TruStage Life Insurance Review
- Learn about TruStage's term and whole life insurance policies and their pros and cons, including how to decide if TruStage life insurance is right for you.
If you're looking for term or whole life insurance coverage but don't want to undergo a complex application process, a TruStage life insurance policy could be worth considering. This article explains the life insurance products TruStage offers and explores their advantages and disadvantages.
TruStage is a subsidiary of the CUNA Mutual Group. All TruStage insurance policies are underwritten by the CMFG Life Insurance Company, which holds an A rating with AM Best.
Founded in 1935, TruStage specializes in insurance products for credit union members, including life, auto and home insurance. The company partners with over 3,500 credit unions across the United States and prides itself on selling personalized plans to suit monthly household budgets without the need for a medical exam.
What Life Insurance Products Does TruStage Offer?
Term Life Insurance
TruStage's term life insurance products guarantee a death benefit if you die while your policy is in force, even if your health circumstances change. Coverage ends when the term finishes, and enrollees reserve the right to convert to a whole life insurance policy. All term life insurance products offered by TruStage provide coverage from the first premium payment and offer a full refund if you cancel within the first 30 days for any reason.
Whole Life Insurance
TruStage whole life insurance products offer coverage for your entire life, provided you keep up to date with your premium payments. Its whole life insurance products offer level premiums, which means you won't need to pay more as you get older or if your health status changes.
The company also guarantees it won't cancel your policy and will pay a death benefit to your beneficiaries, as long as your account is in good standing. You'll need to answer a few basic medical questions as part of your application, and you can apply for a TruStage whole life policy online.
Guaranteed Acceptance Whole Life Insurance
TruStage also offers a guaranteed acceptance whole life policy for people who've struggled to find coverage elsewhere due to their age or health status. This policy provides a guaranteed, level death benefit as long as you pay your premiums. Premiums remain level throughout your life, making it easier to manage your budget.
You won't need to undergo a medical or answer any health questions to purchase a TruStage guaranteed acceptance whole life policy. However, your policy is subject to certain limitations. For example, the company won't pay the full death benefit if you die from non-accidental causes in the first two years. Instead, your beneficiary will receive all premiums paid, plus an additional 10%. Similarly, your beneficiaries will receive a refund of your paid premiums without interest if you die by suicide in the first two years or after the first year in North Dakota.
The Pros and Cons of TruStage
One of the primary advantages of purchasing life insurance from TruStage is that you won't need to undergo a medical exam. Its straightforward application process is another plus, and many applicants receive a near-instant decision when they apply online. The level premium payment structure on all its life insurance products can also help simplify your monthly budgeting.
However, TruStage policies generally have relatively low maximum coverage amounts, and the company doesn't offer as many optional riders as some of its competitors.
TruStage Reviews: What People Are Saying
Most TruStage customer reviews are positive, and the company boasts a 4.7-star rating on Trustpilot. Several reviewers praise TruStage's straightforward application process, and many remark that the company's agents are knowledgeable and helpful.
Many customers also say they feel the rates are fair and competitive for the coverage received. However, one reviewer stated that they didn't receive the rate offered to them when they applied. TruStage is responsive to negative reviews and makes apparent attempts to resolve issues and identify areas for improvement.
Is a TruStage Life Insurance Policy Right for You?
A TruStage life insurance policy could be a good option for you if you'd prefer not to undergo a medical exam or have been refused insurance elsewhere for health reasons. It could also be worth considering if you want the security of level premiums and a guaranteed, level death benefit.
However, TruStage policies may be unsuitable if you require a high overall coverage amount. You might need to look elsewhere if your circumstances indicate that you may need riders not available through TruStage.