An Honest Review on TruStage Life Insurance
TruStage life insurance reviews: a solid company, but more expensive compared to other online life insurance providers, limits $100,000, and offers 5-year terms
Trustage Life Insurance Reviews
As you search for an online life insurance provider, chances are you will encounter TruStage. This company is a popular insurer under its parent company known as CUNA Mutual that has been in the business since 1935. CUNA is a mutual life insurance provider that offers products and services to members of the associated credit unions.
How much does life insurance cost?
Instant Issue Term Life Insurance
Just like other insurance providers TruStage life insurance also offers an instant term life plan, which is becoming a popular type of insurance plan today. The use of AI technology makes it easier for people to apply for instant issue life insurance online. Aside from the application, you can make an online comparison from different insurers and coverages available.
Price and Plan Comparison
If you want to know more about this TruStage life insurance policy, here is a comparison of the rates to other online providers in the market. For example, there is a male applicant who is 45 years of age, a non-smoker who is looking for instant life coverage of at least $150k.
TruStage life insurance, in comparison to the other three online insurers, namely Foresters, Phoenix/Nassue RE, and Fidelity, offer instant life insurance. Still, TruStage increases its premium every five years that depending on the applicant’s age. Also, it has the most expensive monthly premium of $95.00 among the other three insurers. The Foresters offer $58.50, Fidelity $69.77, and Phoenix $78.84 using the applicant’s same information.
The Good Side
- The company offers mutual life insurance, and the advantage of this type of company is that it can provide more benefits to its insured. Also, the policyholders own the mutual company and have more power, and services are customer friendly.
- People looking for an easy application process can count on TruStage as they reduce the time of underwriting and simplified operations on medical exams, policies, and an instant issue.
- The fact that the company works with credit unions makes them more attractive for looking for an insurance policy because they are a non-profit company. There is a growing trend for credit unions and creating a vast market for mutual life coverage.
The Bad Side
- As you have seen from the above data, TruStage life insurance offers a higher premium of about 38% higher than other online insurers in the market. Aside from affordability from competitors’ insurance coverage, most of them ensure a steady monthly premium for the plan’s entire period.
- As mentioned earlier, this insurer provides a changing monthly premium every five years, depending on the insured’s age. Simultaneously, other competitors such as Fidelity and Forester assured the same amount for the rest of the plan. It is vital always to read the fine print to know the truth.
- TrusStage does not disclose that they have two-year exclusion of guaranteed issues in case of death caused by illnesses and other natural death. This process is also known as graded benefits expected for policy under guaranteed issue for whole life coverage. In case of death through natural causes, the beneficiary will get refunded premiums and the policy’s interest instead of paying for the death benefit.
- Another drawback is that the company’s policy coverage is not available for comparison, unlike other competitors. The reason is that TruStage will direct you to the CMFG Life sales platform, which does not allow comparison quotes. It is good to consider the service of an independent agency as you search for the best insurance coverage to acquire adequate information about the pricing and quality of the policy.
Common Questions about TruStage Life Insurance
Is TruStage a worthy investment?
Quality is not a massive issue for TruStage, but the concern is more in their instant issue life insurance with an increasing monthly premium and how they advertise their products. When it comes to the overall rating, the company has good ratings with few complaints, just like any other online insurers today.
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Is it ok not to respond to the letters sent by TruStage?
The company is in partnership with credit unions, so you are now part of their marketing campaign by sending you direct emails. The letters sent through the mail are just part of their marketing strategy to promote their products and services, so you should not feel any pressure to respond to these letters.
Based on the details provided above, a TruStage life insurance policy is more expensive than other providers with similar or even better coverage plus a guarantee of no increase in premium until the end of the policy. While it is true that instant issue policies are pricier than other types of plans. In our TruStage life insurance review, we found other insurers can offer better deals than TruStage.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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