TruStage is a credit union insurance provider that sells term and whole life policies on both a guaranteed acceptance and simplified issue basis in addition to term. It’s a viable option for members who are looking for small amounts of coverage but might be more expensive than its competitors.
TruStage is an insurance company that provides coverage for credit union members and focuses on three main types of insurance products: term, whole, and guaranteed issue whole life.
You can buy the simplified issue and guaranteed issue life insurance online, often with no medical exam, and the company also offers auto insurance policies, property insurance, accidental death coverage, and health insurance.
We reviewed TruStage’s policy offerings, pricing, customer service, industry ratings, and more to find out if its policies are a good fit for you.
Overview
As a credit union-owned insurance company, CMFG Life Insurance Company (“CMFG,”) founded in 1935 and headquartered in Madison, Wisconsin, offers customized insurance products for the credit union sector.
You must be a member at one of their over 3,500 partner credit unions to purchase its insurance products.
CMFG is licensed to sell life insurance in all 50 states but some policy options might not be available in every state.
TruStage CMFG life insurance pros and cons
Pros
- TruStage life insurance plans can be purchased without a medical exam or invasive testing. There are no exams necessary with most applications, and you can start shopping for coverage immediately.
- It’s quick to apply for coverage online: customers can get a quote and purchase a policy in less than 10 minutes, and they’re covered as soon as the first premiums are received.
- Your satisfaction is guaranteed. If you’re not satisfied with your policy, you can cancel in the first 30 days of coverage and receive a 100% refund.
- You can convert your term life policy into a whole life policy at any time during the effective coverage period. There’s no medical exam required.
- TruStage Insurance Company offers accidental death and dismemberment (AD&D) coverage to eligible members of select credit unions.
Read: Best Life Insurance Policies and Companies Without a Medical Exam in 2022
Cons
- TruStage term life policies can be renewed so long as you are in good health. You pay only one initial premium and, if you elect to renew your policy, will see gradual rate increases after each five years. As a result, you’re able to lock in your premium for up to five years at a time.
- TruStage Life Insurance generally offers a maximum of $100,000 in coverage. That may not be enough protection for your loved ones, though, depending on their needs and your finances.
- TruStage does not offer any riders on term or whole life policies. If you’re looking for a child rider, disability coverage, or even an accelerated death benefit, you’ll need to shop around elsewhere.
- TruStage life insurance policies do not include universal life products.
TruStage CMFG life insurance plans
Term Life
TruStage Term life insurance provides temporary coverage of up to $100,000; higher coverage limits may be available if you call the carrier directly or if you apply through a partner credit union.
Applying online takes about 10 minutes and there is no medical exam required.
Once your application is approved and your first premiums received, coverage begins immediately with no waiting period. You can convert a term life policy to permanent coverage at any time during the policy’s coverage period, with no health questions.
You can also cancel a term life policy at any time and get your money back if you’re unhappy for any reason.
Here’s one thing to note: TruStage premiums increase every time you reach a new age band. These bands are at five-year intervals, occurring at ages 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75.
Unlike other term policies that can lock in a rate for as long as 30 years, TruStage premiums will increase every five years.
Whole Life
You can purchase between $5,000 and $100,000 in permanent (whole life) insurance coverage by applying and being approved online with no medical exam or invasive test requirement (in nearly all cases).
The policy becomes active 30 days after approval when the first premium is received. If you’re not satisfied with the policy, cancel within 30 days of receipt to receive a full refund.
There are no cancellations or surrender charges and no medical exam is required.
Guaranteed Whole Life Acceptance
Read: 10 Best Life Insurance for Seniors Over 80 in 2022
Accidental Death and Dismemberment
If you qualify, you can enroll for complimentary TruStage Accidental Death and Dismemberment coverage that protects your family if you suffer a serious, disabling accident or are killed.
Benefits include an increased benefit amount of up to $100,000; Additional Coverage so that if you die without a will your spouse automatically receives coverage; Hospital Coverage to pay the balance not covered by your hospital room and service; and life-building tools like Travel Insurance.
What do you consider when buying life insurance?
When buying life insurance, think beyond price. An insurer’s track record of complaints can be a reliable measure of how well the company provides service. If you need help in comparing the right policy for your needs, contact an independent insurance agent or broker.
Learn about different policy options, including term and whole life insurance, so you can better understand how to protect your family and plan for the future.
Knowledgeable agents will guide you through these options to find the best coverage at the best price for your needs.
What are TruStage life insurance rates?
TruStage Life Insurance offers simple life insurance policies, which are both highly flexible and customizable. A quote was running for a 30-year-old male for term life insurance.
The rate quote came back at $42.50 a month for $100,000 in coverage, which matches the rate shown in the chart for that age band. With no medical exam required, there is a risk that people with higher medical costs will opt for this insurance.
That should be considered when comparing the price to more traditional whole life policies.
Read: Cigna Life Insurance Review And How It Works
How do you file TruStage claims?
Has something unfortunate happened? Did you have a broken arm or trip and fall into a plate-glass window? If you’re worried about medical bills, it’s time to call TruStage.
They offer insurance for those with individual policies and those with employer-sponsored plans from Cuna Mutual Group. The claims process is quick and streamlined.
As long as they receive all of the necessary documentation, they’ll pay out your claim in one to three business days.
Customer Satisfaction: Fewer Complaints Than Average
CMFG Life Insurance Company, TruStage’s parent company, has an NAIC complaint index of 0.49. This means that it received somewhat fewer complaints than its competitors.
In total, CMFG has 0.03% of the national complaint market share. Many of the complaints received were for things like bad customer service and unclear policy information.
Cancellation Policy
TruStage offers what’s called a Free Look Period where you have 30 days from the day your coverage begins to cancel for a full refund. Your life insurance policy with TruStage is built to last.
Not only do they provide inflation protection, but they also have no sales or underwriting fees. And they don’t have an elimination period that delays the time in which you get paid should you become disabled and unable to work.
You can even take advantage of their 30-day free look feature—it doesn’t matter if you bought your policy or if it was gifted to use.
Read: Bestow Life Insurance Reviews : Pros and Cons | Legit and Scam | How it Works
Frequently asked questions about Trustage CMFG life insurance
Term life coverage is often the most affordable life insurance because it’s temporary and has no cash value. Whole life insurance premiums are much higher because the coverage lasts your lifetime, and the policy grows cash value.
Term Life Pros & Cons
Lower premiums when you’re younger It’s temporary coverage
Beneficiaries will receive larger death payouts Must re-qualify at the end of the term
Can be converted to whole life insurance Difficult to qualify if there is a
significant health issue
Additionally, TruStage holds a 4.8 out of five rating on TrustPilot, with more than 4,200 customer reviews. 1 Common theme among the reviews include helpful customer service agents, a simple application process, and the ease of filing claims
CMFG life insurance company is the parent of all organizations that make up CUNA Mutual Group. It could be CUNA Mutual Financial Group, however, you will not find this on their website. This insurance company is headquartered in Iowa
Credit life insurance covers a large loan and benefits its lender by paying off the remainder of the loan if the borrower dies or is permanently disabled before the loan is paid in full.
The borrower pays a monthly premium toward the policy, which is often rolled into their monthly loan payments.
TruStage insurance products and programs are made available through TruStage Insurance Agency, LLC. Life insurance and AD&D insurance are issued by CMFG Life Insurance Company.
People get life insurance with the expectation that if they pass away during the period of coverage, their policies will help their loved ones financially.
In 2019, TruStage paid 94.7% of its life insurance claims, 66% of which were paid in ten days or less.
Conclusion
When it comes to your family’s life cover, finding the right balance between affordable and dependable can be difficult. With TruStage Life Insurance, you can rest easy knowing our term life policies policy is everything you need.
In today’s climate, it is simply not practical to expect anything but the best from your term life protection plan – and that’s exactly what they deliver.
When you need a trusted friend who will help guide you through this important process, contact TruStage Life Insurance today.
References
- Bankrate – insurance/companies/trustage/
- Expertinsurance – trustage
- Insurist – life-insurance/reviews/trustage
- Investopedia – trustage-life-insurance-review
- The balance – trustage-life-insurance-review
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