One of the few organizations to offer online rates for whole life insurance, TruStage sells CMFG-underwritten policies and provides fast and simple term, whole, and guaranteed-issue life insurance. However, term insurance has prohibitively high costs, and all policies have inadequate coverage and no room for customization. Therefore, those looking for a low-cost permanent policy with a straightforward application process can consider TruStage. In this article, we will discuss Trustage’s whole life insurance review, its cost, and its competitors.
Trustage Life Insurance Review
Trustage Life Insurance is a popular choice for many individuals seeking reliable coverage. One of its key strengths lies in its straightforward and accessible policies. It offers term life insurance, providing customers with flexible coverage options at competitive rates. The application process is often praised for its simplicity and speed, allowing applicants to obtain coverage without extensive hassle.
Customers appreciate Trustage’s commitment to transparency, as the company provides clear information about policy terms and conditions. Additionally, Trustage policies are underwritten by CMFG Life Insurance Company, a reputable institution known for its financial stability and customer service.
Another notable aspect is Trustage’s focus on credit union members, tailoring insurance products to meet the unique needs of this specific demographic. This targeted approach often results in policies that are well-suited to credit union members, providing them with the coverage they require.
However, as with any insurance provider, it’s essential for prospective policyholders to carefully review policy details and compare quotes to ensure the coverage aligns with their individual needs. Overall, Trustage Life Insurance generally receives positive reviews for its accessibility, transparent policies, and tailored approach for credit union members.
What Does Trustage Cover?
TruStage Life Insurance offers various types of life insurance policies, primarily focusing on term life insurance. Term life insurance provides coverage for a specific period, typically ranging from 10 to 30 years, and pays out a death benefit if the insured person passes away during the policy term.
TruStage Life Insurance offers the following coverage:
- Death Benefit: If the insured person passes away during the policy term, the beneficiaries listed on the policy will receive a death benefit payout. The beneficiaries can use this money to pay for expenses like mortgage payments, debts, or living expenses.
- Affordability: TruStage policies are often affordable, making life insurance accessible to a wider range of individuals and families.
- Flexibility: Policyholders can choose the coverage amount and term length based on their needs and budget. This flexibility allows individuals to customize their policies according to their specific circumstances.
It’s important to note that TruStage primarily offers term life insurance, which means it does not accumulate cash value over time like some other types of life insurance, such as whole life or universal life insurance. Policyholders pay regular premiums for the coverage, and if the insured person passes away during the policy term, the beneficiaries receive the death benefit. If the policy term ends and the insured person is still alive, there is no payout, and the coverage terminates unless the policy is renewed or converted, if applicable.
How Long Does Trustage-Term Life Insurance Last?
TruStage offers term life insurance policies with a range of term lengths. Depending on the option the policyholder chooses, these policies typically last between 10 and 30 years. If the insured person passes away during the policy’s term, the beneficiaries will get a death benefit. It’s important for individuals to carefully consider their needs and choose a term length that aligns with their financial obligations and the duration for which they require coverage.
Once the term of the policy expires, the coverage ends, and there is no payout if the insured person is still alive. Policyholders have the option to renew their policy or convert it to a permanent life insurance policy, depending on the terms and conditions outlined in their specific policy contract.
TruStage Life Insurance Options
It provides three distinct types of life insurance policies, including term life and permanent coverage options.
TruStage Term Life Insurance
It’s simply a five-year term life policy that renews at a higher cost every five years and provides term life insurance.
You can purchase term life insurance coverage in the range of $10,000 to $300,000. Age and gender are typical factors in determining rates. When compared to the best term life insurance companies, which can provide coverage levels into the millions, TruStage’s maximum coverage amount of $300,000 is quite low.
Furthermore, it is a streamlined policy for term life insurance. No physical exam is required; however, your application may be declined based on health and other databases.
Expect your TruStage term life insurance premiums to increase every five years when you reach a new age band, such as age 30–35, age 40–45, age 45–50, and so on. Cost information is available online.
In addition, a TruStage term life insurance policy can be purchased up to the age of 69. TruStage offers renewable term life insurance coverage until age 80. Also, TruStage gives you 30 days to cancel your coverage if you’re not happy with it.
Cost of TruStage Term Life Insurance
The cost of this life insurance is much higher compared to other market leaders. This is why it’s important to compare prices before settling on TruStage life insurance coverage. TruStage life insurance premiums are calculated according to the insured’s age and gender.
For instance, Haven Life’s Haven Simple simplified-issue life insurance policy is comparable to TruStage in that it does not require a medical exam and can be acquired fast and easily online, but it is significantly cheaper. In comparison with Haven Life, we found that TruStage’s term life insurance was more than twice as expensive.
Trustage Whole Life Insurance
TruStage also offers whole life insurance policies. No matter how lengthy your life span may be, whole life insurance might be there to cover you.
The full life insurance application process at TruStage can be completed online and a decision is provided instantly. This policy has the same simplified issue structure as TruStage term life insurance. There is no physical examination; however, your application may be denied for health reasons. During the application process, the organization may seek out additional sources to collect personal information about you. TruStage’s whole life insurance coverage limits change with each policyholder’s age.
Both the current rate and the death benefit are guaranteed and will never change. However, there is a 30-day lag time between making the purchase and receiving coverage.
You can try out TruStage risk-free for 30 days and get your money back if you don’t like it.
TruStage Guaranteed Acceptance Whole Life Insurance
There is a subset of whole life insurance known as guaranteed acceptance life insurance. Conditional rejection is not an option. If you can’t qualify for traditional life insurance due to health issues, this may be an excellent alternative. As long as payments are kept up to date, both the level of coverage and the policy itself cannot be changed. The premium is also guaranteed for the rest of your life.
Also, TruStage offers guaranteed acceptance insurance with limits up to $20,000. Online, you can find price quotes.
In addition, the beneficiaries of a person who purchases TruStage assured acceptance insurance and dies during the first two years will only receive a refund of the premiums paid, plus 10%. This is standard for a life insurance policy with assured acceptance. Cost information is available online.
Does Trustage Life Insurance Have Cash Value?
No, TruStage term life insurance policies do not have a cash value component. Term life insurance policies, like those offered by TruStage, are intended solely to pay out a death benefit if the insured person dies within the policy term, as opposed to other types of life insurance like whole life or universal life insurance, which can accumulate cash value over time. Policyholders pay regular premiums for the coverage, but these premiums are used solely to maintain the insurance policy and provide the death benefit to beneficiaries in the event of the insured person’s death.
Once the policy term expires, there is no cash value, savings component, or investment feature associated with TruStage term life insurance. Policyholders receive the benefit of financial protection during the term of the policy, but there is no cash value that can be accessed or borrowed during the policy period.
How Long Has Trustage Been Around?
TruStage Insurance has been serving its customers for several decades. It was established in 1935 under the name CUNA Mutual Insurance Society and later rebranded as CMFG Life Insurance Company. The TruStage brand, which is a subsidiary of CUNA Mutual Group, has been providing insurance products and services specifically tailored to credit union members and their families for many years.
Over this time, TruStage has gained a reputation for offering straightforward and accessible insurance solutions, including life insurance, to credit union members across the United States. With a history spanning nearly nine decades, TruStage has continued to evolve its offerings and customer experience to meet the changing needs of its members, making it a trusted choice for many individuals seeking reliable insurance coverage.
Trustage Life Insurance Competitors
While TruStage Life Insurance is a popular choice, there are several competitors in the life insurance industry that offer competitive policies and services. Here are some notable competitors to TruStage Life Insurance:
Prudential stands out as a formidable competitor to TruStage Life Insurance, offering a diverse range of life insurance products and services. Established in 1875, Prudential is a well-established and reputable insurance company known for its financial strength and stability. Prudential provides various life insurance options, including term, whole, universal, and variable life insurance policies, catering to a wide range of customer needs.
One of Prudential’s key strengths lies in its flexibility and customization options. Policyholders can tailor their coverage according to their specific requirements, ensuring a personalized insurance solution. The company also offers innovative policy features and riders, allowing customers to enhance their coverage with options like accelerated death benefits and long-term care riders.
Prudential’s strong financial ratings and commitment to customer service make it a popular choice among individuals seeking reliable life insurance coverage. Its long-standing presence in the industry and comprehensive policy offerings position it as a top competitor to TruStage Life Insurance.
Primerica stands out as a notable competitor to TruStage Life Insurance, specializing in providing financial services, including term life insurance, to middle-income families and individuals. Established in 1977, Primerica operates on a direct selling model, where independent representatives offer their financial products and services to clients. Primerica primarily focuses on term life insurance, emphasizing affordable coverage to protect families.
One of Primerica’s strengths is its focus on simplicity and accessibility. The company simplifies the insurance buying process and offers term life policies that are easy to understand and budget-friendly. Primerica’s representatives work closely with clients to assess their needs and provide personalized coverage solutions. Additionally, Primerica emphasizes financial education, empowering clients to make informed decisions about their insurance and investment options.
Primerica’s commitment to serving the middle-income market, coupled with its emphasis on education and personalized service, positions it as a strong competitor in the life insurance industry, challenging providers like TruStage with its customer-centric approach.
MetLife stands as a prominent competitor to TruStage Life Insurance, renowned for its extensive range of insurance products and financial services. Established in 1868, MetLife boasts a rich history and a strong reputation for financial stability. The company offers diverse life insurance solutions, including term life, whole life, universal life, and variable life policies, providing customers with a wide array of coverage options.
MetLife excels at providing customizable policies, allowing individuals to tailor their coverage to meet specific needs. The company’s emphasis on customer service and innovative policy features, such as living benefits and policy conversion options, add to its appeal. With a global presence and a focus on delivering comprehensive financial protection, MetLife competes strongly with TruStage by offering flexible, reliable, and customer-oriented life insurance solutions. Its longstanding experience and commitment to customer satisfaction make it a top choice for those seeking robust life insurance coverage.
#4. State Farm
State Farm stands as a formidable competitor to TruStage Life Insurance, offering a wide array of insurance products and financial services. Founded in 1922, State Farm has become one of the largest and most recognizable insurance companies in the United States. State Farm provides various life insurance options, including term, whole life, and universal life policies, catering to diverse customer needs.
State Farm’s strength lies in its extensive network of agents, providing personalized service to clients across the country. The company emphasizes a customer-centric approach, helping individuals and families choose life insurance coverage tailored to their specific requirements and budgets. State Farm is known for its reliable and accessible policies, offering straightforward options for those seeking financial protection.
With its longstanding presence, strong financial stability, and commitment to personalized customer service, State Farm competes effectively with TruStage, attracting clients looking for trusted and reliable life insurance solutions. Its reputation and agent-driven model make it a preferred choice for many seeking comprehensive coverage.
#5. Northwestern Mutual
Northwestern Mutual is a leading competitor to TruStage Life Insurance, renowned for its long-standing presence and commitment to financial security. Established in 1857, Northwestern Mutual has earned a reputation as one of the most respected mutual life insurance companies in the United States. The company offers a comprehensive range of life insurance products, including term, whole life, universal life, and variable life policies, catering to diverse customer needs.
What sets Northwestern Mutual apart is its focus on holistic financial planning. The company provides not only life insurance but also a wide array of financial services, including investment products and retirement planning. Northwestern Mutual’s financial advisors work closely with clients to create personalized plans, integrating life insurance seamlessly into broader financial strategies.
With its emphasis on long-term financial stability, innovative products, and personalized advisory services, Northwestern Mutual competes strongly with TruStage, attracting clients seeking comprehensive and integrated financial solutions. Its longstanding reputation and customer-focused approach make it a top choice for individuals and families planning for their financial future.
What Kind of Insurance Is Trustage?
TruStage is an insurance brand that primarily offers life insurance products. Specifically, TruStage specializes in providing term life insurance policies to credit union members and their families. Term life insurance is a type of coverage that provides financial protection for a specified period, typically ranging from 10 to 30 years. If the insured person passes away during the policy term, a death benefit is paid out to the beneficiaries.
TruStage focuses on making life insurance accessible and affordable for its target demographic, which includes credit union members in the United States. While term life insurance is their primary offering, it’s important to note that TruStage does not offer other types of insurance, such as auto, home, or health insurance. They concentrate specifically on providing life insurance solutions to their members.
TruStage is generally regarded as a reputable and reliable life insurance provider, especially for credit union members and their families. The company is known for offering straightforward and affordable term life insurance policies. Many customers appreciate TruStage’s user-friendly application process, competitive rates, and transparent policy terms. Additionally, TruStage policies are underwritten by CMFG Life Insurance Company, a financially stable institution, which adds to the company’s credibility.
However, whether TruStage is a good life insurance company for you depends on your individual needs and preferences. It’s crucial to carefully review policy details, compare quotes, and consider factors such as coverage amount, term length, and any additional riders or benefits. Additionally, customer reviews and experiences can provide valuable insights into the company’s service quality. It’s advisable to conduct thorough research and, if necessary, consult with a financial advisor to determine if TruStage aligns with your specific life insurance requirements.
Frequently Asked Questions
Is TruStage part of Liberty Mutual?
Liberty Mutual, one of the largest insurers in the United States, backs the TruStage Home Insurance Program.
Who is the number 1 life insurance company in the US?
Northwestern Mutual is the biggest life insurer in the U.S., based on market share data for individual policies in 2022.
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