Transamerica Offers New Funeral Planning Benefit for Index Universal Life Policies

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Jul 28, 2020, 08:00 ET

BALTIMORE, July 28, 2020 /PRNewswire/ -- Transamerica announced today that it is now offering a new funeral concierge benefit at no direct cost for qualifying life insurance policyholders. Transamerica developed this new benefit, the Concierge Planning Rider^SM, to provide grieving beneficiaries valuable resources to help plan the funeral of the insured person. This new benefit provides access to a third-party service provider, Everest Funeral Package, LLC. Services include 24/7 access to an expert consultant who assists with planning the funeral and negotiating funeral expenses, as well as online tools for creating a will and other estate planning documents and an online secure location for storage of these documents. The rider is available at no direct cost to policyholders for qualifying Financial Foundation IUL^® (2017CSO) policies.

"Transamerica is providing this service to help families through one of their most difficult times. This new benefit lifts some of the burden from grieving families. Expert help is available 24/7 to help plan the funeral and save money on funeral costs," said Blake Bostwick, Chief Executive Officer of the Individual Solutions division at Transamerica. "We are always looking for ways to support our policyholders better. End of life discussions are difficult, and this new rider can help facilitate those conversations and provide real and much-needed peace of mind to our customers and their families."

The new rider from Transamerica gives the family access to funeral planning and concierge services to help reduce the stress and expense of funeral planning. Everest's expert consultants compare and negotiate best prices to save money, personalize the funeral plan, and assist in paperwork. In addition, their services include a secure online vault for copies of policyholders' vital documents such as their will, medical directive, and power of attorney, saving families the time and worry of locating these documents after the passing of a loved one. For qualifying policies, Transamerica may make a portion of the death benefit available in as little as three days to cover funeral-related or other expenses. Everest is there to assist the family in completing paperwork and to help coordinate with Transamerica.

"Everest exists to advocate for families, be their champion, and offer support during one of life's most challenging times," said Mark Duffey, President and CEO of Everest Funeral Package, LLC. "We're proud to partner with Transamerica as they continue to find ways to put families first. Our relationship is a natural fit. Both Everest and Transamerica are deeply committed to helping people make informed decisions today so they can worry less about tomorrow."

Transamerica policyholders with qualifying life insurance plans will receive information on how they can opt-in for the rider at no additional cost.

The funeral concierge services and any associated warranty provided by Everest Funeral Package, LLC are solely provided by Everest Funeral Package, LLC, not by Transamerica Corporation or any of its affiliates. Life insurance products issued by Transamerica Premier Life Insurance Company, Cedar Rapids, IA. All products may not be available in all jurisdictions. Not available in New York.

About Index Universal Life Policies

Index universal life insurance can help protect your family's standard of living or help fund your child's education in the event of the death of the insured. The policy also offers options to change death benefit amounts or adjust premium payments within certain limitations.

About Transamerica

With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2019, Transamerica fulfilled its promises to customers, paying more than $50 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2019, Aegon managed over $1 trillion in revenue generating investments. For more information, visit www.transamerica.com.

About Everest

Everest is a funeral planning and concierge service rolled into a life insurance plan. When help is needed, its 24/7 Advisors are one phone call away, ready to personalize the funeral plan, compare and negotiate best prices, and work with the insurance company to get monies to the beneficiary in as little as 48 hours after death. An independent consumer advocate, Everest was launched in 2001 with the goal of creating a continent-wide service to help streamline and simplify the process for grieving families. Its sole purpose is to provide information to consumers when they need to make informed choices about funeral-related issues. Serving as an impartial advocate, Everest is not a funeral home, nor does it sell funeral goods or services and does not receive commissions from funeral homes or other providers in the funeral industry. Today, Everest services are available to more than 25 million people in Canada and the United States. Visit www.everestfuneral.com for more information.

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Erin Yang
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Julie Quinlan
(303) 383-5923

SOURCE Transamerica