Death is a sad and confusing time for those that have lost a loved one, but it doesn’t have to be a financial burden. That’s why you should consider a life insurance policy to cover expenses and other inevitable costs when you die.
But, there are so many life insurance companies to choose from, how can you know which is the best choice? It all depends on your situation including your age and health. Most life insurance companies adhere to strict guidelines that detail each benefit for the insured.
The benefits of having life insurance over not having life insurance are irrefutable. There is simply no other way to take care of your loved ones after you die unless you have substantial amounts of money on reserve.
In this article, we’re reviewing TruStage Life Insurance company so you can make the best decision for yourself, your family and loved ones. Keep reading to learn more.
- History of TruStage Life Insurance
- TruStage Term Life Insurance
- TruStage Whole Life Insurance
- TruStage Guaranteed Acceptance Life Insurance
- TruStage Children's Whole Life Insurance
- TruStage A.M. Best Company Rating
- Is TruStage Life Insurance Really the Best Option???
History of TruStage Life Insurance
TruStage Life Insurance is a subsidiary of CMFG Life Insurance, and their policies are issued by CMFG which is part of the Cuna Mutual Financial Group family of brands.
Initially, upon founding, their main goal was to offer high-quality life insurance to credit union members, but they have since expanded their offerings to include anybody interested in a life insurance policy.
TruStage also offers Auto Insurance and Health Insurance so it could be a great fit for someone that’s interested in packaging their insurance costs. Quotes are free on their website, but be mindful that quoted rates are not set in stone.
TruStage Life Insurance is non-refundable as is the case with most life insurance providers. However, you will have 30 days from the date of your policy to cancel for a full refund of your first premium paid. This is also referred to as the free look period.
TruStage Life Insurance offers four different options for their life insurance policies. Read through to carefully select the policy that will work for you and your family.
TruStage Term Life Insurance
One of the best things about a Term Life Insurance policy with TruStage Life Insurance is the ability to obtain a policy without a medical exam. You can easily apply for up to $300,000 of term life insurance and get an instant decision online.
Coverage amounts start at $10,000 for anybody age 18 to 69 for a policy that will last until you’re eighty. This policy was designed to be affordable, and you won’t have to wait for it. Once you’re approved and make your first payment, you’re covered.
TruStage advertises that their rates are only level for the first 5 years and then increases every 5th year to age 75 with coverage lasting until age 80. This could end up being costly especially when there a several top independent life insurance companies that offer 10, 15, 20, 25 or 30-year level term policy plans.
Term Life Insurance is a great way to protect yourself and your family in the event of your untimely death. This type of policy can cover funeral expenses and other costs involved with tax-free money to your beneficiaries.
Pros & Cons of TruStage Term Life Insurance
- No medical exam required
- Available in lower death benefit amounts ($10,000)
- Easy online application process (Few questions)
- Instant approval
- Can convert to permanent whole life insurance coverage
- The maximum death benefit is only $300,000
- Rates increase every 5 years to age 75
- No available policy riders
- Rates appear to be very expensive compared to several other companies
TruStage Whole Life Insurance
The Whole Life Insurance policy is designed with options to fit most budgets, and you don’t have to get a medical exam. With a few simple questions, you can apply for a policy from $1,000 to $100,000 that features permanent protection with a price that’s guaranteed for life as long as you make your payments on time.
You can obtain a policy from age 18-85 that will help pay final expenses upon your death. Beneficiaries can use the tax-free money to finalize mortgage payments or bills and other debt that you leave behind.
Perhaps the best feature of this policy is that the price never increases from the time you obtain the policy.
Pros & Cons of TruStage Whole Life Insurance
- Permanent coverage
- Available to age 85
- No exam only a few health questions
- Low available death benefits
- Good for final expenses or burial coverage
- Easy application
- Quick approval
- Limited to a maximum of $100,000
- No available policy riders
TruStage Guaranteed Acceptance Life Insurance
A guaranteed acceptance life insurance policy guarantees that you’ll be accepted for coverage, no matter your health or personal situation. Coverage amounts start at $2,000 to $25,000 with no medical exams and no questions.
One great thing about guaranteed acceptance life insurance coverage is that you cannot be turned down. The benefits are however limited for the first two years to guarantee acceptance. This means that should you pass away from any reason other than accidental, the death benefit payable is only the premiums paid into the policy plus 10% interest.
After policy year two, 100% of the death benefit will be paid regardless of how death occurs.
Prices and coverage are guaranteed for life as long as you make the payments on time. This policy is restricted to people age 45 to 80.
Be sure to check out our review on both Gerber Life Insurance who also offers a great guaranteed issue life insurance coverage.
Pros & Cons of TruStage Guaranteed Acceptance Whole Life Insurance
- Cannot be turned down for coverage regardless of health
- Available up to age 80
- No health questions or medical exam required
- 30-day free look
- Rates permanently locked in once you purchase
- Full death benefit only after year 2
- Expensive compared to some of the other companies
TruStage Children's Whole Life Insurance
What better way to protect your child or grandchild into adulthood than with a whole life insurance policy? Children’s Whole Life Insurance policies range from about $5 per month to less than $25 a month for boys and girls age 0 to 10 with up to $50,000 of coverage.
This coverage is guaranteed never to decrease, and the cost of the policy never goes up as long as payments are made on time.
TruStage Children’s Whole Life Insurance also has an optional guaranteed insurability rider that allows for increase in the death benefit without any evidence of insurability.
Pros & Cons of TruStage Children's Whole Life Insurance
- Rates locked in for life
- Permanent protection
- Optional guaranteed insurability rider
- Cash values
- Higher coverage amounts available with other companies
TruStage A.M. Best Company Rating
A.M. Best is nationally recognized as a statistical rating organization for insurance companies throughout the United States and beyond. They offer ratings depending on an insurer’s ability to meet obligations to policy-holders. There are sixteen total ratings ranging from Superior to a Suspended rating.
TruStage Life Insurance has achieved a rating of “A” for excellent. This is the third highest rating that A.M. Best provides. The company also boasts an A+ rating with the Better Business Bureau.
Additionally, the NAICS is the National Association of Insurance Commissioners that a company receives within a calendar year. The median complaint ratio for all companies is a 1. TruStage Life Insurance rates at 0.5 on this scale meaning they have lower than average complaints.
Is TruStage Life Insurance Really the Best Option???
The most important thing to consider when searching for life insurance is how it’s going to benefit you and your family the most. Just because one policy works for a friend or family member doesn’t mean it’s the best policy for you. The same goes for choosing a life insurance company.
Make sure to weigh all your options and costs associated with each policy before making a final decision.
When you find a company make sure you do your research on them. Working with an independent life insurance company like Top Quote Life Insurance is a great place to start.
Top Quote Life Insurance is an independent agency. By being independent it allows us to offer our clients options. We currently work with over 25 life insurance companies who are all A.M. Best rated A or higher.
With that said, TruStage does have some drawbacks that you may have noticed within the Pros & Cons of each coverage option.
One of the biggest drawbacks is their limited products and expensive rates compared to several competitors.
There are not many reviews available for this company because they used to only supply life insurance policies to credit union members. Now that anybody may obtain one of these policies, there will be more reviews available in the near future.
We hope we were able to help answer any questions about TruStage Life Insurance with our review. Please be sure to reach out to us if you have questions or need assistance.