(800) 398-9821

Transamerica – 2023 Burial Insurance Review

Jun 19, 2023 | Burial Insurance, Reviews

Transamerica – 2023 Burial Insurance Review

Transamerica’s burial insurance policy in 2023 is worth considering, especially for seniors like you. This policy is available nationwide, providing coverage to individuals in all 50 states. Obtaining it is hassle-free, with multiple agencies offering assistance. The decision of whether it suits your needs will depend on specific details.

Who Can Benefit from Transamerica’s Burial Insurance?

This inclusive policy is designed for individuals between the ages of 45 and 85, ensuring that a wide range of seniors can qualify. It takes into account various conditions such as Parkinson’s, COPD, and kidney disease.

What Can You Expect During the Application Process?

When applying for Transamerica’s burial insurance, you can expect a compassionate approach. There is no need to undergo any medical exams; you will simply be required to answer a few medical questions. As part of the process, insurers will review your prescription history for medical underwriting purposes. It’s important to note that the application may be longer compared to other burial insurance policies. Additionally, there is no option for guaranteed issue, so answering health-related questions is necessary. The approval process is swift, with potential approval within 15 minutes of submitting your application.

How Does the Policy Work?

Transamerica’s burial insurance policy comes in three different forms: preferred, standard, and graded. Your eligibility for each form will be determined based on your responses in the application.

The preferred plan is for individuals without any medical issues, offering the lowest cost among the three options. There is no waiting period, ensuring immediate coverage for your beneficiaries upon policy activation.

The standard plan is also free of a waiting period but comes at a slightly higher cost. If you have mild health issues, this plan is likely to be the most suitable for you.

The graded plan, although the most expensive, is available for those with terminal illnesses or a history of antipsychotic medication usage. This plan requires a two-year waiting period before the policy becomes active.

How Much Coverage Does the Policy Provide?

The burial insurance policy offers a range of coverage amounts based on age and the type of plan you choose. The minimum coverage available is $1,000, while the maximum varies depending on these factors:

For preferred and standard plans:

  • Age 55 or younger – Coverage up to $50,000
  • Ages 56-65 – Coverage up to $40,000
  • Ages 66-75 – Coverage up to $30,000
  • Ages 76-85 – Coverage up to $25,000

Regardless of age, the graded plan provides coverage of up to $25,000.

Who Would Benefit from Transamerica’s Burial Insurance?

This policy is particularly beneficial for seniors like yourself who:

  • Are 70 or younger
  • Seek an affordable policy offering a higher death benefit
  • Qualify for the preferred or standard plans

However, it may not be the ideal choice for individuals who:

  • Are approaching the maximum age limit
  • Only qualify for the graded plan, as the cost outweighs the coverage amount of $25,000
  • Prefer a more streamlined application process

We Understand Your Needs and Preferences

We take into consideration all relevant factors to provide you with the best possible coverage at the most affordable price. Our goal is to make the process as easy as possible for you, with just one phone call. Take the important step of securing your burial insurance today by reaching out to us at (800) 398-9821.

Related Posts