Our 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|
|Ease of Approval||★★★★|
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 Makes 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?
DOES TRUSTAGE OFFER FIRST-DAY COVERAGE?
YES, TruStage offers burial insurance plans with first-day coverage with some of their plans.
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 compared to 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 from 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 goes on, especially compared to many top insurance companies that offer 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, and 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 their 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 if you are 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 is 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.
If your death is accidental, the company will pay the full death benefit.
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 MAKES THE MOST SENSE?
TruStage works in partnership with different 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
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)
- 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 you select both|
|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
|Savings Account||Best way to pay|
|Checking Account||Best way to pay|
|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|
|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 unions members around the U.S.
However, and 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 as well as 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
Financial rating is an essential factor 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 any health issues needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step of the way 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.