TruStage Insurance Company sells life insurance policies enrolled by CMFG Life Insurance Company, a subsidiary of CUNA Mutual. It has various options regarding term, whole and issue life covers. TruStage Insurance Company is one of the few that offers online quotes for full coverage plans.
The company is open to credit union members. It is estimated that TruStage has ties to more than 3,500 credit unions in the United States. If you are searching for a term or whole life insurer, you can get a quote and request the service online. The client will not need a life insurance medical exam.
Is TruStage a reputable insurance company?
TruStage is a great insurance company where you can get a quote and sign up online without submitting an exam. They tend to satisfy their customers by having insurance validated by CMFG Life Insurance Company. But these conveniences are paid for with high premiums compared to other similar insurances. These become one of the main reasons for continuing to enjoy the service.
Although you may have some complaints, the company usually has the financial and management capacity to resolve claim-related problems. We know it can do this because CMFG backs Trustage Life Insurance with a consistent “A” rating, considered excellent in financial stability.
Another positive point is that the company has been in the policy market for more than 80 years and knows the customer’s needs. Along the way, the company has decided to offer simple insurance tailored to your needs.
Advantages and disadvantages of TruStage
Trustage Life Insurance has pros and cons like all companies. Depending on the client’s specific needs, these could help you make a better decision in case you are hesitating whether or not to get insurance with Trustage.
Advantages
- All procedures can be solved online or by phone call
- You have an immediate response to almost all your doubts
- You don’t need a medical exam to contract any of their insurances
- Backed by another financially strong company.
- Most of their clients give good reviews about their experience at Trustage
- You have up to $100,000 of life coverage
Disadvantages
- Policies expire at age 80 or earlier
- Premiums increase every five years until age 75
- They cannot afford to pay for a policy over $100,000
- Premiums tend to be more expensive than other companies with the same coverage conditions
- Only one policy option between age 80 and 85 and no offer after age 86
- No coverage for children
Life insurance policy
Trustage Life Insurance has three types of life insurance. Each covers the client on a personalized basis. None of the three types of coverage requires a medical exam; here’s what you should know about each:
- Term life insurance
- Whole life insurance
- Guaranteed Lifetime Acceptance
Term Life Insurance
Term life insurance covers clients for a stipulated amount of time. As long as the policy is active, the family is secure. It offers coverage at a price that is affordable for a monthly budget, and the scope never decreases.
This policy is open to applicants between the ages of 18 and 69. All citizens have access to this insurance, except New York residents. You can apply online and be covered immediately if you answer a few questions about health, living status, and premium payments.
The policy covers from $5,000 to $300,000 and can be renewed every five years until the client turns 80. The premium will increase each time you renew the contract, and within the policy, which allows you to enjoy death benefits, is covered the accelerated death benefit. At the same time, you are alive when diagnosed with a serious illness in a terminal condition.
Whole Life Insurance
Whole life insurance from Trustage Life Insurance means you are covered for life; the policy has no expiration date. Neither age nor health problems will add additional costs to receiving service. The company will cover all expenses as long as the monthly premiums are paid. In case of death, the family will receive cash.
As above, it is available in all states except New York and Montana. People between 18 and 85 can take advantage of this service and have from $1,000 to $100,000 in coverage without a medical exam. The policy is not customizable, but the policy accumulates cash value; after getting enough, you can borrow against it.
Trustage Life Insurance’s Guaranteed Acceptance Life Insurance
This insurance is designed for the “end of life stage.” The company will not deny the insurance regardless of the applicant’s health status. It has a mandatory waiting period of two years if you purchase the plan. In case of death within this waiting period, they will reimburse more than 10% of the interest premiums. The insured must live more than two years from the purchase of the policy to receive the full death benefit.
As with the others, no examinations or health questions are required. Premiums will not increase, and coverage will not decrease. This Trustage Life Insurance policy does not lapse and is a cash value.
Insurance is available from age 45 to 80; coverage ranges from $2,000 to $20,000. It is not available in New York or Washington. However, suppose you are looking for a guaranteed life insurance policy, which is rarely needed. In that case, other companies, such as AIG, Gerber, or Mutual of Omaha, offer the same plans for lower rates.
Contact Trustage Life Insurance
The company handles all applications online and by phone. If you want advice or request service, you can call 1-866-851-0485 to speak with a customer service agent.
The hours of operation are Monday to Friday from 07:00 am until 9:00 pm, and Saturdays from 08:00 am until 04:00 pm.