One of the most important financial decisions you’ll ever make is to choose an insurance company.
Whether you’re looking to buy life insurance for peace of mind or you’re looking to protect your family with a policy to ensure their safety, you want to work with an insurance company you can trust, are reasonably financially stable and care about the customer. Another name you probably hear coming up a lot in connection with credit unions is TruStage. But is TruStage a good insurance company? Let’s check.
Understanding TruStage
TruStage is an insurance brand underwritten by the CMFG Life Insurance Company, which is a member of the larger CUNA Mutual Group.
Credit Union National Association is the primary sponsor of TruStage and has operated a long standing relationship with credit unions across the United States.
Turrify was specifically developed as an insurance and financial services brand intended for the benefit of credit union members, though non-members can apply for coverage as well.
Their line of products includes life insurance, accidental death and dismemberment (AD&D) insurance, auto insurance, and home insurance, but life insurance has been where TruStage has placed most of its efforts and has gotten the most of its recognition.
Types of Insurance Offered
TruStage offers three main types of life insurance:
ü Term life insurance, available to anyone between the ages of 18 and 69. I have found it very affordable starting premium, but costs increase every 5 years. The death benefit is constant. Pricing model may not be the best if your goal is to have affordable policy in the long run.
ü Whole Life Insurance – Available for 18–85 year olds, whole life insurance provides lifetime coverage with fixed premiums. Whole life also has the benefit of accruing cash value over time that policy holder can borrow against when necessary.
ü Guaranteed Acceptance Whole Life Insurance - This type of whole life insurance is for people between the ages of 45 and 80 who may not be eligible for standard life insurance if they have health problems. The premiums are not as low, but generally you can only purchase so much coverage.
ü They’re simple policies, and they’re geared toward simplicity. TruStage doesn’t sell its customers either crazy jargon or too much paperwork, so it’s a good option if you’re just starting out with life insurance.
Advantages of TruStage
The single-most valuable asset of
TruStage by far is its accessibility. The majority of the prospects get elated
to know that applicants don't need to take a medical exam for almost all the
policies. This feature clearly saves the time and trouble of the applicant and
it also deals with the 'never-ending' issue of applying for life insurance.
Of major importance is the fact that TruStage is affiliated with credit unions. To all its credit union members, this can lead to a more trusting relationship.
Just think about it: would you
like to buy a product from a complete stranger the answer is no and the banks
are not different for that matter. Additionally, 'TruStage' boasts a very good
financial stability rating from the major independent rating agencies, and this
is vital when the time comes to select a company that will be trusted to pay
the life insurance claims say 20-30 years later when the policyholder is
deceased.
According to customer reviews,
TruStage mainly receives good reviews for one of their areas: Customer service.
The company gets good ratings because it has an excellent team of customer
service and the application & claiming processes are quite smooth and transparent.
Disadvantages of TruStage
While TruStage offers many 'pros',
there are also some 'cons' that visitors should be aware of when deciding
whether to purchase or not.
The most significant drawback,
without a doubt, is the price. The advantages of TruStage such as convenient
and hassle-free are the most obvious but not the cheapest. Because the majority
of their life insurance policies are no-exam policies, the premiums can go up
in comparison with the companies that have underwriting.
To put it simply, in addition to the
benefits gained for health as a result of not having to go through the
measuring process, the procedure's cost will also be covered through the
premiums you will pay.
One more limitation is the size of
the coverage. TruStage's term and whole life policies generally go up to the
highest coverage of relatively modest amounts.
This might be enough for funeral
expenses and the emergency cushion but they could not be satisfactory to cover
bigger financial responsibilities since there will be mortgages and long-term
income replacement
Moreover, the term life policies offered by TruStage have increasing rates along with a five-year increment age. This is particularly problematic for those on a fixed income. Unlike other providers’ level-term policies that lock in the premium for the duration of the term, TruStage’s will continuously escalate as you age.
Lastly, the company has very few options for customization. Those in search of policy add-ons or riders that would allow them to customize their coverage will find the lack of options rather inflexible.
Who Should Consider TruStage?
TruStage is a good option for customers looking for uncomplicated insurance products who also wish to avoid a medical exam. It works especially well for credit union members who need insurance very quickly as they do not have to go through a long application process.
Moreover, it is ideal for older consumers seeking guaranteed acceptance coverage to assist with end-of-life costs. Other insurance companies offer a better deal and more flexible options for younger clients and those demanding greater control over the policy features, though.
Final Verdict
So, is TruStage
a good insurance company? The answer depends on your needs and what you're
looking for in an insurance provider.
TruStage excels in
simplicity, customer service, and accessibility. It offers solid financial
backing and convenient policies that are easy to understand. However, it falls
short in pricing competitiveness and coverage customization when compared to
some other providers.
If your top
priorities are ease of use, quick approval, and a reputable backing, TruStage
can be a great fit. Just be sure to compare quotes and policy features with
other providers before making a final decision.
As with any
financial product, doing your homework can make a big difference in finding the
right coverage for your situation.