CMFG Life Insurance Co. was established in 1935 and underwrites TruStage policies. The organization provides a variety of life insurance products to suit various needs. It is exceptional at making it simple and quick to obtain term, whole and guaranteed-issue life insurance. Its online quote system is useful as it helps you get an estimate for your rates.
TruStage also provides accidental death insurance, which protects you and your loved ones in the event of an accident. TruStage term insurance policies typically cost more than those offered by competitors. The maximum coverage for a term policy is $300,000, which is low for many customers.
TruStage also does not offer any features like accelerated death benefits, waivers of premium options or any other riders. This can be a problem for those seeking flexibility, who will find the best credit life insurance policies more suited to them.
- People who don't want to take a medical exam and have coverage needs below $300,000.
- Medical exam not required for most plans
- Easy online application process
- Good reputation and few complaints
- Rates higher than average
- Low coverage limits
TruStage Life Insurance Ratings at a Glance
Life insurance is a commitment to safeguard your loved ones when you are no longer alive and able to do so. Purchasing a life insurance policy is also an act of faith. When you look for a provider, you must believe that the company will keep its commitment to you and your loved ones.
It is important to do your own research and compare your options before choosing a provider, but TruStage Life Insurance is worth considering. This company provides its customers with a variety of insurance products, but its life insurance plans have increased in popularity recently.
TruStage, in collaboration with CMFG, offers easy term, whole and guaranteed-issue life insurance. The term policies are expensive, and policies have low coverage limits with no customizing options.
TruStage (Backed by CMFG) Life Insurance Review
TruStage has over 20 million policyholders. It has a huge underwriter in CMFG Life Insurance Co. A.M. Best classifies the company as having a financial size of $2 billion or more.
The extensive history and substantial customer base of TruStage contribute to the carrier’s standing as a financially secure provider with a promising outlook. TruStage underwriting company CMFG has an “A” rating from A.M. Best, the premier global credit rating agency that tracks the insurance sector.
This rating shows that the provider is a top pick for many customers. TruStage received recognition for its online presence and has had few complaints with the National Association of Insurance Commissioners. One of the major advantages of TruStage is that candidates can apply for a term or whole life insurance policy without having to undergo a medical exam.
Candidates will need to answer a few online questions, and the coverage begins as soon as TruStage receives the first premium payment. Even if they have preexisting diseases or health issues, candidates may still qualify for a TruStage policy.
For some people, the company's rates can be a significant problem. When compared to other insurers, TruStage’s term life insurance prices are usually more expensive. It’s recommended that you get quotes from several insurers to make sure you’re getting the most affordable rates for your needs.
You also can look into the best life insurance for married couples if you want to get a shared plan.
TruStage customer service is reliable as its team provides many ways for clients to get in touch with the company, assuring easy accessibility. You can contact TruStage by calling 855-591-9026 or by sending an email to consumerinsurance@trustage.com with general inquiries.
To get in contact with claim specialists, you can send an email to claimsinfo@trustage.com, but it’s recommended to use a secure email address for exchanging important information. To accommodate a variety of schedules, TruStage’s customer care representatives are accessible from 7 a.m. to 6 p.m. CST from Monday through Friday.
If you want to reach the company over the weekend, you can only do so between 8 a.m. and 4 p.m. CST on Saturdays. In addition to phone and email, customers can contact the company on Facebook and Twitter. TruStage is known for good customer service so you don’t have to worry about delayed responses.
There are various types of products available, each designed to cater to the different needs of people seeking life insurance for themselves. When looking through TruStage’s offer, you can find the following plans:
Term Life Insurance
TruStage offers simplified issue term life insurance in all states except New York, and anyone between the ages of 18 to 69 can apply for a policy. After you answer questions about your health and lifestyle, your application will be processed.
You have the option to renew the policy every five years until you turn 80, and TruStage offers coverage ranging from $5,000 to $300,000. Keep in mind that each time you renew your insurance, your premium will increase.
Whole Life Insurance
The whole life insurance plan TruStage offers is accessible to anyone ages 18 to 85. There is no medical exam required for this plan, and you can get between $1,000 and $100,000 in coverage.
The premiums are fixed for the duration of the policy, but life insurance riders cannot be used to customize your plan. You can also build cash value with this policy, and it is recommended to check out the best cash-value life insurance to learn and find out more about this feature.
Guaranteed Acceptance of Whole Life Insurance
The TruStage guaranteed-issue life insurance policy can be a good option if you wish to bypass the medical exam and health questionnaire. You’re guaranteed to get accepted if you’re between the ages of 45 to 80.
Because the insurer doesn’t have a complete picture of the person who is being covered, you should expect to pay higher rates just like with any guaranteed-issue policy. The coverage ranges from $2,000 to $25,000, which might not be enough for everyone.
TruStage term life insurance is costly, and premiums only remain the same for a maximum of five years. Because many factors affect insurance rates, including age, health and gender, only your provider can tell you the exact price you will pay.
The following table will give you an idea of what you should expect from TruStage. The estimated quotes are for people who are in perfect health, and your own rates might differ.
| Coverage Amount | Coverage Period | Gender | Age | Cost |
| $200,000 | 5 years | Male | 30 years old | $65 per month |
| $200,000 | 5 years | Female | 30 years old | $45 per month |
| $250,000 | 30 years | Male | 40 years old | $120 per month |
| $250,000 | 30 years | Female | 40 years old | $80 per month |
Factors to Consider
When selecting life insurance, several factors need to be taken into account. Some people may choose to purchase it based on emotion, while others do so because they want to feel financially secure. It is never too early to begin considering the benefits and risks of life insurance. It may be the most significant purchase you will ever make.
Budget
When you consider your current assets, liabilities, income and expenses, you know what to expect and you will avoid problems. The amount of coverage and the type of policy can affect the premiums, so it is important to see what works best within your budget. If you have a business, you can also claim life insurance as a business expense.
Policy Type
Familiarize yourself with the types of life insurance policies that are available to you, such as term, whole, universal or variable life insurance. Each has distinct characteristics. Term life insurance only lasts for a predetermined amount of time and the policy does not accumulate cash value.
That’s why it is also cheaper than permanent life insurance. When you decide on the policy that best suits your needs, take into account your long-term goals, budget and the length of time coverage is required.
Financial Strength
Do some research into the company’s financial standing and reputation before choosing a provider. To figure out whether the insurer can fulfill its financial responsibilities, look at ratings from unbiased rating agencies like A.M. Best and TrustPilot. By selecting a recognized and financially stable insurer, you can be sure that your claims will be processed effectively.
Riders and Additional Benefits
Consider any optional riders or other benefits that may enhance the policy’s coverage. Riders can include features such as accelerated death benefits, premium waivers or the possibility to increase coverage in the future. TruStage doesn’t offer most of them.
How Much Does Life Insurance Usually Cost?
When it comes to life insurance premiums, your age and gender are the two most important factors that influence the cost. Insurance underwriters also look at your health, career and policy type when determining rates. It is essential to remember that individual circumstances can significantly impact the actual cost of life insurance.
On average, women pay 23% less for term life insurance than men. Similarly, a nonsmoker will pay less than a smoker. For example, a 40-year-old male pays $120 per month for $250,000 in coverage, compared to $80 per month for a 40-year-old female.
Why You Should Trust Benzinga
Since it was founded in 2009, Benzinga has provided people with knowledge regarding personal finance. With a strong emphasis on delivering accurate and updated information, Benzinga hires experienced financial journalists and industry specialists to provide the best content for you.
Benzinga’s comprehensive coverage of the financial industry includes detailed analysis and evaluations of insurance companies such as TruStage. Choosing a life insurance provider is not an easy task, but Benzinga provides readers with important insights regarding TruStage’s offers operations. The information is unbiased so that everyone can make informed decisions.
Conclusion
TruStage is a legitimate company backed by CMFG. It offers a variety of insurance solutions with an emphasis on simplicity.
Despite having inconsistent reviews regarding customer service, the company offers a variety of contact forms, including phone and email assistance. TruStage’s competitive edge is its online whole life insurance quoting system, which gives policyholders an easy way to get estimates.
TruStage also makes it convenient for people to apply as it doesn’t require a medical exam. If you have been denied insurance in the past because of a health condition, TruStage is a great choice.
People who are looking for affordability will have to consider other providers because TruStage has high rates. The maximum coverage for a term policy is $300,000 which can be a low amount for many people.
Frequently Asked Questions
Does TruStage pay out?
In 2021, TruStage paid almost 90% of the claims filed by borrowers.
Do you have to take a medical exam for coverage?
No, with the TruStage guaranteed-issue life insurance policy you can bypass the medical exam and health questionnaire. You’re guaranteed to get accepted if you’re between the ages of 45 to 80.
Does TruStage have cash value?
Because TruStage also has whole life insurance plans in its offer, you can build cash value over time if you decide to apply for a permanent policy with this company.
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Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.