Life insurance is an important business decision, so it’s important to make sure you are considering the company’s offerings, customer service, and financial stability.
TruStage – which is a subsidiary of CUNA Mutual Group – has become an attention-grabbing entity because of its uncomplicated approach to life insurance. Is it right for you? Let’s find out.
What Is TruStage?
TruStage offers a variety of insurance products such as life, auto, home and accidental death and dismemberment (AD&D) insurance. These products are underwritten by Liberty Mutual on auto and home insurance policies, but are currently primarily underwritten by CMFG Life Insurance Company (formerly known as CUNA Mutual Group) with life policies underwritten by Liberty Mutual.
Life Insurance Offerings
TruStage offers three main types of life insurance:
Term Life Insurance: Available for those ages 18-69, with $5, 000-$300, 000 coverage from the policy and covers the insured till age 80; premium increases each 5 years.
Whole life insurance Individual aged 18-85 provided up to $100, 000 in cash value policy that retains cash value over time while offering lifelong protection with fixed premium.
Guaranteed Acceptance Whole Life Insurance: You don't need to undergo a medical examination or health questionnaire to qualify for this policy that offers insurance coverage ranging from $2, 000 to $25, 000 for use as a final expense solution.
Reasons Why One Might Opt for TruStage
ü No Medical Exam Needed: Out of all the life insurance companies, TruStage stands out for not requiring medical examinations for any of their policies. This makes the application process easier for a wide demographic.
ü Easy Application: Most users can apply via the company website or telephonically and the majority of them receive a decision almost instantly. This makes the process highly efficient and frustration-free.
ü Financial Soundness: TruStage's 'A' (Excellent) mark by A.M. Best means the company can comfortably meet its ongoing insurance obligations.
ü Customer Reviews: The company enjoys a 4.7 rating on Trustpilot from over 6000 reviews, which is indicative of strong customer satisfaction.
Points to be Cautious About
ü Limited Coverage Amounts: These caps could be restrictive for some people and for those who seek higher coverage, TruStage’s life policies have term life cap at $300,000 and whole life policies at $100,000.
ü Increasing Premiums Every Five Years: The starting premiums seem attractive, but the fact that they go up every five years could be a problem for aging policyholders.
ü Limited Customization: Because of the absence of policy riders, customer tailoring of coverage to suit specific needs is made difficult.
ü Higher Premiums Because of No Medical Exam: The higher premiums associated with no medical exam are the price that needs to be paid for the convenience.
Financial Strength and Industry Recognition
CUNA Mutual Group provides their
positive financial situation via TruStage:
ü Annual Revenue: The company's expected revenue for 2020 is
$4.12 billion. The revenue figure allows the company to gain a position of 615
in the Fortune 1000 list.
ü Industry Recognition: In 2024, LIMRA reported that TruStage
has achieved the fifth position in the individual life insurance industry as
measured by the number of policies sold.
ü Forbes Recognition: Forbes has rated TruStage as America's
Best Insurance Company 2024 based on a survey of more than 15,000 participants.
Conclusion
TruStage
has a very simple and easy to go for life insurance that can be a good option
for people who search for basic coverage without the need for medical exams.
The company's financial stability
and customer satisfaction ratings are additional proofs of its good image. However, prospective policyholders
should take note of the low coverage amounts, premium increases, and the
absence of personalized solutions.
It is recommended that you do a
thorough comparison of TruStage's offers to those of other insurance
companies to ensure that the chosen one matches your individual needs and
desires perfectly.