TruStage Life Insurance Review: Fine Print & Rates Revealed
last updated on March 24, 2022Have you ever heard of TruStage life? They run TV commercials and mail out offers to individuals regularly. They provide life insurance for a variety of individuals.
Choosing a life insurance plan is an important decision. Many companies offer attractive products. But there are trade-offs and fine print that can catch customers off guard.
TruStage is no different, while they do offer some attractive products, those products have fine print in their products that restricts and limits you.
What fine print do you need to know about? What factors do you need to consider when buying a life insurance plan? And what are deal breakers?
This article will answer those questions and provide other vital information that will save you time, money, and protect you from fine print issues.
Read on to learn more.
Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.
Here’s An Overview Of Today’s Topics:
- Video Reviews
- Who Is TruStage Life Good For?
- How Do TruStage Life Insurance Plans Work?
- Available Plans
- TruStage Life Pro’s
- TruStage Life Con’s
- TruStage Life Customer Reviews
- TruStage Life Customer Service
- Canceling Policies
- How Much Does It Cost?
- How Does Making A Claim Work?
- How Long Does It Take To Receive My Benefits?
- TruStage Life Vs. Competitors
- Are There Better Options?
- Final Thoughts
- Company Background
- FAQs
Video Reviews
If you would prefer to learn more about TruStage in a video take a look at my detailed video reviews.
- Take a look at this 6 minute review of TruStage life and the fine print you need to know about.
Trustage Life Insurance Review 2021 [Fine Print!?!]
- To learn more about TruStage and review a detailed explanation of their fine print take a look at this video. The video is 26 minutes long.
TruStage Life Insurance Review [Fine Print Revealed]
- Take a look at a review of Guaranteed Acceptance plans and compare TruStage life.
Guaranteed Acceptance Life Insurance – The TRUTH!
Who Is TruStage Life Good For?
TruStage is good for individuals who want to purchase life insurance without a medical exam. They have convenient purchasing methods and they offer a 30 day money back guarantee.
Basically, TruStage may be an option for you if:
- You want $100,000 in coverage or less.
- You need a policy that doesn’t require a medical exam.
- You want a Whole Life or Guaranteed Issue policy.
However, before you make your final decision, keep reading. Make sure you know what you are getting into.
Not ALL insurance is the same. And which TYPE of insurance product you own may have DISASTROUS implications.
How Do TruStage Life Insurance Plans Work?
TruStage offers life insurance products that cover the policy holder’s death and pay out up to $100,000. This payment is meant to cover the families expenses and lost income.
You select your plan, fill out the application, get approved, and make your first payment. You will choose a beneficiary during the application process. The beneficiary is a trusted individual who will receive the insurance payout.
They offer a variety of life insurance products to help different individuals. They offer a term product that is active for a specific period of time. They also offer a plan that is active for your whole life.
Continue reading to learn more specifics about each plan TruStage offers.
Available Plans
There are three primary life insurance products that TruStage offer:
Term Life Insurance
Term insurance, in short, terminates. This type of insurance policy only lasts for a temporary amount of time! In other words, you can OUTLIVE your coverage.
Term insurance is usually purchased to solve a temporary problem and provide temporary coverage.
Temporary problems include:
- Paying off your mortgage, or,
- Leaving money to your family if you die young.
These are temporary needs that go away with time.
One day, you’ll pay off your mortgage and retire, right? And when you accomplish this goal, the need for term insurance goes away.
How TruStage’s Term Insurance Product Works
TruStage offers their Term Life product in terms of 5 years. You can purchase this plan and renew it in 5-year intervals. The intervals are at ages 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. The premium will increase every 5 years and there is no option to lock in the rate.
You can apply for coverage between $5,000 to $100,000. Higher coverage may be available only if you contact the carrier directly or apply through a partner.
TruStage Term Life Insurance Application Process
Upon reviewing TruStage’s life insurance application, the health questions are the same whether you want a term, whole, or guaranteed acceptance plan.
The application takes roughly 10 minutes and can be done online. There is no medical exam.
Let’s actually take a look at the health questions TruStage asks so you can see your potential for qualifying for coverage.
The first question reads as follows:
“Are you unable to work or perform normal activities due to chronic illness or permanent injury?”
This means that if you are disabled or receive disability, this may count against you when you apply.
The next question is a five-year look-back on your health history:
This question includes the following conditions (NOTE: some questions are not shown in the picture below but included in the application):
- Disabled
- Cancer
- Stroke
- Diabetes requiring insulin
- Chronic liver disease
- Drug problems
- Mental disorder
- Heart disease condition
- Stents
- Bypasses
- Seizures
- Aneurysms
- Chronic disorder of the brain or spinal nerve
- Chronic lung disease like COPD
So, what does this mean?
If you answer “yes” to any of these conditions, you may NOT qualify for the plan or price you want.
However, just because these conditions could affect you negatively during TruStage’s life insurance application process doesn’t mean you won’t be able to secure quality coverage elsewhere.
If you answer “yes” to ANY question or want to know for sure that you have the best plan possible, I highly recommend that you seek a second opinion with us at Buy Life Insurance For Burial. Contact us over the phone for a free quote. We can provide you information and products that meet your needs. Give us a call at 888-626-0439 to speak with me directly.
Term Life Fine Print Issues
When buying a Term Life product you need to pay attention to this fine print.
TruStages fine print has a limiting clause that will cancel your coverage at a certain age.
It says: “If you purchase a TruStage term life insurance product, your coverage WILL CANCEL at age 80!
But wait… there’s more!
The fine print continues:
Initial premium rate is based on age and gender and increases every five years as the policyholder reaches new age bands. (Emphasis mine).
Yep, you heard that right!
Bottom line, TruStage term life insurance premiums INCREASE as you age.
So if you do not want an insurance that regularly goes up in price what do you do? The good news is that there are other options available!
In fact, you can find other term life insurance that NEVER increases in price. PLUS, some plans cancel well AFTER 80 years old, meaning your coverage lasts LONGER!
Whole Life Insurance
Now let’s take a look at the next product TruStage offers, their Whole Life product.
Here’s the idea behind how whole life insurance (sometimes called “permanent life insurance”) works:
- It doesn’t cancel at a later date.
- The rates never go up.
- It can’t terminate due to age or health.
- You may be able to qualify for first-day full coverage.
This is how all Whole Life insurance works, and TruStage’s whole life product is no exception.
How Does TruStage Whole Life Insurance Work
TruStage offers Whole Life products to popl between the ages of 45 to 80 years old with coverage of $5,000 to $100,000.
Further, with TruStage Life Insurance, you have two whole life options available:
- The first option provides first-day full coverage for natural and accidental death.
- The second option guarantees insurability regardless of health but restricts natural coverage for two years.
Each option provides a solution to different needs. You either get immediate coverage OR you get Guaranteed Acceptance. The option you select should be based on what you need.
Simplified Issues Whole Life
This product offers coverage that builds up cash value. You can take loans against this product if you choose to. You usually do not have to go through a medical exam and the application process is fast. You will receive approval within a few minutes in most cases.
With this product your coverage does not become active until 30 days after you pay the first payment.
As mentioned in the section on TruStage’s term life insurance product, the health questions used to determine insurability with TruStage’s whole life insurance coverage are the same.
In other words, this means that if you have a condition related to any of the issues below, it’s unlikely you will qualify for first-day full coverage.
- Disabled
- Cancer
- Stroke
- Diabetes requiring insulin
- Chronic liver disease
- Drug problems
- Mental disorder
- Heart disease condition
- Stents
- Bypasses
- Seizures
- Aneurysms
- Chronic disorder of the brain or spinal nerve
- Chronic lung disease like COPD
While TruStage may accept you with the conditions above, it’ll most likely depend on length of time since the health event, and if any current medications you’re taking are uninsurable.
Again, this is why we at Buy Life Insurance For Burial work with multiple carriers instead of just one like how TruStage works. Give us a call at 888-626-0439 to speak with me directly.
With more carrier options, you increase the likelihood of finding the best coverage you can qualify for.
In other words, this translates many times into getting MORE and BETTER coverage than if you worked with a “one trick pony” solution.
But what if you insist on sticking with TruStage and are eligible for the Whole Life plan?
That leaves one final product available to qualify from with TruStage Life Insurance…
Guaranteed Whole Life Acceptance
Out of all three life insurance options from TruStage, the Guaranteed Acceptance Whole Life Insurance product is the “Trump Card” when all else fails.
As the name implies, your acceptance is guaranteed. And just like the TruStage Whole Life Insurance program:
- Rates that NEVER go up, and,
- The coverage never cancels due to age or health.
BUT, there are serious limitations that you MUST be aware of.
Reading through the TruStage Guaranteed Issue “fine print,” you’ll see the following points:
- If your death is accidental, we (TruStage) will pay your coverage in full.
- If your death is not accidental, your benefits are limited to a return of 100% of your premiums plus an additional 10% interest.
What does this mean?
It means if you die from non-accidental death within your first 2 years of being covered, you are NOT paid the full amount of coverage. No payout! No benefit!
Instead, your beneficiary only gets back what premiums you paid in plus a measly 10% in interest!
In other words, if you die 20 months into a TruStage Guaranteed Issue life insurance plan paying $50 a month, your beneficiary receives:
- $50 x 20 months = $1000, plus,
- $1000 x 10% = $100, for a grand total of,
- $1100!
Again, this is why it’s so important NOT to opt for guaranteed acceptance coverage when possible!
And arguably the potential for you getting guaranteed issue coverage is MUCH higher with TruStage than working with a broker like us.
As mentioned previously, the TruStage Guaranteed Acceptance Plan asks no questions, you’re guaranteed approval, but there is NO full death benefit for natural death during the first two years.
However, while you may ONLY qualify for Guaranteed Acceptance coverage with TruStage, you MAY be eligible for first-day full coverage elsewhere.
And that’s important! You might even qualify for a better deal in terms of price and value for money.
TruStage Life Pro’s
The main pros TruStage Life has are:
- No medical exam required
- 30 day free look
- Online application
- Term Conversion
- AD&D Coverage
No Medical Exam
TruStage offers insurance products without requiring you to get a medical exam. This means you save time and energy. However, TruStage does require your answer medical questions when applying for certain products. This means you could be disqualified.
30-Day Free Look
TruStage Life offers a 30-day money back guarantee or “Free Look” period. You have 30 days to hold the policy and decide if you want to keep it. If you change your mind you can contact the company and get a refund.
Online Application
TruStage Life has a quick and easy online application process. This, however, is not unique and unheard of. Most companies offer online applications for insurance now. However, if you want to buy higher coverage or an Accidental Death and Dismemberment plan, you will have to call TruStage Life.
Term Conversion
TruStage Life provides its customers with the option to convert a Term product to a permanent Whole Life product at any time while your coverage is in effect.
AD&D Coverage
TruStage Life provides an Accidental Death and Dismemberment plan. This is not available online so you must call TruStage Life to speak to an agent.
TruStage Life Con’s
The main downsides to TruStage Life are:
- Rate Increase
- No riders
- No universal product
- Lower benefit/coverage limit
- Term coverage ends at 80
Rate Increase
TruStage Lifes Term products premium will increase every 5 years. This means your insurance will always get more expensive the longer you hold it.
No Riders
TruStage Life does not offer riders with their products. Some companies offer riders to help cover the premium, unexpected injuries, disability, and other situations. TruStage Life, however, does not offer ANY riders to customize your coverage.
No Universal Product
Trustage does not offer any kind of universal insurance product. If you are specifically looking for this product you will have to look into another provider.
Lower Coverage Limits
TruStage offers coverage between $5,000 to $100,000. This is on the lower end when compared to companies that offer $500,000 to $2,000,000 in coverage.
Term Life Ends At 80
If you want coevarge that you will not outlive, you may want to select a different plan or go with a company that offers term insurance at a higher age.
TruStage Life Customer Reviews
The NAIC has calculated TruStages complaint ratio to be .49. This is a great score. The NAIC calculates the national average of complaints to be 1.0. So TruStages parent company holding a .49 ratio is very good. The complaints they received mainly focused on bad customer service or an unclear policy.
NerdWallet rates TruStage with a ⅗. NerdWallet notes limited to no rider and low coverage limits as cons for TruStage. Read the review here.
TrustPilot rates TruStage as 4.7/5. The bad reviews from customers mentioned disrespect from representatives, issues with viewing their policy, and dissatisfaction with the explanations of their policy. Overall, the bad reviews account for 1% of the reviews on TrustPilot. Take a look at the reviews here.
TruStage Life Customer Service
If you would like to contact TrueStage you can call their customer service line Monday to Friday & a.m. to 9 p.m. You can also set up a call back with an agent on their website. TruStages customer service number is 855 463-9027.
In general, TruStage does well handling their customers’ needs and solving any issues they face.
Canceling Policies
To cancel your TruStage policy you can call them at 855 463-9027. If you are calling within 30 days of your purchase you qualify for their money back guarantee. You can also contact TruStage online to cancel. Send them a message by clicking here.
How Much Does It Cost?
Take a look at the chart below to see what $100,000 of coverage with a TruStages Term Product would cost.
| Age | Male | Female |
| 40-44 | $65.50 | $44.50 |
| 45-49 | $103.30 | 58.50 |
| 50 | $114.50 | $77.50 |
| 51-54 | $170.50 | $117.50 |
| 55-59 | $265.50 | $172.50 |
| 60-65 | $404.50 | $255.50 |
The chart below shows what TruStages Whole Life product can cost for $100,000 of coverage.
| Age | Male | Female |
| 30 | $83.00 | $69.00 |
| 40 | $122.00 | $106.00 |
| 50 | $197.00 | $168.00 |
Take a look at the chart to see what TruStages Guaranteed Whole life can cost for $25,000 of coverage.
| Age | Male | Female |
| 50 | $109.00 | $87.00 |
| 60 | $143.00 | $109.00 |
| 70 | $242.00 | $168.00 |
How Does Making A Claim Work?
To file a claim with TruStage you need to contact them Monday to Friday between 7 a.m. to 7 p.m. You can call the toll free number 855 782-4336. You can also make a claim online. Click here to read more from TruStages website on making a claim.
The process involves three steps. File the claim, provide the requested documents and information, and receive the payout.
The only reasons TruStage says you could be denies are:
- The monthly premiums were not paid.
- The policy holder had an undisclosed health issue.
- The cause of death wasn’t covered.
- The person who filed the claim was not the beneficiary.
How Long Does It Take To Receive My Benefits?
When you apply to receive the payout the process can take between 10-30 days. TruStage claims that 66% of their clients receive their payout within 10 days of filing their claim.
Their website says it takes 1-3 days to process life insurance claims and 3-5 days for AD&D payments.
TruStage Life Vs Competitors
Qualifying For TruStage versus Other Companies
Here’s the biggest problem I perceive trying to qualify for coverage with TruStage:
The biggest hurdle with TruStage is answering the health questions we mentioned above.
Here’s an example of what I mean:
Let’s say you had cancer four years ago. You would need to answer “yes” when asked.
This makes it highly UNLIKELY that TruStage would qualify you for first-day whole life coverage as they have a 5 year look back on cancer history when determining if you’re approved for their lowest-price whole life product.
And this applies to virtually EVERY health question. Yikes!
While TruStage whole life insurance is well priced, chances are you WON’T get the coverage you want at the premium displayed on the website.
The good news is that there are MANY other whole life insurance carriers available with MUCH easier underwriting.
Even with a history of ANY of the following, our clients find it MUCH easier to get very well priced quality coverage that sometimes offers first-day FULL coverage, too!
- Disabled
- Cancer
- Stroke
- Diabetes requiring insulin
- Chronic liver disease
- Drug problems
- Mental disorder
- Heart disease condition
- Stents
- Bypasses
- Seizures
- Aneurysms
- Chronic disorder of the brain or spinal nerve
- Chronic lung disease like COPD
Are There Better Options?
Yes, there are better options. Each person will have different needs and a different budget. To make sure you find the best plan available you need to compare your options. To do this you need to look at different companies.
Broadening your search will allow you to find the most competitive rates with the best coverage.
There will be other companies who offer cheaper rates and better overall coverage. Contact us and we will do the shopping around for you. Let us know your needs and we will go to work. Call 888 626 0439.
Final Thoughts on TruStage Life Insurance
So, what’s my opinion overall? TruStage is a great company that helps a lot of people secure insurance who otherwise wouldn’t.
However, you’re here because you understand that getting a second opinion is the smart thing to do.
While TruStage may be a good option for you, I most certainly recommend getting a second opinion and comparing other companies. You may find a cheaper option with better coverage.
We can help you get that second opinion in a matter of minutes!
It only takes 5 to 10 minutes! Based on your needs, I’ll pull up a few options and explain why and how they’ll work for you.
If you decide you’re happy with the plan I find, the application process is very straightforward. And I can guide you every step of the way.
Most of the time it’s completely online or over the phone. Plus, a health examination is often unnecessary.
Overall, the process usually takes a couple of days, sometimes sooner. If you’re approved, you’ll get a notification and receive your policy in the mail about several weeks later.
If you can’t get a hold of me on 888-626-0439, don’t panic! You can leave a message, and I’ll get back to you within 24 hours.
Company Background
TruStage was founded in 1935 to provide life insurance to customers in the USA. TruStage is underwritten by CMFG Life Insurance. They have roughly 20 million customers.
TruStage has also partnered with over 3500 credit unions to reach more customers. They provide budget friendly coverage for credit union members. They provide three main products, Whole Life, Term Life, and Guaranteed Acceptance Whole Life.
With headquarters in Madison, Wisconsin, TruStage services all of the USA with some limitations in North Dakota.
Their official website is www.trustage.com
FAQs
Why Should I Get Life Insurance?
Getting life insurance is important for all individuals, especially if you are married and/or have children. You can also get life insurance for a loved one to protect their family and proactively provide for them.
There are many expenses a family is suddenly faced with when a loved one passes. Life insurance allows the family to continue covering daily expenses, mortgage, and other needs.
Are There Better Alternatives to TruStage Life Insurance
As an independent insurance broker since 2011, I believe there are better life insurance options available.
And, what greater way to do that than directly comparing your options!
But, just quickly, I want to explain how my national insurance agency operates differently from TruStage.
Working With A Broker Is Better!
Let’s start with term insurance.
When any company, TruStage included, offers only one term insurance option, that means… they are married to that particular company’s product.
Agents working for these companies have no choice but to push that one product.
In other words, this means you might not be getting the best deal available!
That’s why brokers like us at Buy Life Insurance For Burial have a unique opportunity to help.
You see, we work with MULTIPLE companies. This means we can compare your options to find YOU the best deal the market has to offer.
Other Options to TruStage Term Life Insurance
Now let’s compare a TruStage $50,000 term life insurance plan (five-year escalating premiums for 65-year-old non-smoking male) with other companies. Here’s what TruStage offers:
And here’s what other companies that we offer (with BETTER premiums AND a price lock) offered with the same parameters:
Do you see the difference here?
You could save more than 50% with the options listed above!
But just for argument’s sake, let’s say you end up paying a slightly higher price because your health isn’t 100%.
With the companies I have access to, the 15-year premium is locked in. That means NO premium increases ever! Thats not something you get with TruStage Term insurance.
Other Options to TruStage Whole Life Insurance
After reviewing TruStage’s whole life product, it’s actually competitively priced.
However, sometimes it’s still worth getting a second option from an experienced broker like me.
Let me show you a $25,000 TruStage plan for a 65-year-old male smoker:
Then we’ll discuss how we at Buy Life Insurance For Burial may have a better chance at getting you approved.
So, $25,000 whole life insurance (first-day full coverage) is $113 a month with TruStage.
The lowest price I can offer is $115 a month. However, from experience, I know it will probably be somewhere around $130 and $140.
If that’s true, why pay more?
Bottom line, it all depends on what you actually qualify for.
Of course, you should look for the best price. But, low premiums mean nothing if you don’t qualify.
What If I Have Pre-Existing Health Issues, Can I Still Be Covered?
The answer is YES! Anyone can receive coverage no matter your health. There are so many different insurance providers and product options.
The only challenge is the time it takes to find the right company and plan for you. That’s why do it for you at buylifeinsuranceforburial.com.
If you have bad health or have been rejected before, the Guaranteed Acceptance product allows those with bad health to qualify for coverage.
While I would not suggest a very healthy and insurable individual get a Guaranteed Acceptance plan, if you do have serious health issues, it may be a good option for you.
Your insurance options will depend on your age and health. Even if you have had health issues recently, you will qualify for some kind of life or final expense insurance.
There are Guaranteed Acceptance policies. These policies ask no questions and guarantee coverage acceptance. Contact one of our agents by clicking the Get A Quote Now button or calling 888 626 0439.
References:
- Review the pros and cons of choosing TruStage as your insurance provider. Click the link below to read more. TruStage Life Insurance Review: Cost, Pros & Cons [WARNING]
- Take a look at plans, pricing, and other details you need to know about a TruStage plan. Click the link below to read more.TruStage Life Insurance Review
- Read Investopedias review of TruStage. Click the link below. TruStage Life Insurance Review
- Take a look at a short review of TruStage from Nerdwallet. Click the link below. TruStage CMFG Life Insurance Review: Pros and Cons 2022 – NerdWallet
- Take a look at the reviews and complaints regarding TruStage. Click the link below to read more. TruStage Insurance Review & Complaints
- Take a look at this review of TruStages plans, pricing, and other information you need to know. Click the link below to read more.TruStage Insurance
- Look at the customer reviews for TruStage found on Trustpilot.com Click the link below to read more. TruStage Insurance Reviews
If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for a free life insurance quote!
It only takes 5 to 10 minutes! Based on your needs, I’ll pull up a few options and explain why and how they’ll work for you.
If you decide you’re happy with the plan I find, the application process is very straightforward. And I can guide you every step of the way.
Most of the time it’s completely online or over the phone. Plus, a health examination is often unnecessary.
Overall, the process usually takes a couple of days, sometimes sooner. If you’re approved, you’ll get a notification and receive your policy in the mail about several weeks later.
If you can’t get a hold of me on 888-626-0439, don’t panic! You can leave a message, and I’ll get back to you within 24 hours.
Thanks for reading!