When searching for a life insurance review, it can be difficult to know who to trust. Trustage Life Insurance is an option for affordable and comprehensive coverage.
In this guide, Cove Markets will examine whether is Trustage Life Insurance a good company and how it compares to other providers.
So you can make an informed decision about your coverage. This post will also discuss the types of coverage available, the benefits, and more.
TruStage Life Insurance Overview
TruStage is a type of life insurance offered by CUNA Mutual Group. A financial services company that serves credit unions and their members.
In addition, this insurance product is designed to provide financial security for families during premature death.
TruStage Insurance offers a range of coverage options. Including:
- Term life insurance
- Whole life insurance
- Guaranteed acceptance of whole life insurance
The company promises competitive rates and no medical exam requirements. The application process is streamlined and can be completed.
- TruStage is backed by a reputable financial services company that has been around for over 80 years.
- The company offers a variety of coverage options to suit different needs and budgets.
- Some policies require no medical exam, making the application process faster and easier for some people.
- The application process can be completed online or over the phone, which is convenient for busy individuals.
- TruStage is only available to participating credit union members, limiting the pool of potential customers.
- The company’s rates may not be the most competitive for all customers. So it’s essential to compare quotes from multiple insurers before deciding.
- Whole life insurance policies are more expensive than term ones. So insurance customers may need to weigh the cost against the benefits.
What Types of Insurance Does TruStage Offer?
Each policy provides financial protection and peace of mind for families during premature death.
1. Term Life Insurance
This type of coverage protects a specified term, usually ranging from 10 to 30 years. If the insured person passes away during the term, the beneficiaries receive a tax-free death benefit.
TruStage Term life insurance is often more affordable than other types of coverage, making it an attractive option for young families and individuals on a budget.
However, the coverage ceases and you may need to purchase a new policy or convert it to a permanent one.
2. Whole Life Insurance
Unlike term life insurance, whole life insurance covers the entire lifetime as long as premiums are paid.
In addition to the death benefit, whole life policies also accumulate cash value over time, which can be accessed through loans or withdrawals.
This feature makes whole-life insurance a valuable financial planning tool for long-term goals such as retirement or education expenses.
However, whole life insurance premiums are generally higher than term life premiums due to the lifelong coverage and cash value component.
3. Guaranteed Acceptance of Whole Life Insurance
This type of policy is designed for individuals who may have difficulty obtaining traditional life insurance due to age or health concerns.
With the guaranteed acceptance of whole-life insurance, no medical exams or health questions are required during the application process.
The coverage amount is typically lower than other policies. But it can still provide essential financial protection for final expenses, such as funeral costs and outstanding debts.
Due to the danger of insuring people without medical exams, this form of coverage has higher premiums.
TruStage Life Insurance Policies
Term life insurance policies are typically the most affordable option. It provides coverage for 10, 15, 20, or 30 years.
If the insured dies during the term, their beneficiaries receive a tax-free death benefit. Term life insurance policies have no cash value and typically do not require a medical exam.
Whole life insurance policies cover the insured’s life as long as premiums are paid on time, building cash value.
That can be borrowed against or used to pay premiums.
These policies typically require a medical exam, and premiums are generally higher than those for term life policies.
Guaranteed acceptance whole life insurance policies are for those with health difficulties or other issues. And they may have trouble getting coverage.
These policies require no medical exam or health questions and are available to individuals between 45 and 80.
Guaranteed acceptance whole life insurance policies have a lower death benefit and higher premiums than other TruStage policies.
What Discounts Does TruStage Offer?
While life insurance policies can be expensive, TruStage offers several discounts and features to make their coverage more affordable for customers.
1. Group Rates
TruStage’s group rates for credit union users are one of the most essential savings they offer. By working with more than 3,500 credit unions, TruStage gives members of credit unions special savings on life insurance plans.
These group rates can result in substantial savings compared to individual rates, making insurance more accessible for many people.
2. No Medical Exam Discounts
For some of their term life insurance policies, TruStage does not require a medical exam, saving applicants time and money.
This feature is especially beneficial for individuals who are generally healthy and do not have pre-existing conditions that would impact their insurance premiums.
3. Age-Based Discounts
TruStage offers age-based discounts for applicants who are younger and healthier. Since younger individuals typically pose a lower risk to insurers, they may qualify for lower premiums on their insurance policies.
By applying for coverage earlier in life, policyholders can take advantage of these age-based discounts and lock in lower rates for the duration of their policy.
4. Multi-Policy Discounts
TruStage offers multi-policy savings to customers who buy car, house, and life insurance. Customers can save on insurance costs by bundling their insurance needs with one provider.
5. Payment Options
TruStage offers flexible payment options, allowing policyholders to choose between monthly, quarterly, semi-annual, or annual premium payments.
Policyholders can manage their insurance costs more effectively by selecting a payment schedule that aligns with their budget.
Is Trustage Life Insurance A Good Company? – Customer Complaints And Satisfaction
Many customers think TruStage Insurance is a good company, especially for those new to life insurance or with limited funds.
Customer satisfaction and few complaints make the insurance firm a credible life insurance provider. One factor contributing to TruStage’s positive reputation is its affiliation with credit unions.
TruStage offers exclusive discounts to credit union members as part of the CUNA Mutual Group.
And they are making their insurance policies more accessible and cost-effective.
This collaboration enhances the trustworthiness of the company. So, credit unions are known for prioritizing their members’ best interests.
TruStage has a relatively low number of customer complaints compared to other insurance providers.
TruStage’s complaint ratio is far lower than the national median.
According to the National Association of Insurance Commissioners, reflecting the insurance company’s response to clients.
This can be attributed to their focus on providing clear, easy-to-understand policies and offering dedicated customer support.
TruStage also maintains an A- (Excellent) rating from A.M. Best, a leading insurance rating agency. This grade shows that the company is financially stable and can keep its promises to policyholders. More proof that it is a reliable company that sells life insurance.
While customer satisfaction may vary based on individual experiences, TruStage’s commitment to simplicity, affordability, and responsiveness contributes to its positive standing in the life insurance market.
However, it is essential for potential policyholders to carefully assess their unique needs and preferences before choosing a life insurance provider.
Comparing TruStage to other companies like State Farm, Allstate, Prudential, and AIG can help individuals determine the best fit for their specific requirements and expectations.
TruStage vs The Competition
Here is a brief comparison of TruStage Insurance and its competitors:
TruStage vs State Farm
State Farm is a well-known insurance provider that offers a range of insurance policies, including term life, whole life, and universal life.
State Farm may be a better option for individuals who prefer to work with an agent in person rather than online or over the phone.
TruStage vs Allstate
Allstate is another popular insurance provider that offers term, whole, and universal life insurance policies. Allstate may be a better option for individuals who want more options regarding policy riders and customization.
TruStage vs Prudential
Prudential is a more extensive insurance provider that offers term, whole, and universal insurance policies.
Prudential may be ideal for those who wish to work with an agent to personalize their policy and explore other financial products.
TruStage vs AIG
AIG is a global insurance provider.
That offers term life, guaranteed issue whole life, and universal life insurance policies. AIG may be superior for people with pre-existing medical issues who can’t obtain coverage elsewhere.
FAQs about TruStage
Does TruStage pay out?
Yes, TruStage Life Insurance pays out death benefits to beneficiaries.
If the insured dies while the policy is in effect and the premiums are up to date.
Is TruStage a real company?
Yes, TruStage is a legitimate life insurance provider backed by CUNA Mutual Group.
A financial services company has been around for over 80 years.
Is TruStage owned by Liberty Mutual?
No, TruStage is not owned by Liberty Mutual.
However, both companies are affiliated with credit unions and offer financial services to their members.
TruStage whole life insurance reviews?
TruStage Life Insurance has received generally positive customer reviews, which provide coverage for the duration of the insured’s life.
Moreover, they have a cash value component that accumulates over time.
How to cancel TruStage life insurance?
To cancel a TruStage Life Insurance policy, contact the company’s customer service department at 1-855-612-7909. Depending on the policy, canceling may incur penalties or fees.
What are the benefits of TruStage Insurance?
TruStage Insurance offers competitive rates. A streamlined application process that can be completed online or over the phone. So, no medical exam requirements for some policies.
TruStage also has a good reputation for responsive customer service.
What are the drawbacks of TruStage Insurance?
TruStage Insurance is only available to members of participating credit unions, which limits the pool of potential customers.
The company’s rates may not be the most competitive for all customers. And whole-life policies can be more expensive than term-life policies.
How do TruStage’s rates compare to other life insurance providers?
TruStage’s rates may be competitive for some customers, but it’s crucial to compare rates from multiple insurers to find the best deal.
Factors affecting life insurance rates include age, health status, and the coverage amount.
Trustage Insurance is an excellent option for affordable and comprehensive life insurance coverage. You can be sure you’re getting the best coverage with competitive rates and a wide range of options.
If you’re ready to get started with Trustage Insurance, click the button below to get your free quote today.