If you need fast, no-med approval and don’t mind meager coverage for a high price, you may be interested in TruStage. Otherwise, you should search for life insurance from other carriers.
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TruStage
OVERALL
3.1
THE GOOD
No medical exam requirement
Instant approval
Quick application
THE BAD
Premiums rise every five years
Very high premiums
Low coverage limits
Few riders available
THE BOTTOM LINE
With no medical exam requirement, fast applications, and swift decisions, you’d think TruStage would be the perfect choice for life insurance. Unfortunately, monthly premiums are higher than the average, there’s no way to customize your policy, and death benefit amounts are too low to be of much use to most families. Plus, those high premiums increase every five years.
If you need quick insurance and don’t mind meager coverage for a high price, you may be interested in TruStage. Otherwise we recommend you buy life insurance from other carriers.
Policy Details
Availability of such options as term length and no-med-exam availability.
5.1
Price
Average monthly premium cost for a predetermined applicant profile and common health conditions.
1.0
Financial Confide...
Consumer confidence based on scores from major financial rating institutions.
7.2
Third-Party Ratings
Satisfaction from consumer sentiment institutions and complaints to state insurance boards.
7.4
Customer Experience
Ease of use, convenience, online tools, and availability.
No medical exam requirement. Whether it’s for term life, whole life, or guaranteed acceptance whole life, nearly all TruStage applicants can skip the medical exam. Instead, you’ll have to answer some medical questions online.
Quick application and instant approval. Online applications take about 10 minutes to complete. Decisions are quick and coverage begins as soon as the first premium is paid.
30-day money-back guarantee. If you’re unsatisfied with your policy for any reason, you can cancel and TruStage will give you a full refund.
The Bad
Premiums rise every five years. Term lengths for TruStage’s term life policy last only five years, which means your premiums will increase every five years if you renew your policy. This makes owning a term life policy with TruStage very expensive.
Very high premiums. Monthly premiums with TruStage are much higher than competitors. You can expect to pay a lot even if you’re in your 20s or 30s.
Low coverage limits. TruStage’s coverage amounts are fairly low. The maximum death benefit you can receive is $100,000 if you apply online, or $300,000 if you apply through an agent or credit union partner. You can get a lot more than that from other life insurance carriers.
Few riders available. TruStage does not offer basic riders on any of its policies. Even if you become terminally ill or disabled you will not be able to use a rider to gain access to your death benefit early.
The Breakdown
Policy Details
Availability of such options as term length and no-med-exam availability.
5.1
TruStage offers both term and whole life insurance policies without medical exam requirements, though they do require a questionnaire.
There’s also a guaranteed acceptance whole life insurance policy available that does not require any medical exams or questionnaires. Applicants can get coverage instantly and won’t be denied due to health reasons.
All policies have a 30-day money-back guarantee if you’re not satisfied.
This review, and its base ratings, are based on TruStage’s main term life product.
Term life insurance
TruStage’s term life policy is a mixed bag. It’s quick and convenient since a medical exam isn’t required and applications take only minutes. But terms only last five years, coverage amounts are extremely limited, and because term lengths are so short your premiums will hike up each time you want to renew your policy. On top of that, premiums are high to begin with.
If you want a small amount of term life insurance, quickly, TruStage’s policy might be worth checking out. Just be prepared to pay more for it. Otherwise, we highly recommend shopping for more affordable term life insurance with higher coverage amounts elsewhere.
Policy Feature
TruStage Term
Eligible ages
25 to 75
Term lengths
5 years
Coverage minimum
$5,000
Coverage maximum
$100,000 to 300,000
If you apply online, you can only get a maximum of $100,000 in coverage. If you want more coverage — but still only up to $300,000 — you need to call TruStage directly, or apply through a partnered credit union.
Available riders
TruStage only offers a term conversion rider, which you can use to switch to a whole life policy at any time. However, no other basic riders you’d find in other policies are included. That means if you become terminally ill or disabled you will not be able to gain early access to your death benefit.
Temporary coverage
None. Since coverage starts immediately (upon first payment), there is no temporary coverage available from TruStage.
Policy conversion
You can convert to a whole life policy at any time, without a medical exam.
Rate reconsideration
TruStage does not offer rate reconsideration, so you cannot get better rates after a year if you become healthier.
Whole life insurance
TruStage has a straightforward whole life policy that does not require a medical exam. Like the term life policy, it takes minutes to apply, but coverage limits are just as low with a minimum of $5,000 and maximum of $100,000 to $300,000.
Unlike the term life policy, premiums are locked-in for a lifetime of coverage. There are no riders available.
TruStage also offers a guaranteed acceptance whole life policy, which means your application cannot be turned down due to health conditions, and there’s no medical exam.
Rates are locked in for people aged 45 to 80, but coverage limits are similarly low with a range of $2,000 to $20,000 available. However, this is not enough money to cover final expenses (funeral fees, credit card debt, and the like) for most families.
AD&D coverage
A stand-alone Accidental Death and Dismemberment policy is also available from TruStage, but only offered through partnered credit unions. This type of coverage pays out to your family if you are seriously injured or killed in a covered accident.
Keep in mind that you will only receive a death benefit if one of those two things happen. Regular life insurance or disability insurance provides better security for you and your family.
Average monthly premium cost for a predetermined applicant profile and common health conditions.
1.0
This review focuses on TruStage’s Simplified Issue Term Life insurance, which provides up to $100,000 of coverage.
The following sample rate is based on a non-smoking male in California applying for that amount.
Age
TruStage Average
Industry Average
20s
$42.50
$28.02
30s
$46.50
$32.06
40s
$86.50
$60.97
50s
$170.50
$152.00
60s
$444.00
$504.29
A $100,00 policy is the maximum amount of coverage you can apply for online. Terms are renewed every five years — meaning your rates will increase in five-year intervals.
These are very high premiums for a very low coverage amount. For more affordable options with higher death benefits, we recommend looking at our list of the best life insurance carriers.
Financial Confidence
Consumer confidence based on scores from major financial rating institutions.
7.2
TruStage is based in Madison, Wisconsin. Its policies are underwritten by CMFG Life Insurance Company, which was founded in 1935. TruStage also partners with more than 3,500 credit unions across the country, which can provide extra discounts and perks for qualifying members.
According to the following credit rating agencies, TruStage is a financially stable company that is able to carry out its obligations to customers.
A.M. Best: A
Moody’s: Baa2
Standard & Poor’s: BBB+
A.M. Best, which specializes in analyzing the insurance industry, gives TruStage an A, which is the third-highest score possible.
Analysis firm Moody’s awards TruStage a Baa2 rating, which means the company is a moderate credit risk. Standard & Poor’s also graded TruStage in a lower tier, at BBB+. According to that rating definition, it’s a vulnerable "speculative grade" company.
Regardless, TruStage should be able to meet its obligations to policyholders.
Third-Party Ratings
Satisfaction from consumer sentiment institutions and complaints to state insurance boards.
7.4
Thanks to third-party review platforms we can get a feel for how satisfied customers are (or not!) with their chosen insurance carrier.
Here’s how the ratings break down:
Consumers Advocate: 4.4 / 5
Consumer Affairs: N/A
NAIC complaint index: 0.62
Consumers Advocate, a third-party review site, grades TruStage an “excellent” 4.4 out of 5 rating, based mainly on financial reputation and the availability of a guaranteed acceptance whole life insurance product.
Consumer Affairs, which lets registered users directly review companies, does not currently have a page for TruStage.
The National Association of Insurance Commissioners (NAIC) is a state department that tracks insurance-related complaints. A score of 0 on its “complaint index” means there weren’t enough complaints to measure, while a score of 1 represents the average. With a relatively low score of 0.62, the NAIC has counted barely any complaints about TruStage’s services.
Ease of use, convenience, online tools, and availability.
6.5
TruStage makes applying for coverage extremely easy. The online quote tool is fast, and if you have any questions there are email and phone contact options. There is no live chat available.
Application process
Customers can apply completely online through TruStage’s website. However, for slightly higher coverage amounts you will have to call TruStage directly or apply through a credit union partner. Applying online takes about 10 minutes.
Turnaround time
Since there’s no medical exam, there’s little-to-no waiting. Your coverage begins as soon as you pay the first premium.
Policy delivery
Policies are delivered electronically.
More information
Expand
State availability
TruStage products are available nationwide but can still vary by state.
Change method
You can make beneficiary information changes online.
Payment methods
You can pay online with a checking or savings account or credit card.
Digital tools
Besides an online quote tool there’s not much from TruStage in the way of handy digital apps or tools.
Claims documentation
You can file a claim by phone, email, or snail mail. You’ll need to provide the policyholder's name, date of birth, date of death, policy number, and the beneficiary's address.
Frequently Asked Questions
Does TruStage offer online quotes?
Yes. You can get free online quotes for TruStage’s term life insurance, whole life insurance, and guaranteed acceptance whole life insurance.
Do I need to take a medical exam?
No, TruStage does not require medical exams for any of its policies. You just need to answer questions related to your health and medical history.
What’s the difference between TruStage and CMFG Life Insurance Company?
The CMFG Life Insurance Company, which has been around for over 80 years, underwrites and issues life insurance policies that are then sold through the TruStage brand.
