Last Updated on May 17, 2018 by lifepolicyshopper
As an American holding company for over ten decades, the Transamerica Corporation consists of various investment firms and life insurance companies operating throughout the United States, providing supplemental health and life insurance policies, retirement services, and investments.
In 1904, a youthful business person by the name of Amadeo Giannini started the Bank of Italy in a San Francisco public house. Giannini’s mission was to provide financial services to everyone in his area, and he did just that. Following the disastrous earthquake and fire of 1906, Giannini built an interim bank which operated on the San Francisco docks. Here, Giannini properly secured the finances that he willingly offered to residents with only a trusted handshake.
This charitable disposition helped establish his position within the city and among the people who lived there, and as a result, his legacy and business ventures flourished. In 1928, Giannini turned his banking company into what we know now as Bank of America. Only two years later, Transamerica Corporation, a newly founded holding company, took over the Occidental Life Insurance Company.
By 1946, Amadeo Giannini’s banking company had become the largest sized private bank worldwide. In 1956, the Bank Holding Company Act declared that the Transamerica Corporation would have to determine whether to dismantle from its banks or its non-bank ventures. By deciding on insurance, the Transamerica Corporation astonished the financial world.
Aegon - a multinational life insurance, pension, and asset management company based in the Netherlands - purchased Transamerica in 1999. In its entirety, Transamerica and its parent company, Aegon, provide financial products and services in more than 30 global markets.
Today, the Transamerica Corporation offers services and products such as life insurance, retirement planning, mutual funds, and other products like dental insurance, and Medicare Supplement Insurance. These products are all marketed by financial professionals and licensed insurance agents across the United States while term life insurance is available directly over the phone or online. Transamerica has become one of the premier insurers that offer burial insurance for seniors with rates that compete with Colonial Penn and Lincoln Heritage.
Transamerica's Financial Strength
Certainly, any time you are considering an insurance company and its products, you should take a quick look at the financial ratings. Here is where Transamerica stands:
| A.M. Best | A+ |
| S&P Global | AA- |
| Fitch | A+ |
| Moody’s | A1 |
| Comdex Score | 90 |
What Exactly is Final Expense or Burial Insurance?
No one wants to talk about dying, but it's important to plan for it. Final expenses, such as funeral service, burial, and caskets, can put considerable financial stress on your surviving loved ones. Buying final expense or burial insurance provides security for your loved ones from having to pay for these expenses. In 2017, the average funeral cost between $7,000 and $10,000 and that price is expected to go up year after year.
Final expense insurance, also known as burial insurance and funeral insurance, is a type of permanent life insurance, which is used to provide coverage for funeral and burial costs, caskets, transportation, flowers, and other end-of-life expenses, such as uninsured medical expenses.
Final expense insurance policies do not expire and are typically more expensive than term life insurance, which does expire. As long as the monthly premiums are paid, the policy will remain in force for the life of the policyholder. An additional benefit is that there is usually no medical exam which makes final expense insurance an easy policy to purchase.
Since most final expense policies use whole life insurance, there is a cash value benefit, which accrues over time similar to investment products, and is then paid to your beneficiary upon your death. You have access to your cash value account through policy loans and withdrawals. It's important to note, however, that outstanding policy loans and withdrawals can have a negative effect on the death benefit.
Burial Insurance for Seniors from Transamerica
Buying a final expense life insurance policy from Transamerica is simple and straightforward and your health and age will determine whether you get a preferred or standard rating. Transamerica offers three types of final expense products which can be used in combination with another life insurance policy, or it can be a stand-alone solution for seniors with preexisting medical conditions that make getting coverage difficult. Transamerica is pleased to offer the following final expense insurance products:
Immediate Solution Preferred and Standard Rates
| AGE | Coverage Amounts |
| 0 - 55 | $1,000 - $50,000 |
| 56 - 65 | $1,000 - $40,000 |
| 66 - 75 | $1,000 - $30,000 |
| 76 - 85 | $1,000 - $25,000 |
Buying a final expense life insurance policy from Transamerica is simple and straightforward and your health and age will determine whether you get a preferred or standard rating. Transamerica offers three types of final expense products which can be used in combination with another life insurance policy, or it can be a stand-alone solution for seniors with preexisting medical conditions that make getting coverage difficult.
10 Pay Solution Preferred and Standard Rates
The 10 Pay Solution offers the same benefits as the immediate solution but is set up for the policy to be paid in full in 10 years. Although the monthly premiums are higher because of the 10-year payment period, the policyholder does receive a discounted rate. This is an excellent choice for applicants who are a bit younger and have a little more money to spend. After 10 years, your insurance coverage is paid up for a lifetime.
Easy Pay Solution
This is a graded benefit policy that is “guaranteed issue” even for applicants who have multiple health issues that disqualify them from traditional final expense insurance. The policy has a waiting period of two years before it will pay the full benefit for death from natural causes. If the insured dies from natural causes during the waiting period, the insured will refund all premiums paid plus an additional 10% to the beneficiary.
If the insured’s death is from accidental causes, the insurer will pay the full death benefit from the first day of coverage.
Transamerica Final Expense and Burial Insurance for Seniors
Actual rates for a $10,000 Transamerica Immediate Solution with Preferred Rates:
|
Insured Age |
Female Non-Smoker |
Male Non-Smoker |
|
50 Years Old |
$25.32 |
$30.73 |
|
55 Years Old |
$29.19 | $36.00 |
| 60 Years Old | $33.72 |
$43.81 |
|
65 Years Old |
$41.62 |
$56.53 |
|
70 Years Old |
$53.99 |
$74.66 |
|
75 Years Old |
$72.89 |
$100.03 |
|
80 Years Old |
$104.11 |
$140.22 |
| 85 Years Old | $148.62 |
$200.43 |
To get a free and confidential quote for your actual age, please use our world-class quote form on the right of this page.
Purchasing burial insurance for seniors is the perfect way to remove the stressful burden that would pass to your surviving loved ones if you were to die without life insurance.
