Is TruStage A Good Life Insurance Company - TruStage Life Insurance Review

Is TruStage A Good Life Insurance Company - TruStage Life Insurance Review

TruStage Life Insurance Review – Is trustage a good life insurance company? It’s crucial to do your homework and compare policies when looking for life insurance to ensure that your family receives the entire death benefit. With TruStage life insurance, you may apply conveniently online without having to take a test.

However, compared to what you may receive from other life insurance firms, you must pay higher premiums (and perhaps a two-year waiting period) in exchange for that convenience. This TruStage life insurance review will explain how their policies operate, how much they cost, and the benefits and drawbacks of using them to obtain coverage.

TruStage Life Insurance Company: Who Are They?

The consumer-facing brand of CMFG Life Insurance Company is TruStage, and both entities are owned by Cuna Mutual Group.

All of the life insurance policies offered by TruStage are underwritten by CMFG Life Insurance Company. It’s neither bad nor concerning.

Actually, the majority of life insurance businesses sell their goods through authorized agencies.

Due to their exclusive partnerships with credit unions, TruStage occupies a distinctive position in the market. They don’t seem interested in working with conventional banks.

They currently work successfully with more than 3,500 credit unions around the country. However, non-members of the credit union are still able to acquire their insurance.

The life insurance rating for TruStage is “A” with AM. The third-highest score they could receive was Best.

More than simply life insurance is available through TruStage.

For instance, Liberty Mutual and TruStage have a relationship for house and vehicle insurance under the TruStage program.

They also provide insurance against accidental death and dismemberment (AD&D insurance).

TruStage accidental death coverage is truly free for eligible credit union members.

Below are all of TruStage’s contact details:

  • Corporate offices are located at 5910 Mineral Point Road in Madison, Wisconsin, 53705.
  • Phone: 1-877-649-1311
  • URL: www.trustage.com

Trustage Life Insurance Reviews

To help you choose the best life insurance provider for you, we at AllInsuranceTutor.Com provide reviews of the leading providers.

Just to be clear, because TruStage Guaranteed does not pass our vetting standards, we do not offer it.

Online life insurance provider TruStage Guaranteed Whole Life Insurance makes it simple to get started without requiring a medical exam or the completion of a questionnaire.

We will examine the benefits and drawbacks of trustage Guaranteed life insurance in this article.

We’ll examine TruStage life term life insurance, guaranteed issue life insurance, and permanent life insurance plans.

Although their plans cost more than those from other life insurance firms, they do provide you more convenience because there aren’t any tests or questions based on the life insurance products. Life insurance is typically not affordable because of this.

Learn more by continuing to read!

Is TruStage a real company?

The consumer-facing brand of CMFG Life Insurance Company, a fully-owned subsidiary of CUNA Mutual Group, is TruStage Insurance Agency. In actuality, Trustage is not an insurance firm, but an agency.

TruStage currently only collaborates with credit unions, and it seems that they won’t collaborate with conventional banks in the future.

Since they partner exclusively with credit unions, they hold a unique position. Nevertheless, non-credit union members can still obtain their term life coverage.

Pros And Cons Of Trustage Insurance

Pros

  • Complete application online
  • Online insurance quotations
  • No medical examination required
  • Swift underwriting judgments
  • Backed by a reputable life insurance provider
  • Thousands of credit unions rely on us
  • A user-friendly website with helpful product information
  • Numerous glowing internet reviews
  • Up to $100k in no exam whole life insurance may be available.
  • Inexpensive no-exam term insurance
  • Online access to their website to manage your policy
  • Tobacco users who are eligible credit union members may be eligible for non-tobacco charges.
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Cons

  • Prices are more expensive than most rivals’
  • Before delivering a free estimate, their licensed agents want a prodigious quantity of useless information.
  • Low levels of term life insurance are available.
  • To qualify for strict underwriting seems to be difficult.
  • Finding the name of the genuine life insurance provider is challenging.
  • There is only one insurance provider available.
  • No additional rides are offered.
  • Only one alternative for a policy between 80 and 85
  • After age 80, guaranteed acceptance coverage is not available.
  • Age 86+, no options
  • No protection for kids

TruStage insurance Policies

Term Life Insurance

The purpose of term life insurance is to offer protection while your family still depends on your income to meet their financial commitments. Term policies are frequently purchased with expiration dates that coincide with the mortgage being paid off and the children moving out of the house. Terms are normally between 10 and 30 years. Your family won’t get a death benefit if you pass away before the covered term is over. But compared to permanent life insurance, which is far more expensive, term life insurance is only required once (as long as you pay the premiums).

The TruStage term life insurance plan offers premiums that rise as you reach five-year age milestones instead of the standard term life insurance plan’s level premiums for the remainder of the term (e.g., 25, 30, 35, 40, etc.).

Individual Term Life Insurance from TruStage

You can only apply for $5,000 to $300,000 worth of coverage with TruStage. That is a far lower maximum level of coverage than many of the competitors provide. For some ages, not all coverage amounts might be accessible. No medical examination is necessary, decisions can be made the same day, and coverage starts the moment you pay your first subscription. Only until you enter the next age band of five years do premiums remain constant. Until the age of 80, this term policy is extendable. The policy can also be changed to a whole life policy.

Whole Life Insurance

A whole life insurance coverage offers ongoing security. No matter when you pass away, your beneficiaries will be compensated as long as your premiums are paid. The policy also accrues monetary value that can be used as collateral for loans. However, whole life insurance is far more expensive than term insurance.

Individual Whole Life Insurance from TruStage

One of the few businesses, TruStage, offers whole life insurance quotes and applications online, and the policy doesn’t call for a physical. However, you can only acquire between $5,000 and $100,000 in coverage—again, this is a far smaller maximum than what is provided by competitors, the majority of whom, according to our study, have multimillion-dollar maximums. The TruStage whole life insurance policy has level premiums and can be issued to people between the ages of 18 and 85.

Life Insurance with a 100% Issue Rate

A tiny whole life policy called a guaranteed-issue policy, also known as guaranteed acceptance insurance, is made to pay for your funeral and other final expenses. Rarely does coverage exceed $50,000, but there is no need for a medical evaluation. You cannot be refused coverage if your age qualifies for the policy. If you’re in good health, you might be better off applying for a regular whole life policy because guaranteed-issue premiums are more expensive because they’re designed for people who aren’t.

Guaranteed Acceptance Whole Life Insurance from TruStage

There are no medical tests or health-related inquiries to answer while purchasing this guaranteed-issue goods. When you pay your first premium, coverage will begin. You can apply online. Candidates between the ages of 45 and 80 are eligible for the policy, which offers coverage between $2,000 and $20,000.

Like the majority of guaranteed-issue policies, the TruStage Guaranteed Acceptance insurance offers a graded death benefit. Your beneficiaries will only get a refund of the premiums you paid plus 10% if you pass away from natural causes during the first two years of obtaining the policy.

TruStage Life Insurance Accessible Riders

By extending coverage, offering living benefits, enabling you to buy more coverage without having a medical exam, or waiving premiums in specific situations, life insurance riders help you tailor your policy. A wide range of riders are offered by several insurance carriers, some of which are free. TruStage does not, however, provide any life insurance riders. You’ll need to go elsewhere for life insurance if you want the flexibility to modify your coverage with a kid rider, terminal illness rider, waiver of premium, or other endorsement.

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Ratings for Trustage Whole Life Insurance

BBB and AM Best ratings

Excellent grade of “A” from AM Best

Has a terrible 2.33/5 customer review rating and is NOT better business bureau accredited!

The most reliable insurance company has a Customer Complaint Index of.862, or a number close to 1.00.

With a 2.33/5 BBB Customer Review Rating, I would look for coverage elsewhere.

What Products Are Offered by TruStage?

The life insurance requirements of people between the ages of 18 and 85 are catered for by Trustage’s products.

In fact, the business offers three various types of plans, each with its own special features and advantages.

You can apply for the Guaranteed Acceptance Whole Life Insurance without having to go through a medical exam, and it will be approved even if your other applications have been rejected.

Whole-life insurance is also available at a fixed price through The Simplified Issue Whole Life.

Last but not least, there is an Increasing Premium Term that offers ongoing financial security until auto-renewals take place following each anniversary date.

TruStage Guaranteed Acceptance Whole Life Review

The guaranteed acceptance life insurance offered by TruStage is a simple whole life policy with no health requirements.

You are unavoidable, no matter how you are feeling.

You must be aware that if you purchase this plan, there will be a two-year waiting period that is required.

Tip: The strategy that TruStage actively advocates is this one. They will probably offer you their guaranteed acceptance insurance if you call them or respond to one of their internet adverts.

Your loved ones will not be given a financial benefit to pay for your funeral costs if you pass away during the waiting time for any non-accidental cause.

TruStage will only reimburse your premiums if there is a 10% interest charge.

Before the policy will pay out the entire death benefit, you must live for more than two years.

For two reasons, you shouldn’t get TruStage whole life insurance with assured acceptance.

First off, several other businesses offer the same thing for less money if you do require a guaranteed issue life insurance policy for a medical reason (although very few people do).

For instance, guaranteed life insurance is available from AIG, Gerber, and Mutual of Omaha at a reduced monthly cost.

For instance, TruStage charges a 65-year-old female $67.00 a month for $10,000 in coverage that is guaranteed acceptance. A $50 fee would be charged by Mutual of Omaha, a $62.61 fee by Gerber, and a $66.42 fee by AIG.

Second, the majority of people don’t require a promise of acceptance.

The majority of people who require life insurance are eligible for coverage with underwriting.

This results in coverage with no waiting period and perhaps at a lesser cost as well.

Product Information for TruStage Guaranteed Acceptance Life Insurance

  • Policy Type: Whole Life Insurance
  • Policy Duration: Forever
  • Premiums: Will not change.
  • Increases Cash Value: Yes
  • Health Concerns: None
  • Higher Tobacco Use Rates: No
  • No medical exam
  • Waiting Period of Two Years: Yes
  • All states except New York and Washington are available.
  • Age Range for New Applicant: 45 to 80
  • Options for Coverage: $2,000 to $20,000

TruStage Whole Life Insurance Review

You must be medically eligible to get TruStage whole life insurance.

There is no medical examination, but you must respond to health-related questions.

TruStage will also review your drug history to comprehend any prior health difficulties.

If accepted, you become completely insured the day you submit your first payment (there is no waiting time).

Advice: TruStage may occasionally describe to this whole life policy as “final expense insurance” or “burial insurance.”

They provide substantial amounts of burial insurance coverage, which is a huge plus.

Most final expense insurance providers only offer coverage amounts between $30K and $50K.

If you’re 70 years old or younger, TruStage gives up to $100k.

So TruStage is a great choice to consider if you want greater coverage levels.

You can unquestionably find whole life ultimate expenditure insurance at a lower price elsewhere.

For instance, the full life burial insurance offered by Mutual of Omaha is less expensive.

TruStage will charge $154.25 per month for $25,000 in coverage for a 70-year-old female non-smoker.

The monthly fee from Mutual of Omaha would be just $128.29.

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Last but not least, it seems as though TruStage’s underwriting is rather tight based on chatting with dozens of clients who have previously filed for whole life insurance.

Therefore, TruStage is likely to reject you for this whole life insurance if you have some mild to significant health conditions.

It is comparable to Colonial Penn life insurance for older people. On television, they make it appear appealing, yet few seem to be eligible.

It’s good that they give such extensive coverage without requiring an exam (unlike National Family Insurance) and that you may submit an online application.

The amount you pay for each $1,000 of coverage (assuming you qualify) is significantly higher than with most other insurance providers, though.

It sounds wonderful, similar to Ethos last expense coverage, but you can do far better.

Details of the TruStage Whole Life Insurance product

  • Policy type: Whole life insurance
  • Policy Term: Eternal
  • Premiums: Will not change.
  • Increases Cash Value: Yes
  • Health-Related Questions:
  • Credit union members don’t use tobacco at higher rates, but non-members do.
  • No medical exam
  • 2 Years of Waiting: Absent
  • All states except for Montana and New York are available.
  • Age Range for New Applicant: 18 to 85
  • Options for coverage: Ages 18 to 70: $5,000 to $100,000; Ages 71 to 75: $5,000 to $50,000; Ages 76 to 85: $5,000 to $25,000

TruStage Term Life Insurance Review

A rate increase of 5% occurs every five years on TruStage term life insurance.

On the day you turn 80, the policy ends, and you are no longer covered.

Advice: When the coverage ends, you won’t receive your money back.

Acceptance of this policy cannot be assured. You must be eligible medically.

There is no waiting period if accepted.

TruStage’s term life insurance is an excellent choice to take into account if you require term coverage with an immediate issuance limit of up to $300,000.

Additionally, compared to other no-exam term life insurance solutions available on the market, your initial pricing is reasonable (before to the 5-year rate rises).

To get a significantly lower rate, you’d probably need to apply with a firm where you take a medical examination.

If you’re looking for term life insurance, TruStage has a respectable offering.

However, you’ll have to look for another insurance provider if you require coverage that is greater than $300,000.

Additionally, you should choose a term insurance with a different provider that has a fixed rate for the duration of the term if you intend to keep your coverage for the long term.

Just be careful not to purchase a term life insurance policy to pay for funeral expenses.

A term life plan is a horrible choice if you need life insurance to cover funeral expenses because there is a very high likelihood that you will survive past the age of 80.

You won’t have any coverage to cover the costs of your funeral or cremation if you purchase a term insurance and outlast it.

Seniors can purchase life insurance up until the age of 80, but the alternatives are limited. It can also be pretty expensive because you’re in your 80s.

Details of the TruStage Term Life Insurance product

  • Type of Policy: Term Life Insurance
  • Policy coverage is in effect until 80.
  • Premiums: Boosted every five years
  • Has No Cash Value:
  • Health-Related Questions:
  • Increased Tobacco Usage Rates: Credit Union Members: No; Non-Members: Yes
  • No medical exam
  • 2 Years of Waiting: Absent
  • Available States: All but New York
  • Age of New Applicant: 18 to 69
  • Options for Coverage: $5,000 to $300,000

TruStage Life Insurance Customer Support

You may manage your coverage with TruStage online, and beneficiaries can submit claims there as well. The TruStage website warns that call center wait times are particularly long and suggests contacting customer care online. You can also phone 1-866-224-9099, though. TruStage does not have a live chat feature or a direct email address, like many other life insurance providers.

Do I qualify for TruStage life insurance?

This organization is worthwhile taking into account if you’re seeking for a quick and simple online application for whole life or assured acceptance coverage and you simply require a small policy. Just keep in mind that you won’t be able to modify your policy with riders, so you should look elsewhere for coverage if you want an accelerated death benefit or other benefits.

Also avoid purchasing a policy from TruStage if you’re looking for reasonably priced term insurance. Pricing is not just excessive in comparison to other businesses in the sector, but premiums also fluctuate throughout the course of the term.

TruStage Alternatives – Competition

 TruStageSBLI Allstate 
Types of CoverageTerm, whole, guaranteed issueTerm, whole, final expenseTerm, whole, universal, variable universal
Online Application Yes Yes No 
AM Best Rating A+ 
Price for Term Policies Poor Excellent Information not available
NAIC Complaint Index (averaged over 3 years) 0.58NA0 for individual life

How We Conduct Reviews of Life Insurance Companies

We ranked over 90 insurers across five broad categories including financial soundness, customer happiness, product and feature variety, the overall buying experience, and cost, using a methodology we developed based on consumer objectives and life insurance firm fundamentals.

To do this, we gathered over 5,000 data points and gave each company a score on 55 different criteria. To compare insurers’ results across categories, we first clustered metrics into groups and used weights to bring out the most important factors in each.