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TruStage Life Insurance Review

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Reviewed By: Rob Pinner

Rob PinnerRob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002. Full Bio >

Checked By: Holly Mitchell

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.
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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.

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.

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.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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