5. Transamerica Life Insurance - Best for Final Expense Planning
What We Like Most:
- Insurance and retirement services
- Index universal life insurance
- Coverage for foreign nationals
Policies With No Medical Exam: Final Expense Life Insurance, Term Life Insurance
Issue Ages: Up to 85
Transamerica has been around since 1904, with the goal of making financial services accessible to all. Today, it is a leading insurance provider with a robust portfolio offering term, index universal, whole life, final expense insurance, alongside financial services.
Their Final Expense Life Insurance policy doesn’t require a medical exam, which is a good option for older adults with health conditions who may have experienced application denial in the past. With fast and easy automated underwriting, decisions are made right after your application is submitted, so there’s a good chance you can receive approval within the same day. Additionally, the Final Expense Life Insurance policy offers whole life insurance at level premiums, with large coverage amounts of up to $50,000 – including a guaranteed death benefit. This can be used for final expenses and giving your family financial protection.
One of their standout features includes a term life insurance policy, which can potentially offer up to $2 million in death benefits. Also, this policy is easily convertible and gives customers the freedom to access living benefits in the event of a terminal illness, disability, or other emergencies. Overall, Transamerica is a good option for older adults who want level premiums, the ability to easily convert to a permanent life plan, large coverage amounts, and accessibility to living benefits.
- Insurance and retirement services: Transamerica offers several life insurance products, as well as retirement solutions, IRAs, and annuities.
- Availability: Transamerica provides insurance coverage to policyholders in all 50 states.
- Index universal life insurance: Transamerica offers index universal life insurance which is designed to protect families, pay off debt, preserve your standard of living, or pay off other emergencies. With index universal life, you have the flexibility to change death benefit amounts and premiums in addition to building cash value within your policy.
- Coverage for foreign nationals: Transamerica is one of the few insurance providers that offers life insurance to foreign nationals who do business or own property in the U.S.
- Website and navigation: Their website is a bit confusing to the average user. Additionally, it can be overwhelming for someone who wants to know more about life insurance but is bombarded by too many insurance product offerings.
- Obtaining a quote: Transamerica doesn’t offer instant quote estimates, and in our experience, they can be a bit dodgy about providing quotes over the phone.