2024 TruStage Burial Insurance Review – Pros & Cons
last updated on July 22, 2024Our TruStage Life Insurance review will focus on the company’s burial insurance products and their pros and cons to help you make the best decision for yourself and your loved ones when shopping for burial insurance.
We will give you essential information on how their insurance products work, so you can determine if they are right for you.
It’s essential to take the time to read the fine print before deciding to buy a policy from TruStage, as there are restrictions and limitations to their plans. We are here to guide you in making an informed decision.
| TRUSTAGE FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| First-day Coverage | ★★★★★ |
| Ease of Approval | ★★★★ |
| Coverage Amount | ★★★★★ |
| Pricing | ★★ |
| Riders | ★★ |
FOR EASIER NAVIGATION:
- Does TruStage Offer First-day Coverage?
- Pros of TruStage Burial Insurance
- Cons of TruStage Burial Insurance
- TruStage Burial Insurance Products
- TruStage Burial Insurance Riders
- When Does TruStage Burial Insurance Make the Most Sense?
- TruStage Underwriting Guidelines
- TruStage Pricing Examples
- Getting Approved for TruStage Burial Insurance
- The Best Payment Option
- TruStage Company Overview
- How Can Funeral Funds Help Me?
- Additional Questions & Answers On TruStage Burial Insurance Review
Does Trustage Offer First-day Coverage?
YES, TruStage offers burial insurance plans with first-day coverage with some of their plans, but they tend to be more expensive than other companies.
If you qualify, their term life and whole life insurance plans come with immediate first-day coverage. You will be 100% covered from the first day, and your beneficiary will receive your full death benefit when you pass away.
Pros Of Trustage Burial Insurance
3 products to choose from – OK products, but not the best or most affordable
Application process – TruStage life insurance products generally offer quick approvals.
First-day coverage (kind of…) – two out of three burial insurance products with first-day coverage
Cons Of Trustage Burial Insurance
Expensive – TruStage life insurance products can be up to 38% more expensive than other life insurance products on the market.
No ability to compare prices – it is only a direct-to-consumer sales portal for CMGF Life. They sell directly to the consumer via their website or telephone. They do not let you compare prices with other companies!
Trustage Term Life Insurance Review
TruStage term life insurance is also marketed as burial insurance.
Their term life product is available to people between 18 and 69. You can qualify for a death benefit amount starting at $5,000 and going up to $300,000.
You can apply and get an instant decision online. Once your application is approved and you make your first payment, you’re fully covered.
Term Life Insurance Pros
- No medical exam required.
- Online application process, just answer a few health questions
- Available in lower death benefit amounts starting from $5,000
Term Life Insurance Cons
- TruStage term life insurance policy is more expensive compared to other companies.
- No available policy riders
- Term life will expire after age 80
- Premiums increase every 5 years to age 75
What’s wrong with TruStage Term Life?
TruStage advertises that their term life rate is based on age and gender…but there’s a catch!
The premium is only level for the first five years and increases every five years as the policyholder reaches new age bands 30, 35, 45, 50, 55, 60, 65, 70, and 75.
The premium becomes more expensive as time passes, compared to many top insurance companies offering level-term policy plans.
TruStage term plan terminates after age 80. If you outlive your term, you will not have any coverage.
Trustage Whole Life Insurance Review
TruStage whole life insurance is a simplified issue; you don’t have to take a medical exam or invasive tests as part of the underwriting process.
You can qualify by just answering detailed health questions. Approval is based on answers to the health questions and information obtained from the Medical Information Bureau and prescription database.
TruStage whole life insurance is also marketed as TruStage final expense insurance. It features permanent protection with a guaranteed death benefit. The issue age is between 18 and 85. The death benefit ranges from $1,000 up to $50,000.
It also provides a cash accumulation component that grows on a tax-deferred basis which you can get if you cancel your policy or take a loan. Premiums never go up, and coverage never cancels due to age or declining health.
Whole Life Insurance Pros
- Available from ages 18 to 85
- Low available death benefits – as low as $1,000 of coverage
Whole Life Insurance Cons
- TruStage whole life products are often more expensive compared to other companies
- No available policy riders
- Cannot purchase coverage greater than $50,000
- 5-year lookback on many health conditions
There are fewer issues with TruStage’s whole life insurance compared with its term plan. It is traditional whole life insurance without price increases.
What’s wrong with TruStage Whole Life Insurance?
This plan has the same set of health questions as term life. It also has a five-year look-back period on health history, making it difficult for applicants with health issues to qualify for coverage.
Truestage Guaranteed Acceptance Whole Life Insurance Review
TruStage also offers guaranteed acceptance whole life insurance with no health questions and no medical exam. The death benefit amount is lower, between $1,000 and $25,000, which is designed to cover final expenses.
You can qualify for this plan between 45 and 80 years old.
You cannot be turned down because of your medical condition. The premium is level or will not increase for the duration of the policy as long as you pay on time.
Guaranteed Acceptance Pros
- Cannot be denied insurance coverage due to health issues
- Policies start at $1,000
- Premiums never increase-rates are permanently locked at your current age
Guaranteed Acceptance Cons
- Expensive compared to other companies offering guaranteed acceptance policy
- Cannot purchase a policy greater than $25,000
- No coverage if you die from a natural cause in the first two years – full death benefit only after year 2
What’s wrong with TruStage Guaranteed Acceptance Whole Life?
This type of insurance coverage should NEVER be your first choice when buying life insurance. You should only consider this plan if you have a severe medical condition and you cannot qualify for any other plan.
TruStage can only offer a guaranteed acceptance plan without asking any health questions by limiting the death benefit up to $25,000 only and forcing you into a two-year waiting period.
The company will pay the full death benefit if your death is accidental.
If you pass away for any reason other than accidental during the two-year waiting period, the death benefit payout is all the premiums you paid plus 10% interest. After the second year, 100% of the death benefit will be paid to your beneficiary regardless of how your death occurs.
Trustage Burial Insurance Riders
Unfortunately, TruStage does not offer riders on their burial insurance plans. If you are looking for additional benefits, TruStage is not a company to go for.
When Does Trustage Burial Insurance Make The Most Sense?
TruStage works in partnership with participating credit unions, and we have found that they seldom make sense for price-conscious consumers.
If you receive a letter from TruStage, we recommend you do price shopping with an independent life insurance agency before buying a policy.
Trustage Underwriting Guidelines
Health Questions
TruStage Term Life and Whole life have the same set of health questions.
There are only two primary questions to answer:
- Are you unable to work or perform normal activities due to a chronic illness or permanent injury?
- Have you, within the previous five years, been treated for or diagnosed by a medical professional with the following:
- HIV, AIDS, or AIDS-Related Complex
- Cancer (except basal cell)
- Stroke
- Diabetes requiring Insulin
- Heart Disease/ Condition (except high blood pressure)
- Mental Disorder
- Alcohol or Drug Abuse
- Chronic Liver Disease
- Chronic Disorder of the Brain or Spinal Nerve
- Chronic Depression
- Chronic Kidney Disease
- Chronic Lung Condition
You will not qualify for coverage if you’ve suffered from any of the illnesses mentioned above in the last five years.
Most other life insurance companies only have a two-year look-back period on diseases.
Trustage Term Life Pricing Examples
| FEMALE AGE | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 |
|---|---|---|---|---|---|
| 40 | $6.70 | $10.90 | $15.10 | $19.30 | $23.50 |
| 45 | $8.10 | $13.70 | $19.30 | $24.90 | $30.50 |
| 50 | $10.00 | $17.50 | $25.00 | $32.50 | $40.00 |
| 55 | $14.00 | $25.50 | $37.00 | $48.50 | $60.00 |
| 60 | $19.50 | $36.50 | $53.50 | $70.50 | $87.50 |
| 66 | $27.80 | $53.10 | $78.40 | $103.70 | $129.00 |
| MALE AGE | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 |
|---|---|---|---|---|---|
| 40 | $8.80 | $15.10 | $21.40 | $27.70 | $34.00 |
| 45 | $10.90 | $19.30 | $27.70 | $36.10 | $44.50 |
| 50 | $13.70 | $24.90 | $36.10 | $47.30 | $58.50 |
| 55 | $19.30 | $36.10 | $52.90 | $69.70 | $86.50 |
| 60 | $28.80 | $55.10 | $81.40 | $107.70 | $134.00 |
| 66 | $42.70 | $82.90 | $123.10 | $163.30 | $203.50 |
Trustage Whole Life Pricing Examples
| FEMALE AGE | $4,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $10.51 | $24.38 | $35.94 | $47.50 | $59.06 |
| 55 | $13.05 | $30.73 | $45.46 | $60.20 | $74.93 |
| 60 | $15.99 | $38.09 | $56.50 | $74.92 | $93.33 |
| 65 | $20.11 | $48.37 | $71.93 | $95.49 | $119.04 |
| 70 | $28.25 | $68.74 | $102.48 | $136.23 | $169.97 |
| MALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $12.02 | $28.17 | $41.62 | $55.07 | $68.52 |
| 55 | $15.07 | $35.78 | $53.03 | $70.29 | $87.55 |
| 60 | $18.73 | $44.93 | $66.76 | $88.59 | $110.42 |
| 65 | $23.81 | $57.63 | $85.81 | $113.99 | $142.17 |
| 70 | $32.83 | $80.17 | $119.63 | $159.08 | $198.54 |
Getting Approved For Trustage Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Trustage Company Overview
TruStage Life insurance is a CMFG (Credit Union National Association Mutual Financial Group) Life Insurance subsidiary. Their life insurance products are issued by CMFG, which provides insurance and financial products to credit union members around the U.S.
However, they have expanded their offerings to include anyone interested in a life insurance policy. Today, credit union membership is not required.
The company was formerly known as CUNA (Credit Union National Association) Mutual Company, founded in 1935 when credit unions were formed to help average Americans with finances.
In February 2012, the company changed its name to CMFG. It is headquartered in Madison, Wisconsin, with additional branch offices in Waverly, Iowa, and Fort Worth, Texas.
TruStage offers term and whole life insurance policies and AD&D, health, and auto insurance. CMFG underwrites life insurance and AD&D.
FINANCIAL RATINGS: CMFG Life Insurance Company
TruStage Life Insurance has achieved an “A” rating or excellent with A.M. Best, a nationally recognized statistical rating organization for insurance companies in the United States.
Better Business Bureau: A+
Standard and Poor’s: A
Moody’s: A2
Financial rating is essential in evaluating the insurer’s ability to remain in business while paying claims. But, it has nothing to do with the quality of the products and services to their clients. It just demonstrates their financial stability from having more assets than liabilities.
How Can Funeral Funds Help Me?
Finding a policy with health issues needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies anymore because we will do the work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search for all those companies and match you with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for TruStage funeral insurance, TruStage burial insurance, or TruStage life insurance, we can help.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.
Additional Questions & Answers On Trustage Burial Insurance Review
Is TruStage Life Insurance still in business?
Yes, TruStage is still in business.
Is TruStage Life Insurance legitimate?
Yes, TruStage is a legitimate company.
Is TruStage a reputable company?
Yes, TruStage is a reputable company.
Why did the price of TruStage Life Insurance increase?
The price of TruStage Life Insurance increased because the company is in business to make a profit.
Will the price of TruStage Life Insurance continue to increase?
The price of TruStage Life Term Insurance will continue to increase over time.
Who owns TruStage life insurance?
CUNA Mutual Group owns truStage life insurance.
Who is TruStage Financial Group?
TruStage Financial Group is the marketing name for the insurance products offered by CUNA Mutual Group.
How long has TruStage been in business?
TruStage has been in business for more than 80 years.
When was TruStage founded?
TruStage was founded in 1934. It is a subsidiary of CUNA Mutual Group, one of the largest insurance companies in the United States.
What is the difference between TruStage and other life insurance companies?
The main difference between TruStage and other life insurance companies is that TruStage is offered through credit unions.
What are the benefits of choosing TruStage over other life insurance companies?
The benefits of TruStage over other life insurance companies include lower premiums, no fees, and the option to pay premiums through payroll deduction.
What is the process of buying TruStage life insurance?
The process of buying TruStage life insurance is to apply for coverage through a credit union.
How long has CMFG Life Insurance Company been in business?
CMFG Life Insurance Company has been in business for more than 100 years. It is a subsidiary of CUNA Mutual Group, one of the largest insurance companies in the United States. CMFG Life Insurance Company offers life insurance, disability insurance, and long-term care insurance. It is headquartered in Wisconsin.
What does CUNA stand for?
CUNA stands for Credit Union National Association. It is the trade association for the credit union industry in the United States.
What is TruStage’s financial rating?
TruStage’s financial rating is A (Excellent). This excellent rating indicates that TruStage is a financially stable company.
What is TruStage’s website?
TruStage’s website is www.trustage.com.
What is TruStage life insurance phone number?
TruStage life insurance phone number is 1-855-383-9623.
What are TruStage operating hours?
TruStage is open Monday – Friday, 7 a.m. – 9 p.m. CST (Saturday 8 a.m. – 4 p.m. CST).
What is TruStage’s email address?
TruStage’s email address is trustage@cuna.coop.
What is the mailing address for TruStage?
The mailing address for TruStage is P.O. Box 7801, Madison, WI 53707-7801.
What isTruStage’s members’ login?
TruStage’s members’ login is www.trustage.com/login.
Where is TruStage located?
TruStage is headquartered in Madison, Wisconsin. It has satellite offices in Des Moines, Iowa, and Phoenix, Arizona.
What is TruStage corporate address?
TruStage corporate address is TruStage, P.O. Box 7801, Madison, WI 53707-7801.
Where can I find TruStage life insurance reviews?
Keep reading to learn how TruStage stacks up to the competition.
Where can I find TruStage BBB reviews?
TruStage is not accredited by the Better Business Bureau (BBB), so it does not have any reviews on its BBB page. However, some of CUNA Mutual Group’s life insurance products are accredited with the BBB. These products have an A+ rating.
How can I get a TruStage life insurance quote?
You can get a TruStage life insurance quote by applying for coverage through a credit union.
How can I make TruStage insurance online payment?
You can make a payment for your TruStage life insurance policy online by logging into your account at www.trustage.com/login. You can also pay by phone or mail.
What is the mailing address for payment of TruStage life insurance?
The mailing address for payment of TruStage life insurance is P.O. Box 7801, Madison, WI 53707-7801.
How can I access TruStage’s life insurance claim form?
You can access TruStage’s life insurance claim form by logging into your account at www.trustage.com/login.
What are the different life insurance products offered by TruStage?
The different life insurance products offered by TruStage include Term Life, Whole Life, and Universal Life.
What kind of insurance is TruStage?
TruStage is a life insurance company. It offers Term Life, Whole Life, and Universal Life policies.
Is TruStage life insurance term or whole life?
TruStage offers both Term Life and Whole Life policies.
Why did TruStage increase their prices?
TruStage increased its prices due to rising costs.
How old do you have to be to apply for TruStage insurance coverage?
You must be at least 18 years old to apply for TruStage insurance coverage.
Can I get life insurance through TruStage if I am not a credit union member?
No, you must be a credit union member to apply for TruStage life insurance coverage.
Can you get first-day coverage with TruStage?
Yes, you can get first-day coverage with TruStage.
What are the pros and cons of TruStage life insurance?
Keep reading to learn more about the pros and cons of TruStage life insurance.
How much life insurance can you get with TruStage life insurance?
You can get up to $500,000 in life insurance coverage with TruStage.
Which is better term life or whole life insurance?
That depends on your needs and goals. Term Life is more affordable, but Whole Life provides lifelong coverage.
Do you get money back if you outlive TruStage term life insurance?
No, you do not get money back if you outlive term life insurance.
What does TruStage life insurance cost?
The cost of TruStage life insurance depends on the policy you choose, your age, and your health.
Where can I get TruStage insurance pricing?
Fill in the quote form to get TruStage insurance pricing.
Is TruStage insurance expensive?
TruStage insurance can be more expensive than other companies.
Do you lose money with term life insurance?
Yes, you do lose money with term life insurance. You cannot get anything if you outlive your policy.
Do you need a medical exam to qualify for TruStage life insurance?
No, you do not need a medical exam to qualify for TruStage life insurance.
Does TruStage ask health questions?
Yes, TruStage asks health questions to determine your eligibility for coverage.
Does TruStage have a waiting period?
No, TruStage term life insurance does not have a waiting period.
Does TruStage life insurance accumulate cash value?
No, TruStage life insurance does not accumulate cash value.
Can you borrow against term life insurance?
No, you cannot borrow against term life insurance.
What other benefits does TruStage offer?
TruStage also offers a variety of discounts on products and services, such as car insurance, travel, and electronics.
Does TruStage life insurance expire?
Yes, TruStage life insurance expires. Make sure you review your policy to understand when your coverage will end.
What happens with life insurance at end of term?
If you have a term life insurance policy, your coverage will end. Be sure to renew your policy if you want to continue coverage.
How can I find a replacement for my TruStage insurance policy?
You can find a replacement policy by visiting the TruStage website or contacting a TruStage representative.
Can you cancel TruStage life insurance?
Yes, you can cancel TruStage life insurance at any time.
How do I cancel my TruStage insurance policy?
You can cancel your TruStage insurance policy by contacting a TruStage representative.
What is the process for canceling TruStage life insurance?
The process for canceling TruStage life insurance depends on your policy. Be sure to contact a TruStage representative for more information.
What is the refund policy for TruStage life insurance?
The refund policy for TruStage life insurance depends on your policy. Be sure to contact a TruStage representative for more information.
Is TruStage owned by Liberty Mutual?
No, TruStage is not owned by Liberty Mutual. It is a separate company.
2 Comments
Carlota Tribble
Is this group promoting Trustage Life Ins. or giving unbiased information?
What about Baltimore Life Insurance?
The listed Companies here are your suggested Companies with less tricks!
Funeral Funds
Carlota – Thank you for your comments…even if they do leave us confused.
Please read this article again if you are confused. This article is a review of one company only – Trustage Life Insurance.
Baltimore Life Insurance would need to have its own review article if we wanted to write one about them.
The "suggested companies" you mentioned are not suggested companies. They are just review pages on other companies. We provide the facts and you can decide if you like those companies or not.