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, current product offerings, and the general pros and cons of using TruStage as your life insurance provider.
- TruStage Life Insurance Company History and Ratings
- TruStage Life Insurance Pros and Cons
- TruStage Life Insurance Policies Available
- What TruStage Life Insurance is Best For
- How Much Does TruStage Life Insurance Cost?
- Is TruStage Life Insurance Right for Me?
TruStage Life Insurance Company History and Ratings
TruStage has been operating as a life insurance provider 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.”
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.
The ratings for TruStage Life Insurance Company include:
- A.M. Best: “A” (excellent) rating
- Affordability Index: 8.2
- Ease of Applying: 9.1
- Customer Service: 8.9
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of TruStage compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
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 Pros and Cons
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.
TruStage Life Insurance Policies Available
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 several different policy types to choose from.
Term Life Insurance
Term life insurance is the most common form of life insurance.
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.
Here are some features of the TruStage Term Life Insurance policy:
- Available for ages 18 to 69.
- $10,000 up to $300,000 in coverage.
- No medical exam, but you will have to answer a questionnaire.
- Coverage will not extend past 80 years old.
- Apply online.
For many people, $300,000 in coverage is not enough. Decide how much life insurance you need before choosing TruStage or any other company.
Whole Life Insurance
Whole life insurance policies provide coverage for the entire life of the policyholder.
Most of TruStage’s whole life insurance policies are relatively small, though less expensive than many alternative companies.
Here are the policy features:
- Available for ages 18 to 85.
- The policies max out at $100,000 in coverage.
- No medical exam, but you will have to answer a questionnaire.
At only $100,000 in coverage available, this policy is often not 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, especially if you have a lot of continuing expenses that must be taken care of.
If, however, you only need help with final expenses and don’t need much coverage, their whole life policy might be a good choice.
Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance policies are an excellent option for individuals who have severe medical conditions.
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.
Here are the features of the guaranteed acceptance policy from TruStage:
- Available for ages 45 to 80.
- Coverage amounts from $2,000 to $25,0000
- No medical exam, and no questionnaire.
- You can’t be turned down for health reasons.
- 2-year waiting period. If you pass away in the first 2 years, you get your premiums back plus 10%. After that, you receive the full death benefit.
This policy is more expensive than their whole life insurance. Only apply for guaranteed acceptance if you cannot qualify for other policies.
Accidental Death & Dismemberment
Accidental death & dismemberment life insurance policies are designed to be supplemental to already existing life insurance policies.
TruStage’s Accidental Death & Dismemberment coverage may be ideal for individuals who currently engage in a variety of different high-risk careers.
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.
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 leftover 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.
How Much Does TruStage Life Insurance Cost?
Because TruStage Life Insurance products are no medical exam life insurance policies, naturally, their monthly premiums are higher when compared with companies that offer life insurance policies with medical examinations.
The table below shows TruStage Life insurance sample monthly rates for a 40-year-old (non-smoker, healthy) man and woman:
|Guaranteed Acceptance (age 45)||$2,000||$12||$9|
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 is likely not the best life insurance option for you.
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.
Even if you are a Credit Union member, we always recommend you compare multiple carriers when shopping for life insurance.
Compare TruStage to Other Companies
Overall, 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 with a small face value, then TruStage may be an excellent option.
Fortunately, if you do decide to use a life insurance provider other than TruStage, you will still have many different options to choose from. Here are some other final expense life insurance companies to consider.
- Royal Neighbors Life Insurance
- Monumental Life Insurance
- Prosperity Life Insurance
- Aetna Burial Insurance
- United Home Life
- Colonial Penn
- Globe Life
- AARP Life Insurance
Read more on our list of 10 Best Life Insurance Companies here.
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