TruStage Insurance Review & Complaints
TruStage Insurance is a credit union-focused insurance program from CUNA Mutual Insurance and offers term life insurance, whole life insurance, and AD&D policies to participating credit union members. TruStage life insurance ratings indicate good customer service. For example, TruStage insurance has an A+ rating with the BBB. TruStage life insurance is the only product the company writes directly, but it partners with other companies for other insurance types.
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UPDATED: Dec 16, 2020
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- TruStage is the brand name of a credit union-focused insurance program from CUNA Mutual Insurance
- TruStage Insurance Agency is a brand and an agency service rather than an insurer that operates as a subsidiary of CMFG Life
- TruStage also offers home and car insurance underwritten by companies like Esurance and Liberty Mutual
Finding an insurance company that meets your needs for an affordable cost can often be a difficult task. With so many companies and policies to choose from, the best way to narrow down your search is to understand your needs and compare life insurance companies. Reading reviews on life insurance companies, such as this TruStage insurance review, is a great place to start.
TruStage Financial Group, Inc. offers a range of insurance products, primarily to members of credit unions across the country. It is part of CUNA Mutual Group and provides access to a variety of personal insurance products, mainly life insurance (term life insurance, whole life insurance, guaranteed acceptance whole life insurance, and AD&D).
It has garnered an A+ rating from the BBB and an additional 4.8/5 from Google. You can reach the company’s agents at www.TruStage.com. This TruStage review will look at TruStage life insurance rates and how TruStage life insurance quotes stack up to the best insurance companies.
Not sure if TruStage is right for you? Read on for a full TruStage Insurance review and see whether or not affordable TruStage life insurance is available to you. But first, take a look at some rates by entering your ZIP code in our free tool.
What is TruStage Insurance Company?
TruStage is the brand name of a credit union-focused insurance program from CUNA Mutual Insurance. CUNA traces its roots back to 1935, when credit unions were first formed to help average Americans with finances. The insurance branch was created to provide additional financial solutions that were previously out of the general public’s reach, such as life insurance.
While TruStage is generally marketed through credit unions, its policies are actually available to anyone; credit union membership is not required, but the site does push visitors to consider joining one.
TruStage Insurance Agency is a brand and an agency service rather than an insurer. The company operates as a subsidiary of CMFG Life (see CMFG Life Insurance company reviews for more information), which underwrites its products, and partners with other insurance companies to provide products it does not underwrite directly.
TruStage car insurance (check out the TruStage car insurance reviews) is offered through both Esurance and Liberty Mutual, and home insurance through the latter. The company also partners with GoHealth to help customers shop for health insurance. Life insurance and AD&D coverage are both underwritten by CMFG.
The company is headquartered in Madison, Wisconsin, and has branch offices in Waverly, Iowa, and Fort Worth, Texas. Policies are sold directly through representatives over the phone.
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Are there TruStage car insurance reviews?
TruStage car insurance is also offered through Liberty Mutual. The site notes you can even save up to $586 a year on car insurance.
As with most major insurers, you can get the type of coverage you need, including:
- Liability coverage
- Collision coverage
- Comprehensive coverage
- Uninsured/underinsured motorist coverage
- Medical payments or PIP coverage
That said, Liberty Mutual doesn’t always have the best customer satisfaction ratings. Trustage reviews for car insurance will refer to Liberty Mutual.
What are TruStage Insurance Company’s products?
What coverage types does TruStage insurance offer? As mentioned above, car and home insurance products through TruStage are underwritten by Esurance and Liberty Mutual. As these products have been covered in our reviews of those companies, we will not describe them here. This review will focus on the products that are underwritten by TruStage’s parent company, CMFG Life.
What type of life insurance policies are offered?
TruStage offers both term life insurance and whole life insurance, including a guaranteed acceptance life program. All of the policies are a simplified issue program with no medical exams required.
You can buy Trustage life insurance term life policies with death benefit amounts starting at $5,000 and going up to $300,000. Issue age is between 18 and 69.
The policy is renewable up to age 80 and is priced based on age bands that are five years each (25, 30, 35, 40, etc.). When the insured hits a new age band, the premium goes up accordingly. Changes to health status do not affect the premiums as long as the policy is kept in force.
Whole life has available death benefit amounts ranging from $1,000 up to $100,000. Issue age is between 18 and 85. This is a traditional whole life policy with a guaranteed death benefit and a cash accumulation account, and level premiums for the duration of the policy.
There is also a guaranteed acceptance version of the whole life that requires no medical questions at all. Because of this, the death benefit amounts available are lower, between $1,000 and $25,000, making this a likely choice for a final expenses plan. This plan can be issued between 45 and 80 years old, and again the premium is level for the duration of the policy as long as premiums are paid.
What is An AD&D Policy?
The TruStage AD&D policy is available at no cost from participating credit unions, which may choose to offer their members between $1,000 and $5,000 in coverage as a benefit of membership.
Those whose credit unions do not offer any coverage can still purchase the product, and those who do have base coverage at no cost can add on additional coverage to increase the benefits. Every two years, the benefit increases by 5 percent at no additional cost, and the premium stays the same over the years. The maximum coverage available is $300,000.
There are no health questions for this product, and acceptance is guaranteed—this makes sense since AD&D only pays out for accidents and not on illnesses.
Accepting the free coverage through your credit union will likely result in solicitation attempts as TruStage looks to sell you a higher level of coverage as well as other products.
What are TruStage life insurance rates, and how do they compare with other companies’ rates?
TruStage makes it very easy to determine how much your coverage will cost, with online quoting and a rate chart available for the term life product.
We ran a quote for a 30-year-old male for term life insurance. Our rate quote came back at $42.50 a month for $100,000 in coverage, which matches the rate shown in the chart for that age band.
This is a pretty expensive quote, even considering that the coverage is a simplified issue with no medical exam. It is also important to look at the chart and see how the coverage increases in cost over time. By the age of 50, after 20 years of coverage, this policy will cost the same person $114.50.
By comparison, we ran a whole life quote for the same amount and the same death benefit and came back with a rate of $83.00. That is lower, but it should be noted that this premium stays the same for the duration while the term starts lower. It is important to look at how long you want the coverage to last and how much you will pay over the duration of coverage. If you are looking for coverage to last into your senior years, whole will probably cost less in the long run.
We also looked at the guaranteed acceptance life, bumping our sample age up to 45 to meet the minimum issue age. A policy with $10,000 in coverage came back at $50.00 a month.
So how do TruStage’s rates compare to rates from other life insurance companies?
These rates are higher than what we have seen elsewhere for similar coverage, even with simplified or guaranteed issue options. It is also worth noting that the company does charge a tobacco use surcharge on term policies with a face value above $100,000.
In this table, we have included some sample rates from a few of the top insurers in the United States for you to compare to TruStage’s rates.
|Demographics (Non-Smoker)||New York Life Average Annual Life Insurance Rates||Lincoln National Average Annual Life Insurance Rates||Prudential Financial Average Annual Life Insurance Rates||MassMutual Average Annual Life Insurance Rates||State Farm Average Annual Life Insurance Rates|
|Single Female 25-years-old||$158.00||$187.00||$195.00||$132.00||$143.00|
|Single Male 25-years-old||$152.00||$231.00||$237.00||$147.00||$164.00|
|Married Female 45-years-old||$262.00||$239.00||$314.00||$209.00||$238.00|
|Married Male 45-years-old||$245.00||$283.00||$378.00||$230.00||$239.00|
|Single Female 65-years-old||$924.00||$903.00||$941.00||$763.00||$684.00|
|Single Male 65-years-old||$1,416.00||$1,577.00||$1,412.00||$1,049.00||$955.00|
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It is always a great idea to compare life insurance quotes to those of multiple insurance companies so you can ensure you’re getting the best rates and the best coverage.
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How do you file TruStage claims?
Claims can be filed Monday through Friday from 7:00 a.m. to 7:00 p.m. by calling the toll-free number found in the claims FAQ section of the website. An email address and mailing address are also provided.
Claims are handled through CUNA Mutual Group, of which parent company and underwriter CMFG is a part. As an agency and consumer-facing brand, TruStage itself does not administer policies or handle claims.
After all the documentation is received, the insured can expect the settlement to be sent via check within one-to-three business days. That is a quick turnaround time if accurate; of course, contestable claims will take longer to review.
How does TruStage life insurance rate, and what are TruStage life insurance’s consumer reviews?
According to the Insurance Information Institute, roughly 1,000 insurance companies sell life insurance in the United States. This means that narrowing your search down is critical to find a company that meets your needs at an affordable cost.
An important aspect of comparison shopping, apart from comparing quotes, is to look at reviews and ratings of the companies you’re considering from reputable rating agencies and consumers. So which TruState life insurance rating agencies provide information on the company, and what are the pros and cons of TruStage insurance?
TruStage has an A+ rating with the Better Business Bureau (BBB), with 18 complaints on file and nine reviews left on the page for an overall rating of just under two stars. Several people appear to believe that the AD&D coverage offered through TruStage and its credit union is a scam and were not happy the credit union shared their contact information. A few TruStage life insurance complaints address billing and claims issues.
We also looked at the CMFG Life Insurance BBB page, which also shows an A+ rating. There are 28 complaints filed here and two reviews. Both are negative and are in regards to billing.
TruStage Insurance Agency reviews number an incredible 811 on Google with an overall 4.8-star rating. This is remarkable because we have seen larger and better-known insurers with a fraction of this number of reviews. A scroll through the comments shows many people remarking on the ease of the online application process but little in the way of experience with claims.
TruStage Life Insurance: What’s the Bottom Line?
TruStage life insurance company markets through credit unions, which is how most people are likely to find the company, and draws customers in with the free basic AD&D offer. It will attempt to upsell to more coverage.
TruStage’s policies are pricey based on what we have seen for similar coverage elsewhere, so affordable Trustage life insurance may not be an option. But doing your research is always a good idea (i.e., reading Trustage insurance reviews), as we’ve noted throughout this discussion. It does have a remarkable reputation based on Google reviews, so if you prefer to pay a little more for a reputable company, TruStage might be worth a closer look.
Now that you have finished reading TruStage life insurance reviews (CMFG life insurance reviews), you can get free quotes from companies that provide coverage in your area by entering your ZIP code in our free tool.