Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.
Last Updated: May 30th, 2023
The good news for individuals and families who are currently shopping for life insurance is that in today’s competitive market, you’ll never find a cheaper policy.
There are many insurance companies out there who are competing for your business, and that competition translates into lower rates and quality products.
In this review, we’ll look at TruStage Life Insurance so that you can make an informed decision if TruStage is one of the providers you’re considering.
In this review:
Is TruStage Life Insurance Legit?
TruStage offers insurance and financial products from CMFG Life Insurance Company, a highly rated insurance provider.
Since its founding more than 80 years ago, TruStage has grown and prospered, earning a distinction for excellence.
TruStage has the confidence of more than 20 million policyholders and thousands of partner credit unions that make TruStage Insurance readily available to their valued members.
Insurance Industry Ratings
Since CMFG Life does the underwriting for TruStage, it makes sense to verify their financial ratings.
CMFG Life is a well-established mutual life insurance company and an excellent choice as the underwriting partner for TruStage.
As far as customer service and complaint resolution, TruStage has earned an A+ rating from the Better Business Bureau for providing outstanding customer service.
| Rating Service | Current Rating |
|---|---|
| A.M. Best | A |
| Moody’s Investors Service | A2 |
| Standard & Poor’s | A |
| NAIC Complaint Ratio | 0.43 (the average is 1.0) |
Life Insurance Products
The TruStage product selection includes term, whole, guaranteed acceptance, and accidental death coverage.
TruStage Term Life Insurance
The term insurance product offered by TruStage is the most heavily marketed product in its arsenal. The company spends a lot of ad dollars on its term insurance.
Unfortunately, TruStage has not been able to compete with the national life insurance providers in the ultra-competitive term life insurance market.
Rather than offering several coverage periods where the premiums will remain level for the policy term, TruStage’s term product uses a 5-year banded pricing system.
This means that the TruStage term life insurance rates will adjust every five years.
TruStage Whole Life Insurance
The TruStage whole life insurance product is marketed to seniors who want final expense insurance to cover funeral and burial costs.
Final Expense life insurance is a niche of the insurance market that has exploded over the last two decades. It’s best for seniors who want life insurance so their loved ones will not be burdened with funeral and burial costs.
This product is a traditional whole life insurance policy that includes benefits that consumers have known and depended on for many years:
- Insurance coverage that lasts a lifetime, as long as you pay your premiums
- Premiums remain level, regardless of age or health
- A cash value that earns tax-deferred interest
TruStage Life Insurance Rates
Here’s how the TruStage term life insurance product compares considering a $300,000, 10-year term policy for a 35-year old healthy male non-smoker.
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| Premium Year 1-5 | Premium Year 6-10 | Total Paid | |
|---|---|---|---|
| TruStage | $95.00 | Unknown – at least $95 | $11,400 |
| Protective Life | $13.26 | $13.26 | $1,521 |
| SBLI | $13.28 | $13.28 | $1,594 |
| AIG | $13.78 | $13.78 | $1,654 |
| Pacific Life | $14.96 | $14.96 | $1,795 |
Here’s how TruStage’s whole life final expense insurance stacks up against other national carriers for a healthy 60-year old male non-smoker:
| $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|
| TruStage | $42.40 | $62.60 | $82.80 | $93.00 |
| Americo | $43.80 | $63.62 | $83.56 | $103.50 |
| Grange | $41.75 | $60.43 | $79.12 | $97.80 |
| Family Benefit | $41.74 | $61.31 | $80.89 | $100.47 |
| Mutual of Omaha | $43.76 | $64.04 | $84.32 | $104.60 |
TruStage is very competitive with its Final Expense whole life insurance product, yet the company appears to spend more resources on its term product where they are not competitive.
Since TruStage does not post the company’s rates in the comparative rating programs that most agents used, consumers will have to use their insurance rater found on the company’s website.
Unfortunately, term rates on the website are only for the first 5 years, which makes it difficult to compare the TruStage rates with other national carriers.
You can, however, find the rates for year 6 and thereafter if you call the company at (855) 244-1658 but only during the company’s designated business hours.
