADR and CGR.

Premium Pricing

Transamerica premium rates are different for each final expense policy. But if you pick the lowest death benefit ($1000), then the policies will likely be inexpensive for you.

On the other hand, if you’re going for the maximum death benefit ($25,000 in easy solution and $50,000 in immediate and 10-pay solution), then expect paying high amounts on annual basis (approximately $2000 per year).

Mobile Application

One of the best things about Transamerica is that you can access your account to get information, or to simply answer all the underwritings through the ‘Transamerica App’. This application can be accessed via any mobile phone.

Furthermore, it’s a user-friendly application that even allows elderlies to use it with ease. However, for now, final expense policyholders cannot fully enjoy the access. But, for underwriting purposes, you can surely count on the software.

Final Expense Insurance Underwriting Process

Some online sources claim that Transamerica’s underwriting process is one of the easiest in the entire US.

Conversely, after researching from all the authentic platforms, it is found that the underwriting procedure, especially for the final expense insurance is pretty tough.

So, consider direct rejection if you’re living with the following conditions:

  • Alzheimer/Memory Loss/Dementia and other cognitive diseases
  • Amputation
  • Anemia (sickle cell)
  • Angioplasty (if the procedure is done before age 45)
  • Assisted living or needs lifelong care services
  • Autism and Bipolar disease (if you’re between 0 and 17 years)
  • Bad driving record in the past 2 years
  • Been on probation in the past 2 years
  • Bone marrow transplant
  • Cerebral Palsy
  • Convict of crime
  • Cystic Fibrosis
  • Depression (aging from 0 to 18)
  • Diabetes
  • Donor stem cell or any other organ transplant
  • Down’s Syndrome
  • Heart disease before the age of 45
  • Hepatitis B
  • Hospice
  • Huntington’s disease
  • Incarceration within 2 years
  • Lou Gehrig’s disease (ALS)
  • Mental retardation and incapacity
  • Onset cancer within 2 years (metastatic, lymph node issue, multiple cancers, and recurrent cancer)
  • Pulmonary Fibrosis
  • Sarcoidosis
  • Schizophrenia
  • Suicide (if attempted within 2 years of applying for final expense insurance)
  • Surgery

Pros Of Transamerica Final Expense Insurance

The following are the benefits of Transamerica final expensive policy:

Cons Of Transamerica Final Expense Insurance

Transamerica also has a few flaws, which can be excessively troubling.

  • An extremely strict underwriting process
  • Limited plan customization
  • Cannot handle your final expense policy through the mobile application


Undoubtedly, the Transamerica final expense insurance review signifies that the company is offering great policies for burial expenses.

Its three basic programs (Easy Solution, Immediate Solution, and 10-Pay Solution) serve all genders and ages. More to this, the pricing seems a bit high as compared to other burial coverage insurances.

Also, the underwriting process is strict and inflexible. Conversely, to get any plan, you are not required to show your recent medical and health status.

However, your past medical history is extremely important, as your acceptance or rejection is based on your previous health reports.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.