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Most likely you’re here because you received a letter from TruStage about their life insurance for credit union members.
You want to get more information on how the insurance products work, so you can determine if what they’re offering makes sense to you.
If that’s the case, you’re at the right location!
Today we are doing…
A Review Of TruStage Life Insurance
In today’s article, I’m doing a detailed analysis into how these life insurance programs work.
TruStage partners with credit unions and banks to offer life insurance products to the credit union and bank account holders.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on TruStage Life Insurance. Enjoy!
Here’s An Overview Of Today’s Topics:
- What TruStage Offers
- What Person Is Best Suited For Each Product
- Alternatives To TruStage Life Insurance
- How To Qualify For TruStage Life Insurance
- Final Thoughts
More On What Life Insurance Products TruStage Offers
There are 3 primary life insurance products TruStage offers:
- Term life insurance
- Whole life insurance
- Guaranteed Acceptance Life Insurance
We’re going to explore each product separately and in-depth before moving on to the next.
So let’s begin.
Term Life Insurance
It’s important to understand the basics of how term life insurance works before we dissect how TruStage’s term life insurance works.
Term insurance is life insurance that lasts for a temporary amount of time. Basically, you can outlive coverage if you live long enough.
Why purchase term insurance if it cancels at a future date? Most likely because you have temporary problem.
Paying off your mortgage… leaving money to your family if you die unexpectedly… these are temporary needs that go away with time.
Think about it. You’ll eventually pay off your mortgage, and draw retirement. The need for term life insurance goes away when you accomplish this goal.
Where term life insurance does NOT make sense is when you have a permanent problem.
Perfect example is your final arrangements. If you need insurance to cover you funeral costs, why would you buy life insurance you may outlive?
Doesn’t make much sense, right?
Now, let’s take a look at TruStage’s website to get a better understanding about how their term life insurance product works.
In my example, I am putting myself in as a 65 year old male to see what may rates are.
TruStage offers different term insurance coverage amounts, starting at $10,000, $20,000, and $30,000 in coverage.
Now I’ll direct your attention over the term life insurance details where it says coverage you can count on below.
TruStage term life insurance ends at age 80.
How do these rates work? We’ll read below.
The fine print says… initial premium rate is based on age and gender and increases every five years as the policy holder reaches new age bands.
Our job is to help find the most competitively priced coverage to meet your specific needs. Let us help by providing you with a free, no-obligation quote.
You can reach us by phone at (888) 626-0439 or you can submit a message using the box found on the left-hand side of the screen. We will reach out to you within 24 business hours.
Let’s go ahead and begin the application process and see what kind of health you have to have to qualify.
The health questions are the same for all coverage that’s being offered. And now we’re looking at the health questions here, and what we’re looking at is the initial question, ‘are you unable to work or perform normal activities due to chronic illness or permanent injury?”. What that means is are you disabled or if you receive disability, I’m not necessarily disabled.
If you have to answer yes to this, it may impact your ability to qualify even if you can answer all these other questions now.
The next question is a five year look-back on health history.
That means if you’ve had cancer, stroke, diabetes, requiring insulin, chronic liver disease, drug problems, mental disorder that may be something as simple potentially as depression or bipolar or schizophrenia, heart disease condition, stroke stents bypass his seizures, aneurisms, chronic disorder, the brain or spinal nerve, chronic depression, chronic kidney disease, or chronic lung conditions.
It’s very likely that if you answer yes to any of these issues, you’re going to be putting yourself in a particular situation to where you may not qualify for the price being shown.
But most likely when you run through a health questionnaire on the life insurance application, yes answers the health questions tend to count against you.
Now, before we move on to looking at the whole life insurance, I want to point this out and entice you to stick around. I believe that second opinions are really important to look at. And what we’ve done here has just shown you an entry level look at one product.
There are lots of different options out there for life insurance and a big component to figuring out what you’re going to get and what you can qualify for is figuring out what your options are.
I’m going to show you some alternatives that I offer that may or may not be a better deal, but it’s definitely worth checking.
Let’s take a look at the TruStage Permanent Life Insurance.
Again, the idea behind permanent life insurance is that
- It does not cancel at a later age date, it doesn’t cancel like the term product does.
- The rates never go up,
- It can’t be canceled due to age or health.
- In some circumstances you may be able to qualify for first day full coverage.
We’ll talk about the product that may not do that if you can’t qualify.
Let’s take a look at their permanent life insurance and the guaranteed issue life insurance as well.
What we’re looking at is the TruStage Whole Life Insurance Product pricing page and look at the same information we did earlier and go through the same motions. Click on ‘see whole life insurance details‘. Unlike term insurance, which ends, this protection is for the entirety of your life, as you can see to the left, there are cash values.
Rates never go up. Coverage never cancels due to age or health, all the benefits that everybody enjoys with the whole life product. We’re just looking at a $25,000 plans. You can go less, you can go more, but we’re going to click on apply and look at the health questions associated with this particular product.
Again, the same set of health questions we looked at the five year, look back on health and the disability question. That’s how the whole life insurance works. Nothing too surprising here. Basically everything that I’ve described far.
If you are curious what you might qualify for, give us a call at (888) 626-0439. You can also send us a message to request more information.
Our friendly representatives will be happy to answer any questions you might have and provide a no-obligation quote.
Case Study Examples
Coverage for Burial Costs
Ms. Krale contacted us when she was 65 years old. She wanted to get just enough final expense coverage in place to take care of her burial. She had done her research and estimated the average cost would be around $7,000 to $12,000.
Ms. Krale suffered from Parkinson’s disease. She had heard that life insurance companies often denied applications from those with Parkinson’s and she was concerned if she would qualify.
The good news is that despite this health condition we were able to shop a variety of burial insurance companies to get Ms. Krale first day, full coverage. Had she gone with an agent, she may have been denied coverage.
While I can’t promise the same outcome will be exactly the same for you, what I can promise is that Buy Life Insurance for Burial strives to help our clients find quality coverage whenever possible.
A 45 year old gentleman named Mr. Gale gave us a call recently looking for life insurance to replace his income. He wanted to ensure that if he passed away his wife, who did not have a substantial income, would be able to continue to pay bills and not have to worry about income.
Mr. Gale was concerned about his application because he had a history of lung disease, specifically chronic obstructive pulmonary disease, or COPD. He had heard from his friends who also had COPD that they had difficulty getting life insurance coverage due to this condition.
Luckily Mr. Gale decided to work with a broker like us. This gave him the best possible opportunity to get quality coverage in place due to our ability to shop a number of offerings to find first day coverage for Mr. Gale. He was very surprised by the end result.
Though we can’t guarantee the same outcome for every client, we certainly strive to offer all of our clients quality coverage at a price they can afford.
Guaranteed Acceptance Whole Life Insurance
Now we can check the guaranteed acceptance whole life insurance product that TruStage Life offers. Again, we’re looking at a 65 year old non-smoking male. Let’s take a look at $10,000 in coverage. This is a product that offers guaranteed approval. There is no health questions involved.
The rates never go with the coverage over cancels and if you click on show product details, it has all the same benefits with the exception of the limitation of coverage for the first two years. That’s the catch with all guaranteed acceptance.
Life-Insurance church stage is no different. But if we take a look at the exclusions and if we look down here and I’ll read the exclusions area to you to guarantee your acceptance. Your policy is subject to certain limitations in the first two years.
- If your death is accidental, we will pay your foot coverage and full.
- If your death is not accidental, your benefits are limited to a return of premium return to a hundred percent of your premiums – every dollar you paid in.
- If death results from suicide, benefits are limited. It’s returning premiums plus 10 percent interest with this particular product. And if you’re looking at $10,000 in coverage, it would be $89 for a male.
Stories from the Field
Early on in my career, I happened across a small, rural area in Tennessee where I met two older ladies who were sisters. They were sharing expenses and living in the same home along with their older uncle who they helped care for.
Both of the ladies had life insurance and were happy with their plans, but their uncle did not have coverage and they were concenred about what would happen if he should pass away.
Cremation was not an option, as their family had a plot in the local cemetery and had always chosen burial over cremation. They knew a burial would cost between $10,000 to $15,000 and they had no savings to speak of to cover this kind of expense.
Because they didn’t have much money on hand they knew a life insurance policy would be the perfect route to go.
I was able to qualify this gentleman for first day full coverage despite some of his health challenges. The sisters were very glad to get coverage in place for their uncle and thankful they wouldn’t have to go into debt to cover his final expenses.
About 2 years later I got a note that the uncle had passed away. We were able to release half of the death benefit to the family within 24 hours to help pay for the funeral. They received the rest of the money over the next few weeks and it made a huge difference to them.
This experience reinforced in my mind the power of life insurance. Had these older ladies not had a death benefit to rely on, they would have been stuck in a terrible financial situation. Instead, they had peace of mind in knowing everything would be paid for and they wouldn’t have to scramble or go into debt to come up with the money.
Life insurance relieves the financial stress of final expenses, allowing surviving family to grieve during their time of loss rather than worry about financial concerns.
Why would people buy certain TruStage Life Insurance products?
Now before we actually delve into some comparisons on different products that are available to you, potentially, I want to make sure that we take time to explain why certain people would like and get a certain product over another.
You should really think about what you’re trying to accomplish and then match the product that best suits that particular goal. There are certain situations and policies that may be right for you but could be wrong for someone else.
If you look at the term product that a person buys, usually it’s because honestly they are price conscious. That’s the one reason they want something in insurance, but they don’t want to pay the price to get whole life insurance. Whole life tends to be higher in price because of those warranties and guarantees.
The other reason they purchased one of these plans is because they feel it’s important to have more coverage and just pay for the barrier. Maybe they want to pay for income replacement. They want to leave money behind to their spouse, they want to leave money behind to their kids or pay off a mortgage. It’s a reason to own a term insurance product because you can usually get more coverage per dollar better than you can with whole life, but it comes with these price increases.
Alternative to Trustage Life Insurance
There are some better options out there. Even if you can’t qualify for TruStages, there’s guarantee that you might be able to qualify for preferred or even standard pricing that will give you first a full coverage and not make you wait two years, like the guaranteed issue product.
Now let’s get to the fun part.
I want to do some comparisons here to show you what your options are as potentially having better options for life insurance. You may want to consider the alternatives before making this decision.
Let’s start with talking about buying term life insurance through a broker like myself. The one thing that any company that offers just one option is that they are married to that particular company’s product. When you push one product and that’s all you have, it may or may not be the best.
The unique thing that brokers and independent agents like I do is work with a variety of different companies. What I intend to do is go out there on the market, figure out what your options are and see who is going to give you the best combination of price and coverage. A lot of the times we can get you a better deal than what you can find with other companies that have minimal options.
To bring it back up to speed, I’ll show you a $50,000 term life insurance product with five year escalating premiums for 65 year old non-smoking male.
What I want to show you now is the same $50,000 plan that is a term life insurance that lasts till 80 just like TrueStage, but on top of having a better premium potentially blocks in your premium at the same price for the entire 15 year period of time where you don’t have these escalating prices.
Let’s take a look at that real quick.
I’ll direct your attention to the top five companies, especially Sagicor. You potentially could be paying instead of the $134 a month as low as $51.20 as a 65 year old non-smoking male for 50,000 and term life insurance till age 80 without a price increase.
You may pay even a higher price, but still be under their price point and still have the 15 year premium walked in. I would even wager to say if we got you to the exact same price, but the price is locked in for 15 years.
There are options for you in the sense that you may get a better deal shopping outside. This is going to be very similar in most circumstances. There may be the occasional situation where stages a better deal, but the idea behind here, as you can see for male, 65 non-smokers, what a big difference in price, assuming that one can qualify for both plans.
Let’s go back and talk about permanent life insurance
TruStage actually has a competitively priced permanent whole life insurance product. I’ve done some comparisons at different prices and interestingly enough TruStage product is better priced. However, there may be a circumstance where it’s still a better deal to get a product through a broker like me.
Let me show you some price differences of a $25,000 plan between males, a 65 non-smoker between both TruStage and brokerage products. Then we will delve into some potential set of situations where we may be able to do a better deal of actually getting you approved for the product.
We are checking out the whole life insurance product and we’re doing an apples to apples comparison. $25,000 first day full coverage for the whole life insurance product as a $113 a month for TruStage. We can see the lowest price that I have to offer is $115. Although I can tell you by experience, it’d probably be between 130 and 140.
Why would you pay more coverage or pay more money for coverage?
Well, it really comes down to what you can qualify for a, it’s important to get the best price, but price means nothing if you can’t qualify for it. And what I mean by that, as I’m talking to here, I’m going to work through to get to the actual health questions that are available to you that you must answer successfully in order to get the TruStage product.
We’re back looking at the health questions and the biggest down fall to getting qualified for these prices because it’s so. It’s competitively priced. The biggest problem here is that you’ve gotta be able to answer all these questions now.
Say, if you’ve had cancer in the past five years, you’re likely not going to get this price. Same thing with any of these conditions. Stroke, diabetes, requiring insulin. If you’re taking insulin, you’re not going to get it at this price. They may just stick you into a guaranteed issue plan, which is a two year waiting period product, and you don’t need to be with a lot of these conditions if you’ve had them in the past five years or if you’re a disabled. You’re not going to get this particular price if you have to answer these questions.
Now, understand this is that what you’re looking at here is a good product at a good price, but only for particularly people who are in certain circumstances. However, if you’re in a situation where you may have to answer these questions as yes, you may be in a circumstance to where you’re not going to get that price raise.
I’m showing you these companies and many of these are represent and can actively get you coverage with, there are many unique product offerings and underwriting circumstances that will accept you that others won’t take.
For example, family benefit life. They take people who have started insulin after 40 as preferred coverage or you take a look at liberty banker’s life. They will take people who’ve had Lupus or Parkinson’s, COPD. Trans America will take people with head who’ve had heart problems within the last year to two years.
You don’t have to wait five years and wouldn’t it make more sense to pay a little bit more coverage to be fully protected than take the risk of waiting two years? In many circumstances, most people will agree to that, that’s why it’s a good idea that if you’re looking at these health questions and you’re not in a circumstance where you can answer no to everything. It’s best to consider a second opinion.
The other thing I want to tell you about is the potential to get what’s got an even better price called a guaranteed universal life plan. It essentially acts as a permanent product with no rate increases as long as you pay the predefined frame every single month until you pass away.
It works exactly the same as a permanent product. It means that last year a hundred and 21, the rates don’t go up and you’d be fully covered if you can qualify for it. And this is just a way to potentially get you a better price for the same kind of permanent protection.
Let me show you a cost comparison.
Now we’re looking at the first two here. These are Sagicore no lapse universal life products for $25,000 in coverage for a non-smoking male. The nice thing about these products is that the price is even lower.
Now you have to be in pretty good shape to qualify for them. There’s preferred and standard prices. There’s also rated price that would be a little bit higher, probably pretty close to the product that TruStage is charging for, but it may not be that it’s any better of a deal.
It may be better to get TruStage if you can in case you don’t qualify for savage core at the preferred or standard price, but you do with the TruStage plan.
The last thing we’ll look at is their guaranteed acceptance life insurance plans. This is if you can’t qualify for either the term or the whole life insurance plan based on health questions they asked and you get shoved into this guaranteed issue plan. No questions as we read, no coverage for the first two years, just you premiums were refunded plus 10 percent interest. I just want to show you what the prices are and then compare it to what we do.
If we had to get guaranteed issue, the important thing to understand here is that with guaranteed issue, you may get guaranteed issue with TruStage, but you could get preferred elsewhere.
Like I said, if you had cancer three years ago, they’re going to put you into guaranteed issue most likely. Whereas I can put you easily into first a preferred coverage with no waiting period. And it’s not just for cancer. It is also for insulin usage, or a heart attack, stroke, or all sorts COPD.
It’s really important to understand that because when we’re looking at the guaranteed issue. It may be possible that you could even qualify for the preferred products I showed earlier at a better price.
We’re looking at Truetage’s, guaranteed acceptance life insurance plan, and again, it’s $10,000 in coverage for $89 a month.
Now, I’m going to show you on my screen a 65 year old nonsmoker male guaranteed issue with either American General or Gerber.
Most of my clients go with American General because it’s more competitively priced, good, competent, just like Gerber’s. You can see here you’re saving approximately $16 a month. This is if you have to go guaranteed issue, you can get better price.
How to qualify for trustage life insurance program to cover burial costs
Some final thoughts here on applying for life insurance and potentially considering TruStage. I am not trying to downtalk TruStage. It’s a great company. They help out a lot of people. They get insurance for people who otherwise wouldn’t get it. For that, I commend them.
However you’re here because you want to get the best deal and getting a second opinion is valuable to you. At this point you can see the circumstances where it would make sense to get term insurance with another carrier or permanent protection with another or potentially a guaranteed issue product. And that’s what we are doing here today – to better delve into what TruStage really has to offer, what their particular product information says, not just what some guy on YouTube saying and then backing it up with sewing you some second alternatives that may be a superior choice.
Top 5 reasons why people buy life insurance from a broker
- Want the best rates – No one wants to pay more than they have to for life insurance. Brokers give individuals the best possible chance of finding low-cost coverage due to their ability to compare a number of providers and find the best possible value for the price.
- Want the most coverage – In conjunction with getting the best price, brokers are also looking for the best overall deal for coverage. By shopping among a number of companies a broker can find the company that offers the most coverage per dollar, ensuring you maximize your coverage options.
- Want a client-focused service – Insurance brokers are unique in that they have access to a lot of options. That means the client’s goals and budget are important in order to find a plan that works the way a client needs it to.An agent, on the other hand, represents only one company, which means they are not going to be interested in the client’s goals, as they do not have the ability to customize a plan. They only have access to one product and will offer that one product regardless of the client’s requirements.
- Bias reduction – While eliminating bias is not completely possible with life insurance, bias is certainly reduced when you work with someone who can look at a number of options for coverage.Oftentimes we work with companies that will cover certain health conditions that other companies may not cover. This broadens the ability for client’s with all different kinds of health conditions to get quality coverage.
- Appreciates options – We’ve talked a lot of about options in this section. That’s because options are really important when it comes to making a life insurance commitment.You want a policy that will accomplish your goals and meet your monthly budget as well as offer the best possible coverage from day one. Without options, you may not be able to get the kind of life insurance that works the way you need it to.
Ultimately, my goal is to inform you to let you make the determination based on the facts. If you are inclined to pursue the second alternative through what I have to offer. the process is very simple. You would just connect with me again. Of course I’m going to nominate myself, can’t help it. I do this for a living after all. But the process is very simple.
You tell me what your goals are, you give me your health information. Usually five or 10 minutes later, I pull up a quote, I’ll tell you how the product works, why I think it’s a good idea. And then you decide if it’s something that’s sensible for you. And when you have decided, the process to apply is real simple. A lot of everything I’ve showed you is completely electronic applications or telephonic application.
Many times no examination is necessary. If there is going to be drawing blood from you, you do it all without me being face-to-face with you, in the comfort of your own home.
It usually takes a couple of days, sometimes sooner than that, sometimes a little longer. Then, if you’re approved, you get notification that has been accepted and then several weeks later you get your policy in the mail. You’re approved, everybody’s happy and good to go.
The process to applying for life insurance is super-simple. I help you through the process and I am very experienced with it. Let’s say this is enticing and you want my second opinion, like a quote you like some more information on what you can qualify for.
Go to buylifeinsuranceforburial.com for a free quote. I recommend you collect the contact box or click the chat box below and send me a message and let me get back to you.
Once you give me some more information on how you work or you can call me directly at 888-626-0439. Speak to me live. If I’m not there, just leave me a message. Again, I talked a lot of people every day, I might be tied up on the phone, I’ll be happy to get back with you within the next 24 hours.
Thanks for stopping by and reading this article. If you have any lingering questions, please don’t hesitate to get in touch. We are here to help! Simply call us at (888) 626-0439 or send us a message using the box found on this page.