In the United States, there are hundreds of different life insurance providers for consumers to choose from.
Naturally, some life insurance providers will be more able to satisfy the needs of a given individual than others.
The life insurance company that will make the most sense for you and your family will depend on your current financial situation, the type of policy you hope to qualify for, and your current health and well-being.
Generally, when trying to find the life insurance policy that will make the most sense for your particular situation, you may want to work with an independent agency or website that lets you compare.
About TruStage Life Insurance
TruStage is a life insurance provider that has provided policies for more than 19 million people living in the United States and elsewhere around the world.
This article will briefly review the company’s background, their current product offerings, and the general pros and cons of using TruStage as your life insurance provider.
TruStage Company Overview
In various different forms, the life insurance provider currently known as “TruStage” has been operating for more than 80 years. The company was originally founded as the CUNA Mutual Insurance Company in 1935.
Currently, the company primarily operates in Madison (WI), Waverly (IA), Fort Worth (TX), and Great Bend (KS). TruStage prides themselves on their commitment to “offer straightforward insurance backed by a strong company while making it easy to afford.”
Over the past 80 years, the company has grown from what was once a relatively small operation to a company that has insured more than 19 million people and has also worked with thousands of different credit unions.
In fact, the company’s approach to providing life insurance is rooted in many of the same principles that support the existence of credit unions. Values such as finding ways to make life insurance available for as many people as possible, dependable service, and maintaining a “people first culture.”
Overall, TruStage is among the more highly rated life insurance providers in the industry, though there is a relatively limited amount of ratings that can be found on the company.
|Small policy sizes for people who do not need much coverage||Limited amount of policy options|
|Affordable no medical exam life insurance policies||Very small whole life and term life policy face amounts|
|Quick coverage for those who need it||Do not offer medical exam policies|
|Great customer service||Policy conversion can be difficult|
|Strong financial ratings|
It is not that TruStage is a bad life insurance company, they are just the right fit for a very specific type of person. If you are looking for a quick, no medical exam life insurance policy that is both affordable and has small face amount, TruStage is right for you.
Ratings, Awards, and Recognitions
Though TruStage does not have the same amount of reviews as Prudential, AIG, or other larger insurance providers, its extensive history (which generally took place using the name CUNA Mutual Group or CMFG) has enabled it to be reviewed by multiple different independent organizations.
Here is a brief list of some of TruStage’s independent financial reviews:
|Better Business Bureau(BBB)||A+|
Having “A” ratings from these major organizations indicates that the company’s financial outlook is very stable.
These ratings are generally good news for policyholders and should not be willingly overlooked.
Companies that are able to consistently be rated as financially stable can usually provide lower monthly premiums and higher guarantees of reaching certain payout levels.
According to the company’s website, TruStage has also been ranked as the nation’s most reputable insurance company by an independent organization known as the Reputation Institute.
TruStage Life Insurance Product Offerings
The company’s life insurance products can be modified and adjusted in order to meet the needs of the families who are applying for coverage.
Additionally, the company also offers other types of insurance—such as health insurance and automobile insurance—which can help reduce the costs of a monthly life insurance policy when bundled together.
Like most major life insurance, though TruStage has numerous different policy types to choose from, most of its life insurance offerings can either be categorized as either “term” or “whole” life insurance policies.
Overall, TruStage’s term and whole life insurance policy are designed for individuals who are trying to budget carefully.
These policies are probably not ideal for individuals who are looking for millions of dollars in coverage or hope to access the cash value of a whole life insurance policy while they are still alive.
But if you are looking for a minimal amount of coverage that can cover end of life expenses and perhaps have a little left over for your family, then TruStage may still be a company that is worthy of your consideration.
What TruStage Life Insurance is Best For
The area that TruStage undoubtedly “specializes” in is working with credit unions in order to offer their members discounted life insurance policies.
If you are currently a member of a credit union, you will have a significantly easier time securing low insurance premiums that are otherwise generally unavailable to the rest of the public.
TruStage specifically markets, negotiates with, and enters into contracts with Credit Unions in order to create mutually beneficial relationships.
Credit Unions can use the appeal of discounted life insurance policies in order to attract more customers and TruStage can have consistent access to a wider base of potential clients.
Additionally, there are several different specific life insurance policies that TruStage has decided to specifically highlight.
Where TruStage Life Insurance Specializes
Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance policies are an excellent option for individuals who would likely not pass a medical exam and only expect to live for a decade or less.
These policies are surprisingly very affordable, though the amount of coverage that they offer is rather limited. They are guaranteed to anyone aged 45 to 80, regardless of their current health.
Children’s Whole Life Insurance
Children’s whole life insurance policies are very affordable because the person that is being covered is usually expected to have a long-time to live.
These policies are best for parents who want to find creative ways to help their child prepare for their financial future.
Accidental Death & Dismemberment
Accidental death & dismemberment life insurance policies are designed to be supplemental to already existing life insurance policies.
These policies offer an additional layer of protection in the event that you are unable to work following a serious accident. Acceptance is guaranteed to anyone who is a member of a credit union.
Clearly, the primary focus of TruStage’s various life insurance offerings is credit union members.
What Does TruStage Life Insurance Cover?
One of the areas that TruStage really falls short of some of the larger, more reputable insurance companies is their coverage amount.
The chart below shows the coverage that TruStage offers for each of their core life insurance product offerings:
|Term Life||$10,000 – $300,000|
|Whole Life||$1,000 – $100,000|
|Guaranteed Acceptance||$2,000 – $20,000|
As you can see, their term life insurance policies max out at $300,000 of coverage.
While their whole life insurance maxes out at $100,000, which is hardly enough to build any type of real cash value over time, or protect one’s entire family financially in the event of one’s death if you have a lot of continuing expenses that must be taken care of.
Their guaranteed acceptance life insurance maxes out at $20,000, which is about standard for the industry, though some policies go as high as $50,000 and even $100,000.
However, their policies have very low minimum face values. This makes TruStage life insurance a great affordable option for someone who does not have the funds to afford, or does not need a large life insurance policy.
How Much Does TruStage Life Insurance Cost?
Determining the cost of a specific life insurance policy will depend on many different factors. As is the case with many life insurance providers, the underwriting process for a TruStage life insurance policy will depend on the specific type of policy you are applying for.
For example, if you are applying for a guaranteed acceptance life insurance policy, things such as your current health and lifestyle will be entirely irrelevant. However, if you are applying for a standard whole life insurance policy, your health and well-being will actually matter.
Because TruStage Life Insurance products are no medical exam life insurance policies, naturally, their monthly premiums are rather high when compared with companies that offer life insurance policies with medical examinations.
The table below shows TruStage Life insurance rates for a 40-year-old, non-smoker, healthy, 40-year-old man and woman. Here are some examples of TruStage’s life insurance premiums for their various types of policies they offer:
As you can see, their rates are rather expensive, for relatively small amounts of coverage. This is because TruStage offers no medical exam life insurance to people who are considered high risk by most insurance companies.
If you are in good health, TruStage may not be the best life insurance option for you. Speak with one of our registered agents to find the best coverage for your situation.
Is TruStage Life Insurance Right for Me?
When considering applying for a TruStage life insurance policy, the first question you should ask yourself is “Am I currently a member of a credit union?”
If the answer to that question is no, then you may not even be accepted as an applicant (though the company seems unclear about this) and you may want to begin your search looking elsewhere.
But if you are a member of a credit union, then you certainly fall within the range of the company’s target market and it will likely be worth the time to at least consider filling out an application.
Another thing you want to keep in mind is the amount of coverage you need.
Who is TruStage Life Insurance Right For?
TruStage’s Term Life Insurance policy is best for people who only need coverage for a limited amount of time and are hoping to pay as little as possible.
TruStage’s Accidental Death & Dismemberment coverage may be ideal for individuals who currently engage in a variety of different high-risk careers.
TruStage’s Guaranteed Life Insurance may be best for people who will have difficulty passing medical exams including those who have cancer, diabetes, are active smokers, or are obese.
You may also want to consider which other types of insurance policies (such as auto and health) you may bundle in with your life insurance policy. A TruStage insurance agent should be able to help you easily navigate your options.
Though TruStage is still among the life insurance providers with better customer reviews than average, they are certainly not the best option for everyone who is looking for coverage.
If you are someone who is not currently a member of a credit union, then you may want to consider purchasing a life insurance policy through some other medium.
Even if you are a member of a credit union, then you still may want to consider looking elsewhere if you are hoping for something more comprehensive than the small-medium sized policies that TruStage typically provides.
Fortunately, if you do decide to use a life insurance provider other than TruStage, you will still have many different options to choose from.
Working with an independent agent, a credit union representative, or a website that allows you to compare multiple different life insurance providers at once will make it significantly easier to be confident in your final decision.
TruStage Life Insurance Company Review – Wrapping it Up
Overall, it seems that TruStage is a quality life insurance provider that has been able to effectively provide financial protection for millions of different individuals.
However, this company is one that currently has a very specific target audience. If you are a member of a credit union, and looking for affordable no medical life insurance at a small face value, then TruStage may be an excellent option for providing you with affordable life insurance coverage you may not be able to access elsewhere.
But if you do not fit this need profile, then you may want to consider extending your search a little bit further. Read more at our list of 10 Best Life Insurance Companies post.
Speak with one of our independent life insurance agents today to help you find the exact coverage you need for your family at affordable rates. We are just one click or call away!
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