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Transamerica Final Expense Insurance Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Transamerica is a California-based corporation that offers life insurance, retirement, and investment solutions. Of the various life insurance plan choices, the company's final expense life insurance covers finances expected after the insured person's passing, such as burial costs and funeral home or cremation services. Transamerica was founded by entrepreneur Amadeo Giannini in 1904.
 
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How is Transamerica Final Expense rated?

Breakdown

5.0/5
Policy Features
4.5/5
Qualifications
5.0/5
Financial Strength
3.0/5
Customer Experience

Overall Rating: 4.5 / 5 (Excellent)

Transamerica Final Expense insurance enables beneficiaries of the deceased to pay for their various burial and funeral expenses as well as medical bills. Transamerica allows three easy payment options for the policy and doesn't require a waiting period or medical exam of the insured before applying for coverage. The corporation as a whole has good financial standing, with excellent ratings from three main rating agencies. Medical conditions and age are not stated as determining factors in policies, however, it isn't specified if they're ruled out. When it comes to customer satisfaction, the company possesses a significant amount of negative online reviews expressing difficulty in communication and receiving benefits after end of the policy or death of a loved one. However, considering Transamerica's size and customer base, negative reviews are par for the course. Alongside life insurance, Transamerica has been providing other services such as retirement solutions across the nation for almost a century.

Transamerica Final Expense Policy Features

Policy Features - 5 / 5

Transamerica has three payment options that include immediate solution, 10-pay solution, and easy solution for its final expense insurance. The policy may vary on the client’s age, health status, and state availability. Transamerica offers no waiting period for their insurance products and guarantees no increase in premium due to age. They also provide a continuation of coverage as long as premiums are paid.

Policy Coverage Maximum

$50,000

Expenses Benefits Help Cover

  • Caskets
  • Funeral
  • Cremation
  • Burial Plots
Types of Premiums
Fixed
Accidental Death Coverage
Yes
Cash Value Accumulates
Yes

Transamerica Final Expense Qualifications

Qualifications - 4.5 / 5

Transamerica's Final Expense policy allows interested participants to apply for a quote without needing a medical exam beforehand. Age and pre-existing conditions are not specified as disqualifying factors, in which it is said there is possibility of neither affecting coverage approval.
Age Range
0-80 years
Medical Exam Required
No

Transamerica Final Expense Financial Strength

Financial Strength - 5 / 5

Transamerica has a significant US marketshare and high to superior financial strength ratings from all the top rating agencies. Customers who purchase life insurance policies from Transamerica can find comfort investing with a stable institution. This may, however, translate into higher premiums and less flexibility in the realm of online and mobile experience.
Year Founded
1928
Company Type
Underwriter
Underwriter
Transamerica Corporation
Standard & Poor's Financial Rating
AA-
Moody's Financial Rating
A1
A.M. Best Financial Rating
A+

Transamerica Final Expense Customer Experience

Customer Experience - 3 / 5

Transamerica has been a life insurance provider for almost a century and has accumulated many longterm customers through their employers over the years. However, Transamerica currently has had a run of negative customer reviews online. Many previous and current customers have written complaints expressing difficulty in speaking with representatives or receiving inconsistent instructions after having spoken with more than one representative. Also, reviews share stories of onerous experiences in processing claims, such as after death of an insured family member and for retirement funds. Transamerica has only responded to a small percentage of the negative reviews and complaints, no doubt influencing their poor BBB grade.
BBB Rating
F
Number of BBB Positive Reviews
10
Number of BBB Negative Reviews
41
NAIC Complaint Ratio 2018
0.57
NAIC Total Complaints 2017
88
Date Collected
2018-07-27

Company Profile

Full Name
Transamerica Final Expense Insurance
Company Website
https://www.transamerica.com/
Headquarters
4333 Edgewood Road NE, Cedar Rapids, IA, 52499

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Top Rated
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  • No waiting period – fast approval process
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  • 4.2 million current policyholders
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